8/20/2010 premarket | Bulls on Wall Street

8/20/2010 premarket

 
 
Mornign folks. Futures are gapping down again.  Keep an eye on SPX 1070 and 1060 levels. those are next two levels of support.  Today is one of the days thats hard to trust anything as its opex day.  Opex days are always tough to trade as the market will swing back and forth for no apparent reason. Most traders I know usually take this day off as its notoriusly hard to trade or trust anything.  I’ll keep an eye out for high probality scalps but for the most part I will be in the BF answering questions and working on my list for Friday.  Keep an eye on that SPX 1060 number if and when we take that out with some dramatic fashion we could see some fireworks.
 
check out @urbanryno’s watchlist last night has some good stuff.
 
Im only watching a few stocks and looking to raise a bit more cash.  this is bearmarket trading 50% cash levels are a must.  Im about to go to 80% if we dont get a nice bounce sometime on monday or tuesday  and just use allmy cash to daytrade.

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