Bear Tease #SassyMusings 6/11/14

• Ouch, that had to have hurt if you have been bearish for a few weeks. Still getting that 2013 type of market. Ride it until it doesn’t work is better than trying to time the end of it.
• First, if you haven’t checked out my pre-market interview this morning on Benzinga, check it out :-).
• As I said yesterday, “they” say the market puts in a low the Thursday or Friday before monthly options expiration. My plan as of now is to look for reversal signals tomorrow or Friday (if we drop further that is) to buy some cheap calls. If the market takes out more prevalent support levels and I see more deterioration under the surface, then I will rethink my strategy. And if we don’t drop further then I will continue to ride this trend as I have been.
• Having said that I would be surprised to see a big move down prior to June expiration. Too many people are probably hoping their puts come into the money and typically that doesn’t happen. However, I will continue to take trades based on what I see not what I think.
• This morning it was difficult to get bearish with IBB and QQQ making highs, but that didn’t hold up too well unfortunately. However many of the stocks on my watch list for my subscribers and I are still doing well. I still believe there are good set-ups to be had and that is keeping me long.
• I will admit it is hard to believe how strongly we are holding up. I imagine it has a lot to do with too many people on the sidelines or short.
• I bought two swing trades today. The first was right at the open buying the weakness in FSLR which I think has a much bigger move coming soon.
• I really think GMCR is going to have one of those crazy powerful rips again soon. I am currently in underwater positions from last week (however, it was rolled from profits last week so essentially a free position). And my GOOGL trade from Monday sucks.
• How about that CMG. I have no position and haven’t since I tried shorting it a little over a month ago. That is a widow maker.
• Chart of the day: Since I’m writing this before the market is closed I will post AAPL‘s open interest. Unless it can get some momentum going, than 92 or below seems likely (92 happens to be the 10-day MA). However, keep in mind we have no history on how or if it will pin post split. 
• Tweet of the day: No one was funny. I would have expected maybe a couple happy bears to joke, but then again the down move was so shallow they may still be hiding under a gave.
• Regret of the day: I guess I could have played a couple things a little better, but I am not going to make regrets small things that I can’t control. This is more for regrets because I didn’t follow my plan etc.
• I have a dentist appointment (keep that smile looking good) so gotta keep this short!

Have a good evening. If you are looking for trade ideas and a whole lot of other goodies, consider subscribing.

Go Kings – but maybe give the Rangers a chance so we get more games.