[Weekend Summary]
Dear Member:
Maybe its me, but it looks like the bullish move may be losing a little steam. It seems like the markets, particularly the Dow 30 Industrials could use a little breather. The SP-500 and Nasdaq were pretty flat over the week span and the Dow only gained a little over 60 points. None of those averages were able to regain Thursday's losses on Friday, but all are still in bullish uptrends.
I closed my spread on McGraw-Hill (MHP) for a 19% gain before commission when the stock stalled for a bit. MHP has now broken the resistance it was approaching when I took my profits and may well be setting up another entry.
My diagonalized calendar spread on the Q's is doing fine. The short Jun leg is into the profit column and I may be able to roll that leg up if QQQQ continues on its upward march.
The Yahoo (YHOO) spread is not faring so well and is exactly where I would rather it not be. I did not find a good adjustment this week and I just need to keep watching to see if I can reduce loss or turn the play into a profit.
The SPY spread is quite strong and continues to look very good. The Citigroup (C) stock dipped and may provide the opportunity to close the short leg at a profit. If so, I'll look for something else to sell against my long leg.
Sirius Satellite (SIRI) continues to languish. My '09 LEAPS calls are in the money, but I really would like to see more action in the price just to stir volatility a bit.
Have a great weekend.
Bill
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