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[Weekend Summary]
Happy weekend! Hope it isn't as hot where you are.
Overall, a very good week, led by the huge gap up on EBAY yesterday. As you probably will recall, I am long the Jan '07 40 calls and the stock jumped up about $6 for the week. If it dips early next week, as it well may as it consolidates its' gains, I'll probably sell some out of the money calls against the position to bring in some cash.
Yahoo (YHOO), on the other hand gapped down on earnings news that wasn't too bad. I used the move to sell some Aug 35 calls against my LEAPS calls for 40 cents and brought in some income while, at the same time, reducing risk in the position.
CHINA and SPY both moved up during the week increasing the value of my LEAPS calls in those stocks. SPY is representative of the SP-500 and I like what I see. Of course, I am always a bit cautious as I come into August which is often a down month.
Micron (MU) has had a nice move and is toying with resistance. If it breaks up through resistance, I'll be placing contingent stops; if it retraces, I'll be selling shorter expiration calls.
Briggs & Stratton (BGG) is flatling along support at 37 and that is fine for my Oct 35 naked puts. Siebel Systems (SEBL) continues its' boring flatline, but it only cost me 80 cents to enter my original out of the money LEAPS calls so I am truly unconcerned about that position.
I bought some Jan '07 LEAPS $7.50 LEAPS calls for only $2.00 on Knight Capital (NITE) today. I really like what I see on the chart, and I am only paying about 7 cents a month for time. A long overdue pop in volatility coupled with a continuing uptrend for NITE could look awfully good.
Bill
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