stock share, stock market

[Weekend Summary} Dear Member: Coming into Memorial Day weekend and the summer doldrums for the markets, each of the major averages closed with a down week. Nothing too significant so far, but we need to see whether they are taking a breather or whether this is the beginning of a retracement. Everything had been just motoring along until Mr. Greenspan did what Mr. Greenspan used to do --move the markets with a pronunciamento. Undoubtedly the market is due for to step back, but the multi-million dollar question, as always, is when. I was fortunate enough to make $1.70 a share on my Transocean (RIG) straddle after being in the position for only 8 days. That is a pretty fast exit for a straddle, but the stock cooperated and moved up quickly. It has moved sideways since I got out and is running in a fairly tight channel that could provide a directional opportunity pretty soon. I also closed the short leg of my put spread on the Q's for a little profit this week and am watching to see whether to just hold the Sept 44 long put position or whether to sell another position against them. Sirius Satellite Radio (SIRI) finally bumped up a bit and I created a spread by selling the $5 calls against my long $2.50 call position to bring in income and reduce overall risk. Have a great weekend and a wonderful Memorial Day. Bill
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