Well, the month of September had a nice run…the DOW, SP&500 and Nasdaq bounced back up. However, whenever there is a significant run up there has to be a pull back.
As far as the economy is concerned there is nothing in my view supporting the recent run up in the markets. From the macro view the U.S is still in huge deficit, government spending continues and jobs are still being lost despite corporations making record profit. Now add to that the recent report that over 40 million Americans are now considered poor, while the middle-class is being wiped out.
In light of this I bought option contracts expiring March 2011 on QQQQ (Nasdaq ETF) for a strike price of $44. Current price of the QQQQ is $49, so as long as it heads south by next year March I should stand to make a good profit.
by Das Brain
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