Tuesday, November 13, 2007

Mid-term up-trend has started today???

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Long week end is difficult, especially when yesterday we saw the continuation of the market crash.

On Thursday, November 8, I have mentioned I was bullish and on Friday I bought SPY options (January expiration). I preferred SPY over QQQQ because the S&P 500 index looked more bullish and heavier overbought then the NASDAQ 100 index.

I believe that there are good chances that the today’s recovery will continue. Maybe we will not see such strong rally, however, overall I would expect to see the indexes higher over the mid-term. That was the main reason why I decided to keep my options position opened.

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