[Weekend Summary]
Dear Member:
The down,up,down,up,down,up pattern of the last several weeks continued for the Dow 30 and the Nasdaq. The SP-500 ended the week essentially flat (-.72). However, neither the Dow nor the Nasdaq did anything very impressive except perhaps get their respective heads slightly above last week's close. The uptrend does remain in place though, it would seem, with a little less enthusiasm. Next week the market is closed on the 4th and has an hour early quit on the 3rd. Volume is likely to be down all week with the holiday.
I opened a bull put spread for a $1.45 a share credit on Apple (AAPL) today. That offers a potential 40% return on risk before commission in three weeks if the stock can stay above the 20 day moving average which it has been honoring since April.
My Jan 35 puts on Silicon Labs (SLAB) look pretty good as the stock again failed its test of resistance and then dipped the last couple of days.
The short leg of the diagonalized calendar spread on the Q's has an unrealized gain of almost 50%.
The spreads on Citigroup (C), SPY, and Sirius Satellite Radio (SIRI) are still fine and required no adjustment this week.
Have a great weekend and a wonderful 4th of July.
Bill
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