[Getting Ready for Labor Day Weekend/Placing Stops, etc.]
Dear Member:
Labor Day, a major holiday weekend is fast approaching and many, if not most, of the major players are leaving town. The markets are showing some strength, but on well below average volume which is to be expected at this time of year. I would not be surprised to see a rally coming into the fall. I wanted to let you know that I will be taking a short vacation from tomorrow morning through next Wednesday. I won't be near a computer so there won't be a Weekend Summary this coming weekend. I did want to let you know the orders I will be placing today to attempt to protect my positions in my absence.
The Biotech Hldrs (BBH) have shown some strength and have reached a resistance. For the moment, I intend to leave them alone. Micron (MU)has made a strong upward move and has broken above resistance. My Jan '08 10/17.50 bullish call spread is now in profitable territory overall and there is nothing to do there.
I sent an alert out this morning regarding Sirius Satellite (SIRI) where I have an order in to sell the Jan '08 $5 calls to create a spread against my long Jan '08 $2.50 calls. So far, I have only a partial fill on that open order. I would intend to stay in my long position unless the stock closed below $3.60 in which event I would close all legs and bail.
I also have a spread on SPY, short the Oct 133 calls and long the Dec '07 120 calls. SPY has been moving up, and I would close the short leg for a minor loss if the stock closes above $131.80.
I own the Jan '08 15 LEAPS calls on the Tech ETF (XLK) and I'm just letting them ride for now since they have been moving back up nicely.
In the event I send no other alerts today, I want to wish you a happy Labor Day holiday.
Bill
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