The Stock Index Report
By CarleyGarner • Nov 21st, 2008 • Category: Commodity News Updates
November 21st, 2008
I am going to keep this short and sweet. It was an incredibly busy day in the markets, but I also have family in town and the Las Vegas Money Show to deal with. I apologize for the inconvenience. Feel free to contact me with any questions or concerns.
Unfortunately, our dowside targets in the S&P of 770 and 7,650 were reached and subsequently traded through with little hardship. I am still looking for a very large “bear market bounce” but the timing is all but certain.
I think that conservativism is the best play. I like buying December S&P calls with strike prices of 990 or higher. This keeps the risk low and provides the ability to add contracts as the markets dips.
In recent reports we also recommended selling the December S&P 575 puts for $10. These would have been filled, it is a bit scary but I think there will be a much better opportunity to lift them at a later day.
I don’t have support or a downside target at such levels. Let’s see what happens.
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DeCarley Trading
1-866-790-TRADE
www.DeCarleyTrading.com
* There is substantial risk in trading futures and options.
CarleyGarner is
a Senior Market Analyst and Broker, Stocks and Commodities Magazine Columnist and Author
Carley Garner is a Magna Cum Laude graduate of the University of Nevada Las Vegas, from which she earned dual bachelor’s degrees in both Finance and Accounting.
Carley jumped into the options and futures industry with both feet in early 2004 and has become one of the most recognized names in the business.
Throughout her fast paced career, Carley has been featured in the likes of Stocks and Commodities, Futures, Active Trader, Option Trader, Your Trading Edge, and Pitnews Magazine. Carley is often interviewed by news services such as Reuters and Dow Jones Newswire, and has been quoted by the Investor’s Business Daily and the Wall Street Journal. She has also been known to participate in Radio interviews.
Carley has recently completed a book titled “Commodity Options” which is being published by FT Press, a division of Prentice Hall. The book will be available in January of 2009. Her e-newsletters The Stock Index Report and the Bond Bulletin are widely distributed and have garnered a loyal following; she is also proactive in providing free trading education, for details visit www.DeCarleyTrading.com.
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