Dow Testing 13,000

Can the Bulls Orchestrate a Breakout?

By Bryan Bottarelli
Wednesday, May 14, 2008 2:27 PM EDT
Wed, 14 May 2008 18:27:00 GMT

Dear Bottarelli Research Member,

I apologize for the lack of correspondence today, but an intense thunderstorm last night caused a power outage which knocked out Internet access in my area. I must tell you, it’s amazing how much we rely on the Internet today, as I’ve felt completely exposed and isolated without access throughout the day.

INDU

Luckily, we have good news to report today, as the major market averages are putting in a strong move that could soon push the Dow back over the critical 13,000 level. The S&P 500, in fact, has indeed pushed through the 1,400 level, and this is a strong showing for the bulls.

This upside is helping out our RIG June 150 Calls (RIG FJ), as they’ve traded as high as $8.90 today. That’s good for an 18% gain from our $7.50 entry price, so let’s maintain our pre-determined sniper sell at $9.20 and see if this price triggers before the end of the day.

RIG

Our JOYG June 80 Calls (JQY FP) have drifted lower today, most likely as a response to the “soft” outlook in John Deere (DE – NYSE). But I still like the looks of the JOYG chart, so let’s maintain these calls for further upside.

JOYG

As I catch on the morning trading action, I’ll see if anything triggers an instant trading opportunity. But in the meantime,

Lock and load!

Sincerely,

Bryan Bottarelli

Bryan Bottarelli
Editor, Bottarelli Research

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