27% profits every 20 days?
This is what Nic Chahine averages with his options buys. Not selling covered calls or spreads... BUYING options. Most traders don't even have a winning percentage of 27% buying options. He has an 83% win rate. Here's how he does it.
The stock market direction action from today resulted in a mixed bag for the major indexes support/resistance levels...For the DJIA (12,570/12,583) the support/resistance levels are slightly lower, support is the same and resistance down 3 points on the S&P 500 (1,336/1,340), support/resistance for the Nasdaq Composite (2,823/2,834) is actually higher...From a technical perspective the indices are looking overbought with volatility low and complacency high...From a volume standpoint only the Consumer Discretionary (symbol: XLY) sector came close to levels we consider heavy as it rose 0.4% and has been strong since mid-June as investors have been taking some risk while oil prices have been weak...US Dollar (symbol: UUP) was up 0.4% but like so many other areas trade was on less than stellar volume...The day saw Oil (symbol: USO), Gold (symbol: GLD), and Silver (symbol: SLV) all higher at least 1.9% but volume came in materially below average volume...From our stock focus list ZAGG finished in the middle of its intra-day trading range up 6.9% on heavier volume while Veeco Instruments (symbol: VECO) was down 2.8% on heavier volume...The Semiconductor (SOX) is weighing on the Nasdaq Composite in today's session down 0.9%-the semi ETF symbol SMH has been finding some resistance in the last two session at its 50-day moving average...In the past half hour the Nasdaq Composite traded above it next resistance level at 2,823 but has since pulled back to 2,818 area...Silver (symbol: SLV) is making a move higher today by 4.6% on extremely low below average volume-21 day moving average looks to be a resistance point for SLV right now...As we mentioned in Friday's post we were looking to see if the 21 day moving average would hold as a support level for ZAGG Inc. (symbol: ZAGG)-so far it looks to be with the stock up 9.3% on heavy volume...Bonds (symbol: TLT) continue to hold their 200 day moving average and Inflation Protection Securities (symbol TIP) is holding its 50-day moving average...As of right now DJIA (12,570/12,584), S&P 500 (1,336/1.343), and Nasdaq Composite (2,815/2,823) are holding support levels but below next resistance levels.
27% profits every 20 days?
This is what Nic Chahine averages with his options buys. Not selling covered calls or spreads... BUYING options. Most traders don't even have a winning percentage of 27% buying options. He has an 83% win rate. Here's how he does it.
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