[Weekend Summary]
Dear Member,
This week, I sold the call leg of my strangle on QQQQ and assured an overall profit in the whole trade. I am left holding the Mar 39 puts at no cost. Anything I sell those puts for will only add to the profit and they are currently bid at 40 cents a share.
We are still in the "tax selling" time of year as I mentioned a couple of weeks ago and the market has not been out of character for that time of year. CHINA retreated to the downtrend line as did Micron (MU) and MU has already bounced. EBAY has returned to support initially formed by a double top resistance from last February. SPY was off a very modest 52 cents for the week. Overall, I see nothing to bother me about any of those positions and I'll just wait to see whether the Santa Claus rally will materialize.
My 90 LEAPS calls on Reynolds America (RAI) have moved up nicely and are now bid $1.20 over what I paid so they are currently up about 13.8% from the entry a week ago.
BBH has been the worst performer, but it, too, has stayed above support at 200. No reason for a move in my estimation unless there is a close below that level and then I'll have to make a decision.
On a personal note, it was quite something to return from the 80's in Hawaii to below zero at home. I hope your weekend isn't too cold and that you are getting ready for the holidays. Christmas is my favorite time of year.
Bill
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