Thursday, June 19, 2008
Stock market, Stock trading June 19, 2008 (afternoon)
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Stock trader and investor,
Here is how I traded NDX today June 19, 2008 in the afternoon.
The upmove is most likely due to option expiration, and the unclosed gap that I mentioned in the previous posts of yesterday and the day before at around NDX 1970.
You ould notice in today's action of the dow (chart above is not the chart of the dow, but the chart of NDX) that the dow index stopped moving up at 12100, and then retreated from there. It is typical action on the one to two days before to expiration. That is why I recommended to those who do not trade options to stay away from trading today afternoon and tomorrow.
Tomorrow will be a day to watch for an eventual battle on where to end the QQQQ (ETF for Nasdaq 100) at 4:00PM. It would be interesting to watch.
My current plan is to trade the options expiration on the QQQQ and or IWM. It has its own rules. I call this "dancing with straddles and strangles without losing your ...". The idea is to earn premium on OTM options while the stock is dancing between two strikes. It is fun to watch.
Tomorrow I would recommend that you watch the dynamics of options on the QQQQ calls at 49, and the QQQQ puts at 48 for June expiration. It you know how to spread,build pyramids and have fast feet while you dance, you can make good money, and real fast.
Happy trading,
1. send me an email at: emailfinancialtraders@gmail.com
2. I will get back to you instantly (if I finish adding an automatic response to the email address) or after I am done with trading.
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