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us stock market, stock market
[Weekend Summary]
Dear Member:
I made three trades in this shortened week. I closed the put leg of my original iron condor on Altria (MO) by selling the Apr 65 puts. I got a good fill at a quarter a share. That means I still be short the 75 calls and long the 80 calls with the stock closing at $69. Unless the stock goes above 75 next week, I probably won't need any adjustment and the whole iron condor would make $0.50 a share.
Morgan Stanley (MS) turned down from the latest move so I sold the call leg of my Jul 60 straddle for a $1.00 profit before commission. I am holding the Jul 60 puts trying to make another profit on the put side or at least further reduce risk.
The Biotech ETF (BBH) was sliding so I sold the Apr 190 calls for $1.35. That action brought in some nice income and reduced the risk in my existing long position in the LEAPS.
Conoco Phillips (COP) moved up and that helped the call leg of the straddle originally placed on Burlington Resources (BR). BR was taken over by COP so the options are now related to COP.
Sirius Radio (SIRI) has continued up the uptrend line as has Micron (MU). There is a little resistance in the $5.50 range on SIRI. If the resistance holds, I would consider a profitable sale of my Jan '08 $2.50 LEAPS calls or, more likely, sell a shorter term call against my LEAPS.
SPY has been running down along with the SP-500. I have a Dec '07 120/140 bullish call spread (bought the 120 calls, sold the 140 calls). No matter which direction the ETF goes, one leg or the other will benefit, and in the meantime, the longer term bullish outlook should benefit the overall position.
The tech sector ETF (XLK) has drifted down, but has stayed above the trend and held at price support.
As you know, I sent out an alert on Wednesday that I probably would have no trades Thursday before the market holiday since I expected volume to be low. Volume was low and the market didn't tell us much. I think next week could be very significant. I think the price action could well predict direction for the shorter to mid term.
If you have a holiday this weekend, I hope it is wonderful. If you don't, have a great weekend.
Bill
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