[Weekend Summary]
Dear Member:
The markets were a bit lackluster this week with all of the major indices down modestly. Volatilities had risen which is often a bearish indicator, but then turned back down on Friday.
With the somewhat unsettled markets, I am trying to pick my spots. I was able to take a quick 5.5% gain before commissions on J.P. Morgan Chase (JPM), and my put position in SanDisk (SNDK)is holding up all right as the stock continues to honor the downtrend line.
The spreads on Anadarko Petroleum (APC), Citigroup (C), and SPY are fine for right now.
Sirius Satellite Radio (SIRI) continues to channel and I'll just keep buying and selling options against the LEAPS position to generate income while awaiting a breakout.
I would like to see the markets establish a direction before committing too much capital one way or the other.
Have a great weekend.
Bill
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