Your Long Term Out of the Money Puts Will Pay Off - Be Patient!
Yesterday, the market rallied on better-than-expected initial jobless claims. This week, 473,000 new claims for unemployment were filed. That was 25,000 less than a week before, but this was not a good number. The market rallied early in the day. That move ran out of steam and sellers unloaded stocks in the afternoon. The market drifted down to major support ahead of the GDP release. This morning, Q2 GDP was revised down to 1.6% from 2.4%. Analysts were expecting 1.4% and the market rallied on the “beat”. Although the revision was better-than-expected, this was not a good number. The market is …
August 30, 2010
• Posted in: Options
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