Rally Bulls shake out in markets as all Indicies sink in with the historic lows in the USD and new multi year highs in some currencies. Sentiment has turned against USD and feeding frenzy continues.
Some target supports and resistances seem to have been satisfied in EUR and YEN and carry trade pairs EURYEN and GBPJPY look well supported as well. Weekend should bring some calm and routine reversal / retracements to all the markets hopefully.
Volatility has shot up above 25 level and touching the wedge bottom and hopefully should scale down from here. That should mean Rally will be back soon or all hell will break lose in Stcok markets. It is all wait and watch from here, as either direction has equal chance.
We closed our reversal short trade in AAPL with 20% profit limit in a day. No more open positions in stocks except two Index positions in $OEX and SPY. Also scaling out as time to get ready for a much anticipated mid March hot break to Carribean Island Peurto Plata in Dominican Republic, a gift from my lovely boys and a surprise trip for my lovely wife ( she never reads this blog as far as I know )
2008 Project M .. TRADE # 20: AAPL
Feb 28, 2008 AAPL Buy Mar 130 Put $ 5.00 .. 2 Contracts
Feb 29, 2008 AAPL Sell Mar 130 Put $ 6.00 .. 2 Contracts
Time: 1 Day
Return: 20 % or $ 200.00
Account Value: $ 9,464.90
Enjoy the weekend please.
Harry
