Market Chasers

Market Midday Overview: August 11th, 2008

Today has been a very mixed day of trading so far with an hour and 15 minutes before the close. Oil drops to the $114’s and consequently, we see drillers being absolutely hammered. Look at today’s drop to load up on national bank stock puts as they have been performing well on a relative basis.

If you would of taken up my recommendation on Baker Hughes (BHI) puts last night or Potash Puts 6 days ago with the focus on Potash of Saskatchewan (POT), your puts would be flying right now. Baker Hughes was down over $2 a share around noon but has recovered nicely. Don’t expect that to last for long. Potash of Saskatchewan is down 11, I REPEAT 11 points! That is approximately 16 points (dollars) down from Wednesdays close when I recommended it. That would of been close to a 75% gain after costs in 5 days if you would of purchased the December 120 puts, which would of been the conservative route. I don’t even want to look at how much you would of made if you purchased the December 140 puts. Good night and come again.

Thanks for reading.

-Justin Moon, Senior writer for Marketchasers.com