Loading ...IBM Leading The Way To 30K
In my Sept. 15th post, “Lets Do It Again” I recommended buying the IBM Nov 130 calls. After a few starts and stops IBM is breaking out today on news of spinning off part of the company. Once again the chart leads the news. I had no idea they would be doing anything like this but the chaart and the over 5% yield that I emphasized, told me it was going much higher. If you bought the Nov calls sell half anywhere near 140 on the stock. In a couple of days, if the stock pulls back a bit considering the huge opening gap expected today, buy the Nov 140 calls. The stock should reach at least 150 by the Nov. expiration, more likely by the election as IBM helps the DJIA reach my 30,000 target. 
Well Played Master
🙂
Sir Chartsmaster,
You might want to read this: https://twitter.com/MacroCharts/status/1313796209707024385
While the Dow Theory (of DJI and DJT confirming each other or not) is keeping the “forecasters” on tenterhooks (one may want to read Ron Rosen’s latest post on 321gold.com), S&P is weaker than ever, while seeking that magic number of 339 or 339.5 on the SPY
Plus election, plus economy down the drain … not sure just one chart cans it all. With due respect to all your great charting abilities.
For the record, I’m STILL holding on to my tiny SQQQ position, just 1.2% of my entire portfolio. I’m in the red, but not ruling out any “surprises or shocks” … and I see that you’re maintaining your call of QQQ having topped … so full marks to you there, and I have my money where my mouth is.
GL
First, I like reading Ron Rosen but he has been wrong for so long I wouldn’t put too much stock in his stuff. Second, I posted a while back about the DJIA reaching 30K by the election but I stressed that it would be marked by great fanfare and would be what Joe Granville used to refer to as the “hook.” It will mark the top and fool many. The fact that I have stated,which you referred to, that the QQQ’s have topped, is part of the process of making a major top. The leaders(QQQ’s) were the first to top. The SPX and RUT will follow, probably without making new highs, and the DJIA will make the new ATH at the round number that gets everyone excited. That marks THE END.