I’m sure you’re aware of what’s still happening on Wall Street.
On Friday, we were up 260 on the jobs report.
Unfortunately, there’s not much truth to the report. If you want to see real numbers, look at the U6.
Today, we’re down 65, sitting at the upper range of the channel. We’re still stuck between 18,200 highs and 17,600 lows. Unless we see a break above 18,200, which I don’t think is likely, we could dive about 400 points lower, testing prior triple bottom support. It’s all a wait and see.
But even in chaos, there’s opportunity.
Keurig Green Mountain (GMCR) for example took an earnings hit the other day. But it was sent down too far, too much, too fast. A bounce off oversold MACD and RSI is likely, near-term. I’m looking for at least a $15 northerly move in the stock before long.
That said consider buying to open the GMCR July 2015 105 calls up to $4.
Thank you for your continued support. We couldn’t do this without you.
Until we speak again, take good care… and hold all open positions.
Ian L. Cooper
Forgotten Profits