It had to come soon, we were simply way to oversold. Time decay is really on our side now. If the RUT can hold the current levels until Monday then it shouldn’t be too hard to get away with a decent profit.

The major indexes today staged a late day rally that really helped. Tomorrow Big Ben gives a speech that could either move things up dramatically, or push them down like a ton of bricks!

My buy order is still out there for $0.15 for the current RUT position. If I get filled, I’ll let you know, however it appears that the market is going to need to move up quite a bit to get that fill, probably another 15 points or so on the RUT(514.71 +9.68).

So… what is going on. I think we are in for another couple of rally days, and then it’s coming down again. My rational here is that earnings have just started and they look pretty decent, that should help the bulls out for a couple of days, then whenever the first big miss comes the bottom will fall out again.

In a perfect world, the RUT will skyrocket up, I’ll get filled at $0.15 then not have to worry about it any more

Categories: Investing, Options Trading