9am The futures are pointing to a higher open this morning. We are very oversold right now and it looked like the market just got tired of selling. You have to remember, the potential rally today IS NOT the bottom. There is still some painful selling that has to happen. The ADP numbers, while spotty at best, were very bad but not as bad as some of the whisper numbers.
The oil market is continuing to firm up here. While it is still in a range and yet to break out, I think we are closer to a breakout now than we were a month ago. I will see a nice move higher in my (DXO) position today.
The bias is going to be to the upside today so it might be not be the best time, but I am looking at some Freeport Mc Moran (FCX) calls for my portfolio. While there is no ETF for copper, the metal is beginning to firm. The chart looks very similar to oil. FCX effectively gets you long copper. Today may not be the day to purchase but I will be keeping an eye on it and keep you posted when a trade materializes.
I think I made a little mistake when I set up the option spread on URBN. I think I was a little early, but I will hold the trade until the earnings announcement tomorrow. There may still be some profit in there.
Until next time, stay low risk..
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