[Weekend Summary]
Dear Member:
What can I say? The markets continue up and volatility has remained low. So far, I see no signal of a downturn so I will keep playing bullish. It seems like we should get a retracement somewhere along the way, but for now, we just want to play it until it breaks.
I had a good week overall. On Tuesday, I sold some puts on the Q's creating a spread against my Sept 44 long position. I bought them back on Thursday for a profit and gained 24% on that leg before the small commission.
The spreads on SPY and Citigroup (C) continue to be in good shape and I am happier about Sirius Satellite Radio (SIRI) since I was able to create the spread last week. There is plenty of time for the SIRI LEAPS and my trades have reduced the risk from where it began.
I entered a play on Tesoro (TSO) by buying the '09 60 calls yesterday. The stock moved today and the call premium is up about $1.00 today. I liked what I saw since the stock price broke up through a little double top resistance. The only downside was that today's large move was on relatively volume so it could be a good time to take profits. I am using the long position as a vehicle against which to sell other calls, though, so I may stay through some ups and downs.
Thanks for subscribing.
Bill
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