[Weekend Summary]
Dear Member:
The markets pushed a little higher this week but without quite the steam of the past few weeks. The question now becomes whether we are looking at a breather, a little profit taking, a retreat, or a move on forward. One little clue was that the turn back up today was not accompanied by much volume. That could be a sign that the run-up may be losing some of its momentum. Once again, we need to see what happens early next week and on what volume.
With just 5 trading days to go, the calendar spread on EBAY still looks ok. As of October expiration, the optimal spot to land would be a stock price of exactly $40.
The Q's moved up so I closed the short leg of my spread and netted 40 cents before commission on that leg. Today I opened a new short leg selling the Jan 51 puts for $1.32.
My Nvidia (NVDA) LEAPS suffered a little when the stock price returned to test a support. So far, the retest has been successful and the price bounced up almost 2.5% today.
The spreads on Citigroup (C), SPY, and Sirius Satellite Radio (SIRI) are bobbing along as debit spreads often do. Nothing to do with them last week.
Have a great week.
Bill
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