[Weekend Summary]
Dear Member,
I added a spread and a directional play to my portfolio this week. The spread is a bear call on SPY on which I sold the Nov 121 calls and bought the 122 calls for a 30 cent credit. So far, the play looks fine and requires no adjustment. I also bought some April 25 puts on Advanced Micro Devices (AMD) after it failed to break resistance on good earnings news. I'll pull the plug on that one if AMD closes above $22.20
EBAY looked as though it was going to hold above its' downtrend line, but fell back to its' price support. The stock price continues to compress and that precedes a breakout. A topside break could produce a nice run while a downside breakout will have me heading for the exit.
I still have the Jan '07 10 calls on Micron (MU) and am short the Jan '07 15 calls. MU remains rangebound between about 12 and 13.50.
The major indices (Dow 30, Nasdaq and SP-500) are still in the downtrend that began in September. Right now I see no suggestion of anything more exciting for bulls than a possible retracement to the downtrend line.
Enjoy your weekend!
Bill
|
