The s&p confirmed a continued upward move today, early we sold off on some poor economic figures and dove for the 20 ema, but the market it held that level and quickly reversed up and retested the lower trendline, consolidated under and exploded through that resistance. So we now have a nice reversal bar in a bullish trend from the lows put in place on 3/16. Fortunately on seeing that bounce off the 20 ema I unloaded my SPY put and am looking to add SPY calls on a break of today’s high tomorrow.
Of course a rising tide normally brings up all ships NRG and MHP both broke upside resistance. MHP had a very powerful move and I would expect to see strength tomorrow as well. Would like to buy calls in May on both; however I only have so much capital to risk and probably will only choose one. Leaning more towards
One stock I have a call position on, WFMI, I’m looking for more upside on, we broke out of a possible double top on 3/21 and have made highs of 64.33 yesterday and made a two cent higher high today, we nearly broke this level in today’s trading session multiple times, tomorrow we could have a decent breakout of this level and a new high, if we fail and break below today’s low I think the 20 ema will be where we fall and a confirmation of a 2 bar double top.
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