Dear Member:
Even though the Dow hasn't yet broken 12,000 it is toying in that lofty area. The market is still look strong. Volatility remains low affirming the bullishness for the moment.
SPY and XLK, the tracking stocks for the SP-500 and the tech stocks respectively, both were strong for the week. They continue to look good as the market continues to rise.
Citigroup (C) dropped off a bit this week and I sold some out-of-the-money calls (the Jan '08 $55) for a $1.85 a share to bring in some income and reduce my risk in my Jan '08 $45 calls.
Sanmina (SANM) is continuing slowing up its uptrend line.
CarMax (KMX) is not following the market up and seems to have stalled near resistance. The puts may still provide some profit.
The Biotech HOLDRs. (BBH) had a little retracement this week.
Sirius Satellite (SIRI) is still moving sideways.
The spread on Sepracor (SEPR) is right at the $52.50 mark. As you know, I have a spread where I sold the Oct $52.50 calls and bought the Oct $55 calls as the protective leg. This one will bear watching as we come into expiration at the end of next week.
Have a wonderful weekend.
Bill
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