Wednesday Morning

Gator's Chart of the Day: FXI

China is finishing up the transfer of power they do every 10 years.  It's not the public spectacle with mud slinging, name calling, truth abuse and character assassination we are treated to every 4 years.  Despite the alleged copper bubble it appears China's economy is cooking at a slow boil with GDP growth well over 7% in the 3rd quarter and inflation reported at 1.7% in October.  The US of A should be so healthy ...

Tuesday I was watching for a bounce from the horizontal support line and it appeared a little bit after 10AM and it held for the next half hour and then started climbing.  That's when I took a bite on some Dec36 calls.  Now what?

The Trade
Now that I've taken the initial position I'm watching for the stock to make a move.  If it's up I'll add but if it falls below the rising 50 day sma I'll be kickin' those calls to the curb.  My high level plan is to hold the calls (adding twice) for about a week and if the etf moves up near its October high I will have more than a triple and the delta will have moved high enough I'll want to roll out and up.  (Maybe just up.)