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trade stock, stock trading class
[Weekend Summary]
Dear Member:
On Wednesday night, I returned from a fantastic fishing trip to Alaska. The weekend before I left, I gave our two day seminar, and what a success it was! Everyone immediately signed up for my one day Technical Trading Class. Don't worry, no sales pitch for the Technical Class since attendance at the 2 day SWAT class is a prerequisite.
The markets didn't do very much in my absence and wound up today pretty close to where they were when I left. I sent out alerts with my stops while I was gone and I think only one position closed out, and that was in the $10 and Under service where I was sold out of a position at a 10.6% profit before commissions in 15 days. The Dow 30 is still in an uptrend, but the down days seem to be attracting greater volume. The SP-500 and Nasdaq are marking time going sideways so we still have no clear direction of overall direction which is so important to trading individual equities.
Before I left, I was filled on my order to sell the Jan '08 $5 calls on Sirius Satellite (SIRI) for 75 cents a share. As you know, I already owned the Jan '08 $2.50 calls so I have again created a spread to reduce risk in the long position and bring in some income. I have done this a few times with SIRI so far and will continue to look for opportunities to adjust the position to reduce risk, bring in income, and, hopefully, wind up with a very profitable trade.
BBH (the Biotech Hldrs) has continued in its' uptrend and I am looking for a good spot to roll my Jan '07 calls out to '08 or '09 so I can continue to use them as a platform to trade shorter term calls against them.
Micron (MU) has shown a lot of strength on a big move on relatively high volume. My Jan '08 10/17.50 call spread (long the $10 calls and short the $17.50) is already in the profitable range and looks great so far. I am just waiting for time to pass to increase profit as long as the stock remains above 17.50.
I still hold my Dec '07 120 LEAPS calls on SPY and am short the Oct 133 calls. The SP-500 bounced a bit today and I will look to see about buying back the Oct 133's early next week. They are already profitable.
The tech ETF (XLK) has bounced off support and is, again, moving higher.
Have a good weekend.
Bill
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