[Weekend Summary]
Dear Member:
After the huge bullish moves on Tuesday, the Dow, Nasdaq, and S&P 500 all settled down for the remainder of the week. The Dow and S&P are just below triple top resistance so the jury is still out. The Nasdaq also has to conquer the 2400 level before a continuation of the short term bullishness. However, volatilities have returned to near the February lows and that does give some reason for additional bullish optimism.
The condors on the S&P 500 (SPY and the Russell 2000 (RUT) continue to do well with expiration a week closer.
The vertical LEAPS spread on Citigroup (C) has a long way to go and is doing quite well for the time being. It looks like I may be able to take some profit on the short leg of the spread on Sirius Satellite Radio (SIRI) and ready myself for another sale of calls against the long leg down the road.
After almost getting out of hand shortly after my entry, the puts on Watson Pharmaceutical (WPI) are looking a lot better as the stock remains below the down trend line on the weekly chart. I don't have much to risk on this one as I bought the out of the money Aug puts so a downward move of the stock could very well yield a nice result.
Have a great weekend.
Bill
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