I just completed my charting for today. So far there are no new buy or sell signals. Of the current positions that I have open, which includes AKS on the short-side, AMD on the long-side and FCX on the short-side I am merely getting confirmation to keep my positions open. In my last post I think I mentioned that I sold 3 FCX puts for a solid profit of $35 a-piece. I am looking to sell 3 more for $1.75 a-piece which give me a profit of $70 per option sold. I think my chance to sell 3 more puts for this price is excellent. I also have an order in place to sell 3 AKS call options for .55 cents a-piece. So far AKS is moving in the right direction.
While I have no outright buy or sell signal several stock a showing the potential to give such a signal. First there is CBG which briefly dipped below the centerline at -.03 and then came back strong to a .23 reading. Should it dip below the centerline again on high volume and surpass -.03 this could be considered a sell signal and puts should be purchased. The stock DNR is currently sitting at -.13 on my indicator and pointing upwards to the centerline. If this goes above the centerline on high volume this is definitely a signal that I should buy calls. Next MT is holding above the centerline at .3 for 3 days straight. It is at the lowest its been on my indicator. I am aticipating a breakthrough below the centerline then I buy puts. Then we have NBR, which is virtually on the centerline. It went to .03 above the centerline not it is at -.03 below the centerline. I am looking for a push above the centerline at more than .03 on heavy volume to buy Calls. We have OAS which is at -.2 and pointing at the centerline. It has been on a constant upward drift since I started following it. If it can get above the centerline on heavy volume it will be time to buy Calls. Lastly we have TCK which touched the centerline and shot up to .17. It needs to go below the centerline on heavy volume to signal me to buy Puts.
I just wanted to mention that I am noticing definite growth in my paper trading account since I started this experiment. I think I started out at about $6,500+ to $6,600+ and now I am noticing my account at $6,900+. So long for now.