This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Symmetry Support for December Expiration

TheStreet Premium Services

A complimentary preview
of Options-Profits Previews

WEBINAR: Stocks to Watch and Trade Ideas 12/18 at 6pm ET CLICK HERE FOR INVITE AND TO REGISTER.

The S&P ended the week on a soft note after Bernanke's comments failed to give the bulls much to rally from. The initial pop was there but buying quickly turned into a light volume selloff and the S&P and Apple (AAPL) left us at very interesting levels of support.

SPX Daily
Source: thinkorswim


The S&P has pulled back to the daily mean and is also holding symmetry support. This has been enough for bulls to hang on from the November 16th low and provided these prices hold the trend remains in place. When this trend does break the first retracement should provide a great shorting opportunity. Until then we have to play within these prices and I'll be looking for a grind higher into Friday. We may see a little weakness Monday and Tuesday morning, but headline risk aside the market should hold up this week.

Symmetry is one of the most powerful things you can follow in a trend and like the S&P, United States Natural Gas Fund (UNG) is also sitting right on top of daily support. We spoke about picking up the January 18 calls last week, but weren't quite able to get down into our limit prices. Provided UNG opens anywhere near flat on Monday we still like this position against the support seen in today's chart.

UNG Daily
Source: thinkorswim

While we're bullish on this from a long term perspective, we're just looking for a pop from these extended levels back into the mean at $20.07. This is where we'll look to take profits and see how the ETF acts at these prices.

OptionsProfits can be followed on Twitter at


EXCLUSIVE OFFER: Jim Cramer's Protégé, Dave Peltier, only buys Stocks Under $10 that he thinks could potentially double. See what he's trading today with a 14-day FREE pass.

At the time of publication, John Carter held positions in UNG.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
Top Rated Stocks Top Rated Funds Top Rated ETFs