Saturday, April 1st, 2017

Current Stock Market- Stock Pin action

Last 4 weeks markets  have been moving in a grooved channel. People asking me how long? Maybe just another day or maybe another month. Much to the annoyance and impatience of many day traders and scalpers and momentum players. I am a momentum player and belong to the school of Bill O Neil and I know  how frustrating stocks can be when they don’t move, since they have been just making nice bases and cup and handles while we wait and wait. Take a look at this ES mini futures. Click to enlarge the chart.

ES Futures

After a major run up from March lows till mid November market needed this  kind of base building to move higher. This is current stock market rectangle chart pattern that follows after a huge move and usually resolves to the upside. The long term trend is solidly to the upside and the short term is sideways. How long this will continue ? Who knows. Its gradually building steam and often the day after Fed announcement is the day when the markets move. They don’t move on the day of announcement itself, as seen in my past experience. So lets see what it does in the next 2 days.

This is also options expiration week .The range bound movement has produced some nice options trading strategies. Option sellers are banging the drum. We are playing this to the gills, knowing this wont last very long. Every trend ends and this one is no exception.

We have several delta neutral strategies in the works right now and we will be playing some option expiration stock pinning trades.  Stock pinning is an age old Wall Street profession. Much to the myth and secrecy involved only few people know what happens on this day. Major stocks  get pinned to their strikes and that results in no movement in the stock till the following Monday. Stock pinning is also very lucrative in terms on options trading. I have been trading stock pin action for sometime and I will be putting on some these trades.

List of some major  stocks that may get pinned to these strikes or close to it

AAPL  195 /200  GOOG  590/600 BIDU 420/430  RIMM 65  GS 165/170 and OIH 120

So how do you trade these stocks if they get pinned ?  First you need to know if the stock is pinned or not.

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