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FIVE additions to MARCH RECOMMENDED LIST

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We are recomomending five (5) additions to our MARCH RECOMMENDED LIST

We are recommending creit spreads on the following companies:

INFY - Infosys Technologies Limited
provides consulting and information technology services primarily in North America, Europe, and the Asia-Pacific region. Its solutions include custom application development, maintenance and production support, software re-engineering, package evaluation and implementation, and information technology consulting.

RYL - The Ryland Group, Inc.
engages in homebuilding and mortgage-financing businesses primarily in the United States. The company's operations span various aspects of the home buying process, including design, construction, and sale to mortgage origination, title insurance, settlement, escrow, and homeowners insurance brokerage services. Its Homebuilding segment markets detached and attached single-family homes, which are targeted to entry-level and move-up buyers, as well as to active adults seeking retirement housing. As of December 31, 2004, the company operated in 339 communities in 27 markets in the United States.

NFI - NovaStar Financial, Inc. and subsidiaries
operate as a specialty finance company that originates, purchases, invests in, and services residential nonconforming loans in the United States. It offers a range of mortgage loan products to borrowers. The company operates through three segments: Mortgage Portfolio Management, Mortgage Lending and Loan Servicing, and Branch Operations. The Mortgage Portfolio Management segment invests in assets generated primarily from its origination and purchase of nonconforming, single family, and residential mortgage loans. It provides finance by issuing asset-backed bonds and entering into reverse repurchase agreements.

RAIL - FreightCar America, Inc.
engages in the design and manufacture of aluminum-bodied and steel-bodied railcars for hauling coal, other bulk commodities, steel and other metals, forest products, and automobiles in North America. It offers its products in five categories: coal-carrying railcars, industrial and steel-carrying railcars, vehicle-carrying and intermodal railcars, forest products-carrying railcars, and mineral-carrying railcars.

LM - Legg Mason, Inc., through its subsidiaries,
provides asset management, securities brokerage, investment banking, and related financial services to individuals, institutions, corporations, and municipalities primarily in the United States, the United Kingdom, Canada, and Singapore. It operates through three segments: Asset Management, Private Client, and Capital Markets segments. The Asset Management segment engages in providing investment advisory services to proprietary mutual and closed-end funds, and the proprietary funds operations of the company's other asset managers

There are three (3) credit call spreads and two (2) credit put spreads:


CALL CREDIT SPREADS


INFY $70.32

BUY IUN-CP INFY MAR $80.00 CALL DEBIT = $0.20
SELL IUN-CO INFY MAR $75.00 CALL CREDIT= $0.55
NET CREDIT = $0.35
INITIAL "NET- CREDIT TARGET= $0.35 or $35.00
POTENTIAL PROFIT (x 10 CONTRACTS@ $0.35 = $350.00

MARGIN REQUIRE. (x 10 CONTRACTS= $4,650.00
RETURN ON INVESTMENT= 7.53%

EXIT STRATEGY = 1. WATCH LIST 2. MAXIMUM LOSS SPREAD PRICE DIFFERENCE
1. STOCK WILL BE PLACED ON WATCH LIST IF STOCK PRICE RISES TO: $72.66

MAXIMUM EXPOSURE is:$5.00 Which is the difference between the strike prices

IUN-CO STOP LIMIT EXIT >> = $2.20
If and when the STOP LIMIT IS EXECUTED - A contingency order should be in place to than SELL the LONG SIDE
of the Spread and close the position with a Market Order if and when the SHORT side needs to be STOPPED OUT

RYL $68.82

BUY RYL-CP RYL MAR $80.00 CALL DEBIT = $0.20
SELL RYL-CO RYL MAR $75.00 CALL CREDIT= $0.60
NET CREDIT = $0.40
INITIAL "NET- CREDIT TARGET= $0.40 or $40.00
POTENTIAL PROFIT (x 10 CONTRACTS@ $0.40 = $400.00
MARGIN REQUIRE. (x 10 CONTRACTS= $4,600.00
RETURN ON INVESTMENT= 8.70%

