No Excuse Tuesday

Funky, funky, funky day in the markets today
$DJI ( ▼ 0.04% )  
$SPY ( ▲ 0.44% )  
$QQQ ( ▲ 0.71% )  
$IWM ( ▲ 0.98% )  

Who were your childhood heroes? Ones you wanted to be like when you “grew up”??
Every year I took pen to paper and wrote them out, every year I made a Top 100 list
No adult told me too, I just did it

It usually had the same people every year ( I was only 7 or 8 when I started it )
Abraham Lincoln
Joan of Arc
Bill, the owner of the neighborhood pharmacy ( he gets his own story another day )

But one of my all time favorites was Ben Franklin
Franklin is a lot like Leonardo da Vinci, just their accomplishments alone is its own book
One of the countless things that Franklin was known for was his sayings, and he often spoke out against people that make excuses

Yesterday I added to my existing $JPM ( ▲ 1.2% ) trade and am now under water on it
Trading happens, that’s trading. That’s why we set STOPS and HONOR them…
Had I of taken the Bull Call Spreads over the blind calls I would be down far less, even though it’s not much, its still red
JPM beat earnings this morning, but the forward guidance not so good
I have an exit point on it, and it got real close today
If it drops more bye bye, no excuse to allow a trade to turn into an investment

This morning I highlighted $GE ( ▲ 0.01% )  🙂 🙂 🙂 
You may of noticed that the Bull Call Spread we did today was a little wider than normal
That’s because of 2 things:
1st: We like the price action here and how its moving on the chart
2nd: The Options pricing is very generous for us right now on those strikes

Yesterday afternoon I spoke about $EL ( ▲ 0.28% ) and how attractive it was to us here
Today it didn’t disappoint 🙂 

Our old friend $GOOG ( ▲ 2.24% ) did well, that is one we may look at tomorrow morning
It’s forming a beautiful double bottom formation here

These 3 long time friends of ours all just about brought the happy tears to my eyes today… $CAT ( ▲ 1.25% )  $COST ( ▲ 0.9% )  $WMT ( ▲ 1.7% )  
Yeah we missed WMT today, ( if your new here welcome, we utilize all of these names mentioned ) ) but we’re watching for a possible pullback for a new entry

Life is short, time is precious, don’t waste any of it with anyone that makes excuses, you’ll come up flat if you do

The Options Coach