stock market, stock market

[Weekend Summary] Dear Member: We had a see-saw week that saw the major averages lose a little ground overall. It seems that there is more uncertainty creeping in and that is a good time to keep a fair proportion of risk money in cash to await something more definitive. I will be away in Alaska next week and will not be in touch with the market. For that reason, I am placing stops on positions that I believe need them and I'll set each of them out as I deal with the individual positions below. I'll be back at work a week from Monday. Each of the spreads on Citigroup (C), SPY, and Sirius Radio (SIRI) is in decent shape. One of the nice things about spreads is that they can be left alone at times. I won't have any orders working on these while I am gone since I should be able to adjust if necessary when I get home. I am short the Aug 49 puts on QQQQ and am covered by my long Sept 44 position. However, I do have an order to buy to close the Aug 49 position at the market in the event QQQQ goes below $48.90. I rolled the short leg of my spread on Smith & Wesson (SWHC) by closing the Dec 17.50 leg and selling the Jan '09 22.50 calls all for a 15 cent credit. If the stock drops in price, I would consider buying to close the '09 22.50 leg if I could do so at a profit and if the stock price was also turning back up. Nothing need be done, however, until I get home on this one since there is an abundance of time and I can adjust, if necessary when I return. I did take a loss on SLAB this week when the stock broke out above resistance and I closed my put position. Unfortunately, they can't all be winners.
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stock market
stock market