Snow is in the forecast. Sunday will be a great day to hit the Stein Eriksen buffet after a morning of powder skiing (fingers and toes crossed). A little pre-game with Bloody Mary's before kickoff. The over under is probably around 100 as Manning and Bree's duke it out.
If you are sticking to the groomers at Deer Valley, Lucky Star is my pick of the day. Consistency is the reason: pitch, width, a few rollers and grippy snow.
Let's take a peak at 2 charts. By the way, I just entered 2 Double Fall Line Trades - one winner, one loser - the winner was larger than the loser - thank you money management. I also entered 2 Buffalo Bounces - both winners - although premature in taking gains in both, but it is late on a Friday and the mountain awaits!!
SPY - it is all about SEQUENCE. We are making lower lows and lower highs on a short term chart. We haven't violated the uptrend on the longer term charts so I am taking this opportunity to sell puts on commodities - see PHO below. Some commodity stocks are off as much as 25 percent and I love buying dips in strong sectors for my investment portfolio.
PHO - selling naked puts gives you a credit so if you take ownership of the stock, you get paid to buy it!
On the forex side, the EUR/USD was hammered, but as I mentioned, I nice oversold area occured with the Buffalo Bounce trade. Overall the dollar strengthened with the equity selloff. I expect Monday to be a little lackadaisical with a bias to neutral to bearish for equities so I don't expect any change in the strong dollar.That's the quick take for the day. Get out and do something fun and remember to Be Environmentally Cool with Locals Have More Fun apparel.
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