If you have strong feelings about how the week is going to end on Wall Street, then perhaps you donít understand the situation. Although there was no bullish buying to speak of in the last five days, neither, evidently, was there any enthusiasm for dumping shares. The result was that the broad averages wedged a few inches higher, setting up a potential breakout that could see the Dow gain as much as 250 points ahead of the weekend. Thatís how one denizen of theRickís Pickschat room saw things, although others seemed less optimistic.
Take a look at the chart. Whatís your gut feeling? For our part, we bet the pass line with a small wager on some way-of-the-money call options in NFLX. (Thanks for the suggestion, Bachus!) A measly $60 bought as many as ten of them. This may prove to have been a lousy bet, but thereís nothing to inhibit the calls from achieving a tenfold increase in value if traders should get even a little crazy in the early going. Stranger things have happened, especially on Fridays, as we know. In any event, the naked sellers of the calls stand to make a whopping $6o if nothing happens. Weíll take the odds on this one.
If you want a closer look atRickís Picks,click here to sign up at the top of the home page for a free two-week trial subscription -- no credit card needed. Drop by the 24/7 chat room first ó and be sure to say hello when you arrive!
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