Macey Returns! Patience is the key!

I am going to keep this very short tonight as my daughter of 6 months, Macey, returns from her first extended trip away from dad.

The market is currently working through the last three days of crazy trading. I stated this week would be pivotal for the market and indeed my thoughts have come true. If the market can hold Tuesday’s low (I am watching SPX) then I think we could see a decent buying opportunity over the next few days. Typically, the longer we stay in oversold territory the larger the directional move to the upside so I will be watching for that over the coming days. A short-term play looks possible, but I will remain patient until the ideal situation presents itself. There is no need to force a trade at this point especially on a leveraged options trade. I apologize for the lack of info tonight and the unusually short post, but as I stated earlier I have a little girl to attend to. Have a wonderful night!

and we will do our best to save you a spot once we make the portfolio live, which will occur after the March expiration cycle.

Overbought/Oversold levels for March 1, 2007

• SPY - 24.8 (oversold)
• DIA - 22.7 (oversold)
• IWM - 26.5 (oversold)
• QQQQ - 22.4 (oversold)
• OIH - 43.1 (neutral)
• GLD - 42.3 (neutral)

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Have a great night! 

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