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stock watch, stock market today
[Weekend Summary]
Dear Member:
As I suggested in the Weekend Summary last week with a downside move and increasing volatility, the markets were looking edgey. This week proved to be very bearish and the end does not appear to be in sight. There is little happiness for the bulls and relative ectasy for the bears. Look out below.
I was lucky enough to have a coup on Kohl's (KSS) when the market fell. I was able to buy to close the short (Mar 75) leg of my spread and make 40 cents overall on the trade. That move guaranteed me an overall profit and I still hold the Mar 80 calls with a couple of weeks to go. If the stock continues to move up (and it jumped today), the worse thing that could happen is that I would be able to add to my profit.
I entered a position in the Jul 46 puts on QQQQ and the drop in the markets have made them pop up in value.
Nasdaq Stock Market, Inc (NDAQ) has continued to fall and I readjusted today by closing the short Mar 30 put leg. The 27.50's I am long look better and better.
I closed the short leg of my Sirius Satellite (SIRI) spread for a quick profit today and will just wait for the next chance to sell more.
Thank God for spreads. As the markets fall, the short legs of my spreads on Anadarko Petroleum (APC), SPY, and Citicorp (C) gain value. When the stocks bottom, I could be able to buy them back at a profit while holding the long leg. If the stock turns back up, the long legs should regain value and I could then sell other short legs to repeat the process. In any event, the spreads limit risk.
Have a good weekend and watch those Q's.
Bill
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