[Weekend Summary]
Dear Member:
Generally a good week since I am weighted to the bullish side. There was one exception, however, in that I closed my bear call spread in SPY for what turned out to be a $0.60 loss when I got a good fill on the close.
CHINA stayed in its' uptrend and had quite a strong bullish day yesterday. It has reached a resistance so I need to see what it will do here. A break up would be very positive in my estimation. I own the Jan '07 2.50 LEAPS calls that are now 92 cents in the money
EBAY turned in a fine week and was up $2.31 to close at 43.89. Next resistance is 45. My Jan '07 40 LEAPS calls are $3.89 in the money.
The strangle on QQQQ where I own the March 38 calls and March 39 puts is working well with the call side soaring. Overall, the position is currently profitable.
Micron (MU)is still in an uptrend that began last April. I own the Jan 10 LEAPS calls and sold the Jan 15 LEAPS calls as a covering position leaving me in a 10/15 bull call spread.
The Dow 30, SP-500 and Nasdaq have made some signigicant upward runs. Each is now approaching a resistance and may take a breather, but if the resistances are broken it looks like there could be a strong finish to 2005. The Table below shows the present level and resistance for each of those indices.
Index Close Friday Resistance
Dow 30 10,686.04 10,700
Sp-500 1234.72 1245
Nasdaq 2202.47 2219
Have a great weekend and thanks for subscribing.
Bill Kraft
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