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stock trader, stock share
[Weekend Summary]
Dear Member:
The beat definitely goes on with all the major indices continuing to show strength. As always, we just try to play the hand the markets deal. Interestingly, that has enabled me to have good success in both Trend Trader and Option Trader. $10 Trader has been faced with more of a challange to find promising candidates since many stocks have passed up and out of the $10 limit. Of course, the fact that something is harder to find doesn't mean it isn't there and I consistently work to find those issues that are preparing to move.
I should mention that I will be doing some traveling over the next several weeks so I will not be glued to the computer every day. I will, however, be watching the markets regularly and will send alerts when I set and/or move stops so you can see how I attempt to protect myself when I am on the move.
This week turned out quite well for the Option Trader. I closed my bullish put spread on Apple (AAPL) for a fast (3 business day) gain of $1.15 a share that worked out to a 32% return on the initial risk before a small commission.
I also closed the short leg of my put spread on the Q's and put 45 cents a share before commission on that leg.
The various spreads on Citigroup (C), Smith & Wesson (SWHC), Sirius Satellite Radio (SIRI), and SPY required no adjustment and each is in good position.
My puts on Silicon Laboratories (SLAB) are holding their own, but I made sure to put out a contingent stop in case the stock price jumps. If the stop were hit, I'd probably have a loss on this one, but at least it would be controlled. Please don't think I have changed my mind on this one as I still am looking for a profit on a further bearish movement of the stock.
Have a great weekend,
Bill
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