NASDAQ Composite Index Chart – November 6, 2009

I charted the NASDAQ Composite Index ($COMP) after the markets closed on Friday, November 6, 2009 when it finished the day at 2,112.44.

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Comments (4)

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4 Comments

Comment by Michael

Any thoughts on a head and shoulders formation? I trade naked NDX or MNX options – your chart is great info…. mnxoptions.blogspot……..
Comment by Alex Fotopoulos

Michael, thanks for the compliment. I don’t typically look for head and shoulders patterns as much as straight trend lines, but I see what you’re talking about. If you’re right, the COMP could be ready for a bigger run. That could happen and have it still stay within the trading channel I drew.
Comment by Joe

Thanks much for introducing the idea of selling puts to buy stocks. I’ve had both good and bad results with it (stock took off while I could only make the premium for put) — but overall I think its an excellent approach to make money.

However, I am surprised to see that you have a loss (acc. to your current portfolio page) since the blog inception. I enjoy your commentary and your approach to investing/making money. Please continue.

Sorry for the off-topic comment…

Joe
Comment by Alex Fotopoulos

Thanks Joe. I don’t mind off topic compliments at all.
I had a horrible year in 2008 and I’m still making up for it. That was a “black swan” year and one I didn’t plan well for and cut my losses early enough. Thanks for reading. I should be back to an overall profit before the end of next year I think. I stayed fairly conservative this year with my job in jeopardy most of the year, but I’m starting to add risk into my account more each month. Selling puts is certainly not fool proof, but I agree it’s a great approach to investing when managed correctly.