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[Weekend Summary]
Dear Member,
The market certainly didn't treat me badly this week. The following is a Table of the LEAPS positions I hold and what the stock did for the week:
LEAPS Stock Movement for Week Note
EBAY '07 40 Calls +$0.57 On a resistance
MU '07 10 Calls +$0.50 Broke up through
a resistance
SEBL '07 12.50 Calls +$0.10 Running along support
SPY Dec '07 115 & 120 Closed above a
Calls +$1.52 resistance tocay
YHOO '07 35 Calls +$1.96 In bullish ascending
triangle
The only position I entered this week was some in the money LEAPS calls on CHINA. I bought the '07 $2.50 calls for $1.25. My whole risk is what it cost to enter the position. I consider this play to be quite speculative, but it has the possiblility of a significant return if the stock can return to last year's levels.
Last week I rolled my naked puts on Briggs & Stratton (BGG) out to October and down to the 35 strike. The move was enhanced when BGG moved up $1.46 for the week.
The SP-500 and the Nasdaq each closed the week at an important resistance level on the weekly charts. Though both were up for the week, the move was on reduced volume which is somewhat bearish. I would not be surprised to see a retracement before another attempt to crack the resistance. However, if they can break through and close above this resistance on strong volume, we may see levels that haven't been attained since 2000 and 2001.The Dow Industrials are also continuing the uptrend and a break and close above 10857.74 on the weekly chart would be significant in my judgment. Earnings and economic news continue to be generally strong. I keep in mind, however, that August is often a down month.
I'm looking forward to the weekend and trust you are too.
Bill
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