– Soybeans are making new low

– Market Burned the bears into the close. Nice Doji Dragonfly today hightens probability of ralling from here.

– Greece is a train wreak

– Metals are still under pressure

– US King Dollar is Stream Rolling Higher

– Bongs are are record low yields and the German 2 yr hit 0.0% today. ZERO RETURN FOR 2 Years.

– Crude still sliding

– HPQ raging in the after hours

– Dell got Crushed

Well, there is good news and there is bad news.  The bad news for the stock market is getting derailed selling off the all important 1300 level in the S&P 500 Futures, the Euro, Gold, and Oil are all getting pounded.  The good news is stocks such as AAPL, FB, GOOG, GS, and NFLX all look strong compared to how much we have sold off.  DELL is getting slammed around down to $13.30 and even all their cash doesn’t seem like it can save them right now.  I was short the DELL June 15-16 Call Spread for $.45 and I took it off today for $.02.  That is good for over 20 times my money.  Earnings that I will be looking forward to after the closing bell is NTAP and P.  Follow me on twitter @keeneonmarket and email sales@keeneonthemarket.com for a FREE LIVE trial.

Mazda Motors managed to stay up amidst the turmoil due to sources leaking the company is talking about a possible contract with Italy’s Fiat since it has lost that of Ford.
The FTSEuro First 300 is down almost 1% today, in caution, ahead of the EU meeting to determine how to best deal with the economic situation.
The Euro hit a new low for the year, the lowest since the summer of 2010, at 1.2615 due to European doubts.
The Mortgage Bankers Association released the purchase applications this morning showing a change of 3.8% from a prior of 9.2%. The 30 year fixed decreased to 3.93 from 3.96.
Commodity futures look bleak this morning, as the market will have to deal with the skepticism from around the world, with oil, natural gas, gold and silver all currently down.
One thing that has not slowed is running shoes, which is gaining even more speed this year after a 14% boom last year. This could propel Nike, Foot locker and Dick’s sporting goods even higher.
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Contributer Chris Rygh is currently pursuing his MBA in Wisconsin and has a passion for the Market. Comments can be directed to ryghcw19@uww.edu

Break-even:  I break-even on this trade if DELL closes at $15.45 on June 15, 2012.

Unprofitable:  I lose money on this trade if DELL closes above $15.45 June 15, 2012.  The most I can lose on this trade is the amount I paid can be worth $1 minus the price I sold it for, $.45 for a total of $.55.  

Reason I Like This Trade:  DELL has sold off 3 times on earnings and the stock looks very weak and has all its moving averages between $15.80-$16.20.  I think if it does rally then it will get selling pressure.

UPDATE 5.22.2012 With DELL selling off to $13.40 this Spread will get crushed.  Tomorrow it should be worth about $.10 or even less good for a quadruple.

UPDATE 5.24.2012  I took this trade off for $.02 and a HUGE profit.  On to the next trade.

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