Major indices are down in the pre-market. But who knows after an hour, what will happen. My personal take is that the market will flat or upwards, as downwards doesn't make sense at this moment. The fed is cutting the interest rate. According to Lesse Livemore's theory, the market goes with the least resistant way. So to me, I believe the flat is the least resistant way. So overall, trade in a range till Fed's meeting next Tuesday. (8: 40 am)
Follow up with AAPL, it got Cramers bump yesterday and USB's upgrade today. It jump start at 135.99, and went up to 137.40 in the first 30 minutes. It has a good sign. But for a safety perpurse, I have sold 5 contracts at 8.4 first. I am still holding 5 contracts. Watch out the general market carefully, if it drops like rock, I should sell. (10:00 am)
As the market progresses, it is true that the market is flat. But there is a segment showing strong sign. The BIO and Pharm. Study it tonight. (11:00 am)
The market went up a little bit, then went flat again. I believe that if it closes flat, it is a distribution day, and I get out the long and short the market. Meanwhile, if it closes up higher, I should hold the positions. (2:30 pm)
Turn bearish in the late trade of the day, shorted QQQQ at 49.11.
Action for today:
1. Sell AAPL sep 130 calls.
2. Study BIO and Pharm tonight.
3. No buy, focus on sell.
4. Buy after Fed meeting.
Action for tomorrow:
1. Cover the QQQQ short.
2. Study BIO and Pharm
3. Day trade on AAPL (get in 10 oct calls), AMZN call and GOOG call.
4. SPX 1474 50 MA is very important.
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