Another beautiful day in Park City. The snow is falling and as we have had a below average year,
every few inches helps. Sounds like a commercial for something else...
Let's get right to the charts as volatility returned and it was quite an active day. Many Double Fall Line Trades that were profitable. They didn't even take any heat so it goes to show that being patient and waiting for the markets to come to you has its rewards. This is on top of a very successful day yesterday with many Buffalo Bounces.
For our socially responsible stock of the day, let's take a look at WFMI as it is up almost 11% in the past week - way outperforming the overall markets and it has resistance dead ahead at 30. Could be time to sell some March covered calls if you own it and/or a few bear call spreads around 30.
I am definitely looking to sell rallies - if the SPY can approach a 50 or 62 percent retracement, I am in. So obviously I am not counting out that the bulls have a little bit left in them, but I stress a little bit. There is also risk that we go to the downside without retracing much, but that could provide a buying opportunity if we get into the 1000 area.
The U of U class only has a few spots left, so be sure to sign up soon if you are interested in the 3 day class. I will be running a warm up for the Deer Valley employees on Feb 18th. Looking forward to returning a little of the love that the resort gives to all of its employees and guests. Inside out, Deer Valley is number 1.
By the way, there were HUGE wolf tracks under tower 13 of the Silver Strike Express yesterday morning. One ski instructor was lucky enough to see it from the lift with his class of mighty mites, ankle biters, helmet heads, future Olympians.
GO USA and Be Environmentally Cool with Locals Have More Fun Apparel
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