OPTION IDEAS

We have been extremely quiet with updates , the markets have traded strong with earnings week , we mentioned some quick trades with QQQ and we mentioned THQI for a bounce and reversal we are still confident this stock to trade in $1 range. We have witnessed the surge in SLV and GLD and the US Dollar index drop 79 range , we tell our members to keep a watchful eye on the UUP and its inverse relationship with the stock market. The markets have been green for the last 7 days and it looks overbought and over extended we could have a pull back so look for some short opportunities on some stocks

JPM 37.49 this stock has heavy resistance at the $38 range we could see a pull back here with a down market, financials still at risk with European sovereign debt uncertainty, PUTS here could bode well

BAC 7.30 we have traded this stock at these levels with 75 trillion in derivatives and also one of the banks that owns European sovereign debt we see this stock back to $6 range with 7.50 dollar resistance we could see this drop soon

QQQ 60.22 new 52 week high for the Q.s hit a high of 60.80 and then dropped red we see a bearish signal on the close today with $59 support loss we could get a nice pull back as this one is overbought

SPY 131.88 today hit a double top 133 range we could see a pull back here before a next move up

CAT 111.31 Solid earnings but seems like it could be ready for a pull back watch for a scalp move on PUTS

SLV $32 could have a drop on resistance area at $34

GLD $167 resistance levels