I was on vacation the other day with family. I didn’t have to pay which made it even more relaxing. Some how they talked me into swimming with dolphins…
My dolphin was a bit, well… aggressive and overly “affectionate.”
Perhaps it was the wet suit I was forced to wear.
I’ll spare you the pictures, and the nightmares of seeing that. I won’t get graphic but it was bad. Real bad.
Oddly enough, I still worked on vacation, watching the markets dip and rally, dip and rally… and well… dip and rally, as it continues to do today.
We were just down 200 on the Dow about two hours ago. Now, miraculously we’re only down 23. Wow. I don’t expect this rebound to last long, though.
While it’d be nice if the Dow caught support and rebounded, it’s not likely. We’re nearing the 17,250 mark I’ve long talked about. If that breaks, too, our next levels of support are 17,000 and 16,000…
It’s a mess out there.
While it may be a bit early to close the DIA November 177 put for gains, I’m doing so anyway. Knowing this market, traders will attempt to push it higher on nothing, immediate-term, only to watch it all fall apart as we’ve predicted for quite some time.
I’m also recommending that you sell to close the MCD August 97.50 call for solid gains today. I don’t believe the new 52-week high can hold. In fact, at such nosebleed levels, consider buying to open the MCD October 2015 100 put up to $2.70.
With MCD, all I want to do is take a quick profit on a move lower, near-term, collect my winnings and move on. This is another stock with a mind all its own.
Until we speak again, my friends take good care. If you have any questions, please feel free to reach me.
Ian L. Cooper
Forgotten Profits