Retest of the lows underway?
The technical picture following last week’s late sell-off suggests that a “retest” of the January lows may be underway. The continuing high level of bearish sentiment however would suggest that such a move might well be part of a bottoming process rather than a new, extended leg down in a bear market (at least at this time).
Travel and other obligations significantly restricted my market activities last week, resulting in at least one missed covered call-selling opportunity (in Jabil Circuit (JBL)). On the other hand, I did manage to sell covered calls against my long position in Alcoa (AA), and some puts against Hartford Insurance Group (HIG) and Countrywde Financial (CFC).
Watchlists
I’m away from my main computer and unable to run my usual watchlist scans this week.
