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stock market, stock market
[My Stop Loss Orders during Vacation]
Dear Member,
I'll be overseas for the next couple of weeks and won't be trading. Since I'll be inactive during much of the remainder of the month, your subscription is free for all of September.
The following are the stop orders I will be placing today, before I go on vacation:
Briggs & Stratton (BGG) - I am short and naked the Oct 35 Puts. I am placing an order to buy to close my position contingent upon the stock going below $34.42.
Ebay (EBAY) -- I own the '07 $40 calls. I am placing an order to sell those LEAPS if the stock drops below $38.04.
Micron (MU) -- I own the Jan '07 $10 Calls (VGYAB) and have sold the Jan '06 $12.50 Calls (MUAV) as a covered position against the '07 10's. I am placing an order to buy to close the Jan '06 calls (MUAV) in the event the stock closes above 12.50. If the stock drops, my order is to close any open covering position (MUAV) and to sell the Jan '07 $10 Calls if the stock falls below $10.90
Knight Capital (NITE) -- I own the Jan '07 $7.50 Calls (OTIAU). I am placing an order to sell those LEAPS in the event the stock goes below $8.30.
Siebel Systems (SEBL) -- SEBL has made quite a strong move up this morning on high volume. I own the Jan '07 $12.50 Calls (OIEAV). I am placing an order to sell the LEAPS in the event the stock drops below $8.59.
SPY -- I own the Dec '07 115 Calls (FYNLC) and the Dec '07 120 Calls (FYNLD) and I have sold the Dec '06 125 Calls (CYYLE) as a covered position. I am placing an order to buy to close the Dec '06 125 Calls (CYYLE) in the event SPY closes above 124.76. In the event that SPY drops, I also am placing an order that if SPY closes below 122 any open covering position (CYYLE) will be bought to close and the Dec 115 and 120 calls (FYNLC and (FYNLD) will be sold.
Yahoo (YHOO) -- YHOO is treading water right now but remains in an uptrend. I own the Jan '07 $35 Calls (VYHAG). I am placing an order to sell these LEAPS in the event that the stock goes below 32.60.
I am placing all the orders above contingent on the price of the stock. If I were home and watching, I would move the stops if the stock moved favorably to me. In other words, for example, if SEBL continued moving up, I would move my stop up behind it, at the same time trying to give it enough room "to breathe" so I would try not to get stopped out prematurely.
I wouldn't go away without setting stops. If the market turns against me, I at least have something in place that may help reduce losses.
There won't be a Weekend Summary this evening. So, I just want to say "good trading!" I hope you have a wonderful weekend.
Sincerely,
Bill Kraft for
CutLoss, Inc.
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