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Rally To Next Resistance Levels

Another day of lower oil prices and a validation that there is foreign interest in investments in U.S. debt sent the market higher. Volume was heavy on both exchanges. Can we open long positions now? Wait for further confirmation of upward trends. Click here to get today’s free options advice; have A.J. explain option trading to you in everyday language.

Hey trading team,

This is A.J. on Thursday, November 10th with your Trading Trainer web log. We are your home of market insights for the serious options trader. This web log will cover the events in the market from today as well as prepare you for watching the market tomorrow.

Despite the growing trade deficit, the broad market rallied today above levels of resistance. And volume was heavy on both the NYSE and NASDAQ exchange.

They say it was because oil was down again. Price shot up to close at the next levels of resistance for the Dow Jones Industrial Average, the Nasdaq Composite and the S&P 500.

Tomorrow, there is no economic news scheduled to be released… which means one of three things is going to happen. Either the market is going to continue today’s rally. Or, the market is going to realize that it got caught up in a buying frenzy today and tomorrow, through profit taking it will bounce down off resistance. Or, the volume will decrease drastically and price will be flat.

All in all, it means we should wait and see. I know it’s hard team. The whole week has been a wait and see week. But, honestly, would any of you been able to navigate through this week? I know I wouldn’t have. I would have lost my shirt.

My Techne January 55 Calls closed down with a bid price of $1.95 per option. I’m drawn down by 68% into my initial investment after 37 days. My Southwestern Energy December 70 Calls closed down with a bid price of $2.80 per option. I’m drawn down by 65% into my initial investment after 8 days.

Here is my recommendations team… there is no news tomorrow. The market could do anything. It could give up today’s gains. It could continue today’s rally. Or it coulde be flat. Watching price and volume is key.

Till the market has a consistent rally, I can’t be confident. I’m going to hold off on opening new positions. Holding off and sitting on the sidelines is not easy. Sometimes I feel my money burning a hole in my pocket. But, exercising self control is worth it in the end in the reduction of stress and the increase in profits… do you see what I’m talking about team?

Okay, team. I’m done.

Till tomorrow, happy market watching, trading and money making. Trading Trainer is here helping you create your dream lifestyle.

Best regards always,
A.J.

Click on the below play button to hear the blog as an audio from A.J. himself!

Do you want to learn option trading? Full time options trader, A.J. Brown, reveals option trading secrets in his daily audio / video newsletter that are guaranteed to make you massive profits in less than 30 minutes a day. Visit TradingTrainer.com now.

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