EXIT STRATEGY = 1. WATCH LIST 2. MAXIMUM LOSS SPREAD PRICE DIFFERENCE
1. STOCK WILL BE PLACED ON WATCH LIST IF STOCK PRICE RISES TO: $71.91

MAXIMUM EXPOSURE is: $5.00 Which is the difference between the strike prices


RYL-CO STOP LIMIT EXIT >> = $2.40
If and when the STOP LIMIT IS EXECUTED - A contingency order should be in place to than SELL the LONG SIDE
of the Spread and close the position with a Market Order if and when the SHORT side needs to be STOPPED OUT

NFI $26.36

BUY NFI-CG NFI MAR $35.00 CALL DEBIT = $0.20
SELL NFI-CF NFI MAR $30.00 CALL CREDIT= $0.60
NET CREDIT = $0.40
INITIAL "NET- CREDIT TARGET= $0.40 or $40.00
POTENTIAL PROFIT (x 10 CONTRACTS@ $0.40 = $400.00
MARGIN REQUIRE. (x 10 CONTRACTS= $4,600.00
RETURN ON INVESTMENT= 8.70%

EXIT STRATEGY = 1. WATCH LIST 2. MAXIMUM LOSS SPREAD PRICE DIFFERENCE
1. STOCK WILL BE PLACED ON WATCH LIST IF STOCK PRICE RISES TO: $28.18
MAXIMUM EXPOSURE is: $5.00 Which is the difference between the strike prices

NFI-CF STOP LIMIT EXIT >> = $2.40

If and when the STOP LIMIT IS EXECUTED - A contingency order should be in place to than SELL the LONG SIDE
of the Spread and close the position with a Market Order if and when the SHORT side needs to be STOPPED OUT

PUT CREDIT SPREADS:


RAIL $64.69

SELL RQN-OL RAIL MAR $60.00 PUT CREDIT= $1.05
BUY RQN-OK RAIL MAR $55.00 PUT DEBIT $0.75
NET CREDIT = $0.30
INITIAL "NET- CREDIT TARGET= $0.30 or $30.00
POTENTIAL PROFIT (x 10 CONTRACTS@ $0.30 = $300.00
MARGIN REQUIRE. (x 10 CONTRACTS= $4,700.00
RETURN ON INVESTMENT= 6.38%

EXIT STRATEGY = 1. WATCH LIST 2. MAXIMUM LOSS SPREAD PRICE DIFFERENCE

1. STOCK WILL BE PLACED ON WATCH LIST IF STOCK PRICE DROPS TO: $62.00
MAXIMUM EXPOSURE is: $5.00 Which is the difference between the strike prices

RQN-OL STOP LIMIT EXIT >> = $1.20

If and when the STOP LIMIT IS EXECUTED - A contingency order should be in place to than SELL the LONG SIDE
of the Spread and close the position with a Market Order if and when the SHORT side needs to be STOPPED OUT

LM $133.59

SELL LM-OE LM MAR $125.00 PUT CREDIT= $1.05
BUY LM-OD LM MAR $120.00 PUT DEBIT $0.55
NET CREDIT = $0.50
INITIAL "NET- CREDIT TARGET= $0.50 or $50.00
POTENTIAL PROFIT (x 10 CONTRACTS @ $0.50 = $500.00

MARGIN REQUIRE. (x 10 CONTRACTS $4,500.00
RETURN ON INVESTMENT= 11.11%

EXIT STRATEGY = 1. WATCH LIST 2. MAXIMUM LOSS SPREAD PRICE DIFFERENCE

1. STOCK WILL BE PLACED ON WATCH LIST IF STOCK PRICE DROPS TO: $130.00
MAXIMUM EXPOSURE is: $5.00 Which is the difference between the strike prices

LM-OE STOP LIMIT EXIT >> = $2.00

If and when the STOP LIMIT IS EXECUTED - A contingency order should be in place to than SELL the LONG SIDE
of the Spread and close the position with a Market Order if and when the SHORT side needs to be STOPPED OUT


When these cedit spreads are filled it will bring our MARCH RECOMMENDED LIST total to nine (9) positions

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