Thursday was another bear of a day. The market declined in every sector I have on my indices watch list. That is odd since I have contrarian indices on it.
As far as my personal positions, everything suffered except my MU Covered Call. If things continue to get better for it, I might get called out on it at $9 as desired. But it would have to get exponentially better, and this market looks more like there will be a pull back for it to about $6.75 or $7, at least.
In related news, since this market looks like it is pulling back for everything I am going to try to collect what is left of my SLV call profit. After it pulls back, I may purchase the Call for the next month out from my current Call if I don't invest somewhere else.
Stock's I am currently watching are: CPLP(21.4%), ETP(8.3%), EVEP(11.9%), and TNK(18.8%). I am watching them for actual stock purchase as they are dividend paying stocks as indicated by the last percentages recorded by Yahoo! Finance. I am particularly interested in CPLP. For one reason, it is at a price I can buy an option contract worth of. A second reason is that it's chart shows a pattern of channeling sideways before strong rallies. I intend to be in the day after it closes above it's current channel on a higher than average volume day. I am expecting it to be a good few weeks before earnings are reported and the next dividend payout occurs.
But in order to fund a contractible transaction, I will need to cut some losses or else transfer some fresh capital into my trading account. I want to avoid throwing more good money at any more bad choices, so here is my plan for cutting my losses.
USO is currently sitting on support after declining on higher than average volume, though not extraordinary. My indicators suggest that it will fall below support. In addition, news reports on this past trading day seem to indicate that oil ETFs may not be legitimate. I am going to cut and run.
As far as my Call positions on FPL and WFC, neither of them had strong volume declines this past trading day. They are also on upward trends. If they break their trends tomorrow, I will cash out.
Lastly, CVX turned down on light volume, and remains above the upward trending support. On the other hand, the prior trading day had a new high that, in relation to the previous highs and lows of the past couple weeks, suggest that there is a upward trending channel. However, the slope of this channel may be too shallow for my option play. I will give it another day or two to confirm. That is my opinion, you can take it or leave it.
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