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Thu: Top Buys DOW Top Sells SPX SPY IWM FCX PD OIH

Primary Trades:

A steep pullback should take place sometime in the second quarter. So, SPY and IWM long-term puts remain buys.

Secondary Trades:

Tomorrow may be a trading market for SPX Apr puts. SPX closed above 1,311 and the range may be from the mid-1,310s to the low-1,300s. Also, IWM Apr 76 puts, FCX Apr 60 puts, PD Apr 85 puts, and OIH Apr 150 puts may be bought when those stocks bounce for quick trades (although metal and oil stocks are expected to post strong earnings). Moreover, DOW Apr 40 calls may be traded. The Unemployment Claims report before the open will set early direction.

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Primary Trade: An intermediate or long term trade. Timing can be off substantially. Volatility not a factor. Risk is low to moderate. Potential return is often moderate.

Secondary Trade: A short term trade. Timing must be accurate or volatility must be high. Risk is high. Potential return is high.

Secondary Trades should be generally avoided, although considered. Note: If Secondary Trades are taken, they may affect Primary Trades.