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At OEX Street, our philosophy is: "Trading the Market with an Objective Approach". OEX Street has published real-time OEX options trades on the internet since 1999; making us an internet pioneer in OEX trading. In 2003 we introduced day trading of eMini futures, both Russell and S&P. After nearly a decade of hands-on trading, OEX Street has dispelled the myth of impulsive trading through the use of a mechanical approach. OEX Street removes the influence of emotion and increases the success rate, resulting in an objective, researched signal.
For the most part it was a fantastic day of trading. The S&P emini got caught in a whipsaw but the Russell emini was superb. The OEX Put trade was just phenomenal. I saw an opportunity for a greater profit today and this was the reason we targeted 3 points vs. our "usual" 2 points. That increased our initial profits and then with a combination from options expiration this Friday and a larger target range and we had an environment that saw our Put option premiums inflate quickly.
When your assumptions are correct and you're close to expiration, trading options offers the best leverage out there. This was a great way to start the week!
Have a good evening and see you tomorrow morning.
posted by OEX : 3:18 PM
OEX
OEX through the final target range level of 677.75. So, anyone still trailing a position should now be on the sidelines.
Just another miserable session for the bulls. And to think all of these could have been avoided by a 50 basis point rate cut instead of 25 basis. Who would have thought such a minor cut would make such a huge difference.
Now that the OEX is at the calculated intraday low we'd normally expect prices to stabilize. Also, the 60-minute OEX chart is getting extremely oversold as measured by the RSI indicator. But we could go out much lower before the close. I have a suspicion we'll see a bounce tomorrow. Talk about going out on a limb :-)
Stay tuned.
posted by OEX : 2:10 PM
Update
We're now into the final 2 hours of trading. I expect volatility to remain high. It wouldn't be a surprise to see the bulls try to come in and stage a rally. I seriously doubt they will be successful. Again, least path of resistance is to the downside. But we have awesome profits in front of us (assuming you're holding Put options) and letting those profits slip away is never a wise decision. Don't find yourself being greedy holding out for a few more ticks because you will probably find the risk won't be worth the reward. Remember, selling into weakness while holding Put options is logical and I said earlier that being logical is a key ingredient of success.
Stay tuned.
posted by OEX : 1:11 PM
OEX Profits Reached
OEX Profits Reached !!
That was an agonizing 25-minutes :-) But the patience paid off. Very nice profits considering our target was a little larger than normal and we're trading the front month December options that are moving extremely fast.
For those of you trailing a few contracts, we've lowered the trail stop to 682.
by Jospeh FORD - http://oexstreet.com/ "Trading the Market With an Objective Approach"
p.s. Membership to oexstreet.com now includes auto trading access to our russell eMini system, NUTUS ER....
Yes! I would like Join Your OEX Options Live Broadcast.
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Disclaimer:Please note
that charts and commentary provided by the moderator are for educational
purposes only. Any trades placed upon reliance on the moderator’s
charts or information is taken at your own risk for your own account.
Past performance is no guarantee of future results. While there is great
potential for reward trading stocks, futures and options, there is also
substantial risk of loss and you must decide your own suitability to trade.
Future trading results can never be guaranteed. This is not an offer to
buy or sell stock, futures, options or commodity interests. Most trading
systems are based on historical formulas which have worked in the past.
However, what has happened before may or may not happen again. You can
lose all your money trading stocks, futures, and options and you must
decide your own suitability as to whether or not to trade. Only trade
with true risk capital you can afford to lose. Only trade markets you
can properly afford to trade. Properly funded trading accounts typically
perform better than those that are not. Never risk more than 2-3% of your
account on any one trade. Always define your risk before entering a trade
and place a stop to limit your risk. There are
no guarantees or certainties in trading. Trading involves hard work, risk,
discipline and the ability to follow rules and trade through any tough
periods during a system’s draw downs. If you are looking for a guarantee,
trading is probably not for you. Most people lose money trading. One of
the reasons is that they lack discipline and are unable to be consistent.
A system can help you become consistent. Ironically, worrying about the
monetary aspect of trading can contribute to and cause a trader to make
trading errors. Therefore, it is important to only trade with true risk
capital.
