Market's Down on Low Volume

The markets pulled back today after the consumer confidence report came out lower than expected. Much of the rally thus far has been backed by improving consumer confidence, could this indicate the bears coming back into play? Put/call ratios are bearish. Today's volume was low, but the low volume isn't a big surprise due to it being a holiday week. My current expectation is stagnant because of mixed economic data. There has been a large rally since bottom and it seems like the market might not be looking for as many reasons to buy.

NYX pulled back a little making my short call closer to NTM. No changes- current expectation is still stagnant. Technically NYX trend could be reversing. Stock traded below its 20 EMA about a week ago and just bounced off with the 20 EMA being resistance. Not looking at any adjustments at this point

DRYS also pulled back. Interesting option activity. Heavy volume of calls purchased for the next three months. Will consider selling Sept Long Put if DRYS finds support. Might also consider adding some calls.

Current Open Positions

NYX - Covered Call. 200 Shares with a July 27 Short Call. The short call is currently ITM. If trend accelerates I will add Protective Call, otherwise, I will leave it be until option expiration. Earnings is on July 30.

DRYS - 5 contracts of a Jan 2010 7.5 Naked Put. I received $3.25. I also bought a Sept 5 Protective Put. I will keep the protective put until the trend tells me otherwise. Technically, the stock is bearish to stagnant. The 20 Day EMA has crossed below the 50 EMA.

Goals

The purpose of this blog is to record my stock market analysis and for developing and tracking trades. I am currently a stock market loser. I have spent a lot of time and money investing in my trading education and I am tired of losing. It is time to do this right. This will be accomplished by:

1. Proper Due Dilligence - understanding market movement and market direction.

2. Clearly defined trades - determining current trend, support and resistance levels, develop the trade with clearly defined exit points.

I welcome you to come along my journey towards financial independence.