Time for a pull back? $SPY $NAMO

I added a few more QQQ Put options (both weeklies and monthlies) speculating we start to move lower.

The SPY is hitting into resistance here:

SPY

Looking at the NYSE and Nasdaq Mclellan Oscilators, they are now at over-bought areas, indicating its time for a pull back. Take a look at the chart here:

NAMO

 

 

 

 

 

Watchlist for December 7

As the Market Roared back from the recent selloff essentially erasing the 2 day loss.  This should give the bulls the upper hand over the bears coupled with a potential Santa Rally running up till the end of December.  Lots of charts are setting up for potential breakouts.  Below are a few I will be watching this week for potential Option plays.

SPY

SPY

YHOO – Looking for retest of 36 and potential break higher

 

BABA – A break of the highs should send this one higher as well as give YHOO an extra boost… I’ll watch in conjunction.

BAC – Financials have been gaining interest as of late… BAC could head back to test that 18 level and could break higher… notice increasing accumulation volume.

BAC

JPM – Another Financial that could continue to gain some momentum off the latest bounce.

JPM

SINA – nice and tight consolidation here with short term higher highs on the daily… could be setting up for a breakout of the recent highs around 52.50’s.

SINA

MA – 100 number is key here… I think we could definitely see a test of the hundo here this week… A break of the 100 mark might set this one off… Has remained strong and I like the vol here… 

MA

ABX – Lower priced stock but If it continues its move, this might break out higher above 8

ABX

Short term bottom in for OIL?? $USO $UCO

OIL seems to be gathering some momentum recently, most probably due to the tensions in Syria but we may be able to take advantage here and together it with a nice double bottom that has formed off the lows in August.  I think we get a short term bounce here while all this shit resolves itself.

USO:

USO

 

 

UCO:

UCO