stock market, stock market

[Weekend Summary] Dear Member: The Dow has now moved back up near a little resistance in the 13,500 range. Now the question is whether the resistance will hold or whether the 30 industrials will form a double top. All the major indices were up for the week and it was interesting to see the bounce back up after a sharp drop Friday morning when poor retail sales were announced. It looks like the market is speculating that the Fed will reduce interest rates next week. If they don't we could see an adverse reaction. Sirius Satellite Radio (SIRI) is looking strong and I am happy with the $2.50/$5 LEAPS spread I'm holding. The Q's are back in an uptrend and I'm waiting for a turn down to sell some puts against my bearish Jan 45 put position. I am holding that position as a hedge against a market reversal and will use it to sell puts for income as time passes. The SPY spread is fine for now. I am holding some long calls in Citigroup (C) that were originally part of a spread. The stock moved up for the week and I am waiting for the right time to sell some more calls and bring in more income against the existing long position. I bought some fairly deep in the money Qualcomm (QCOM) LEAPS calls this week and the stock moved favorably since the entry. I hope you enjoy your weekend. Bill
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