Thread: Weekly Forecast 3/2/2009

OptionSpreadTrades.com Weekly Forecast


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Last Week's Trades-
We opened up a trade this week with a credit spread on Sun Trust Banks (STI) and we are still holding puts from Fossil (FOSL). Both trades are currently profitable.
Market Trend
The market trend is still down from the sell signal from 852 on the S&P on the weekly charts. We also have a sell signal from the 836 level on the daily charts.

Commercial Traders
The commercial traders continued to be net sellers this week helping to push the markets into the November 2008 lows.
Seasonal Tendencies
Seasonally the first week of March tends to be bullish, so if the market is going to rally it is likely we will see it here.
Market Forecast
We have broken through the 737.25 support level on the S&P and as of Friday the market closed at 734. It is likely that we will drop further from here, but given that the market is very oversold we may see a rally first. We have resistance at the 805-820 level so the markets move up to this point before it drops or it may just continue to free fall. At any rate we do not want to be buyers in this market and will continue to find opportunities on the short side.
Trades to Take

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Happy Trading,
OptionSpreadTrades.com

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