Thursday, July 7, 2011

Terry's Model Portfolio: Day 8

Trade execution: Buy 468 July 137 SPY calls @ 0.32.
Time: 6:35 a.m.
Rationale: Inside day high breached. Technicals suggest big up move ahead. Cup and handle breakout. Resistance @ 1345 breached. Probabilities favor higher prices into middle of July.
Market conditions: Strong uptrend. Stochastics approaching embedded status. Target @ 1420. High and Tight Bull Flag playing itself out.

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