The early action is hot out of the gate and keeping at least some exposure on Friday
One of our founding fathers, Remora, aka iRemora, aka iDave, aka THE MAN NOT A WOMAN, threw out a term in his last post that doesn’t quite do it. In fact, he even admitted it didn’t sound right, however it does bring up something I would really like to put out there.
As I write futures, oil, gold and overseas markets are all roughly flat. The buzz seems to be on the fruit’s delivery of the iPhone, which so far has gone down as a fabulous hit. I am not sure how they always do it, even the T-shirts they gave out look better than most. There is a common term on the street “buy the sizzle, sell the steak” or more rudimentary “buy the rumor, sell the news.” I am very curious to see how the Fruit does today as I don’t know a single soul who has the guts to try and short this stock especially since it is sitting in a high pennant and is one of the most attractive large cap techs going right now. I am considering an options straddle to play the volatility but other than that, won’t do too much other than observe.
I have spent a good amount of time going through charts this weekend and I must say that it really looks a little iffy out there. Almost like it’s a crap shoot. Typically the holiday shortened week presents some decent opportunities for the quick and nimble as Sr. traders head to the beach house and Jr. traders try and increase their bonus pool with a little running and gunning.
I have very fond memories of past July 4th weeks. Typically my wife and I travel out to California, Nevada City to be exact, and spend some wonderful time with extended family. In years past I have always enjoyed getting up at the crack of dawn in order to dial in to my trading desk as to not miss a single piece of the action.
In 2005, the first week in July was the start of a decent run, while 2006 didn’t quite have the fireworks of the previous year, yet offered up some very decent trading opportunities.