What a turnaround!
We knew Yellen's speech yesterday would boost the markets but – WOW! We didn't have to hear what she actually had to say, of course, the Futures popped the S&P up to 1,855 and we finished the day at 1,862, well over our strong bounce target for the week (see Monday's post for details).
Since the week is ending today, all they have to do is hold 1,850, along with Dow 16,240, Nas 4,150 (not there yet), NYSE 10,430 and Russell 1,145 (oops) and we're back in bullish business.
So, we have a couple of laggers – is that the end of the World? Maybe – and, since it's a holiday weekend, I think we're going to hold off on our BUYBUYBUYing until we get the all clear next week. Meanwhile, it's not like we're sitting on our hands. In our Live Member Chat Room we like to do earnings plays and yesterday we picked SNDK and went with the May $80 calls at $1.55 with SNDK at $76.19. Earnings were great and, pre-market, SNDK is heading for $81, which should give us at least a double for our day's work.
Even more recently, at 5:46am, I sent out a note to buy Silver Futures (/SI) at $19.51 and I just (7:46) put out another note to close it out at $19.70. Why take a 19-cent gain off the table? Because Silver Futures pay us $50 per penny, per contract so 19 cents is $950 per contract in two hours – that's good money!
I Tweeted out that trade as well so make sure you follow me HERE if you want to know about more trades like that or JOIN OUR LIVE MEMBER CHAT ROOM and never miss another opportunity, like the one I also posted this morning for Gasoline Futures (/RB)!
In yesterday's morning post, I called for shorting oil at the $104.75 line into inventories (10:30). Of course, I made that call at 8:11 am, so forgive me for missing by a dime but we hit our shorting target (with a spike almost to $105) and then got…
