The Crossroads…is the Devil playing the Fiddle?

May 12th, 2009 Posted in Uncategorized

Are we going higher? Are we going lower? We are at the crossroads and the devil is on the stump about to open his case and start playing. But will he? He is a pretty good fiddle player and we don't want him to start, at least not yet.  This is options expiration week a lot can happen. Putting those Dec. put options on earlier last week was a smart move. I have some protection if the Devil and his band of demons start playing a little early.

I showed you a chart yesterday of the S&P and its sad face. It is down with the frown right now. Currently S&P is at 905.00.  Some good support at 900.00 we need to get a close or a significant move under before we see some follow through.   I still would like to see the market go higher as it is option expiration week for a chance to buy more puts or an out right sell in the S&P...looking for that technical opportunity I love so well. But lets not forget our old friend the devil , He is in the house of the risin' sun and he's a Damn good fiddle player.

Good to hear from the followers.  I can always be reached at dheltmach@manducatrading.com or 800.288.8802

Good trading,

 Dave Heltmach

Manduca Trading LLC