[Weekend Summary]
Dear Member:
A strong up week for the markets. Even today, option expiration day, the indices were up on fairly strong volume. The Nasdaq stopped around a resistance, but the Dow and SP-500 look like there is more upside room before they deal with the next level resistance. Though the time of year dictates caution, the markets may be really reversing up.
Not a bad week. I did take a 70 cent loss on my Diamonds (DIA)spread, but that was overcome by the one day trade on QCOM LEAPS were I made $1.10 (11.8%) gain in less than a full day. I also closed the short leg of my diagonalized calendar spread for a $0.50 gain before commissions. Finally, the IJR spread closed today for a 20% return on risk before commissions.
SPY was up over $3.60 for the week and that certainly helped my LEAPS calls. XLK was also up more than a buck so that is good news, too. Micron (MU) moved up as well. Only Sirius Satellite (SIRI) didn't jump, but at least it is banging out a support.
Generally speaking, I like what I was able to do this week and am optimistic for the near term future.
Have a good weekend.
Bill
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