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ADDITIONAL APRIL RECOMMENDED TRADES

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TWO POSITIONS TO BE ADDED TO OUR APRIL RECOMMENDED LIST:

We are recommending credit spreads on the following issues:

PLAY - PortalPlayer, Inc., a fabless semiconductor company, engages in the design, development, and marketing of comprehensive platform solutions in the United States. Its comprehensive platform solutions include system-on-chip, firmware, and software for manufacturers of feature-rich personal media players and notebook computers with secondary displays. It offers system-on-chip platform, an integrated circuit, which includes a central processing unit, memory interfaces, and other components.

NEW - New Century Financial Corporation engages in the origination, purchase, sale, and servicing of mortgage loans secured primarily by first and second mortgages on single family residences. As of December 31, 2003, it originated and purchased loans through its wholesale network of 21,600 independent mortgage brokers and its retail network of 72 branch offices located in 26 states, as well as through its central retail telemarketing unit. It also processed and closed loans through its 20 regional processing centers located in 14 states.

We are recommending the following specific credit spreads.


CALL CREDIT SPREAD

PLAY $22.34

BUY PQP-DY PLAY APR $27.50 CALL DEBIT = $0.10
SELL PQP-DE PLAY APR $25.00 CALL CREDIT= $0.45
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 $2,150.00
RETURN ON INVESTMENT= 16.28%

EXIT STRATEGY = 1. WATCH LIST 2. MAXIMUM LOSS STRIKE PRICE DIFFERENCE
1. STOCK WILL BE PLACED ON WATCH LIST IF STOCK PRICE RISES TO: $23.67
2. ON SPREADS WITH 2.50 or less difference in STRIKE PRICES as this one
MAXIMUM EXPOSURE is: $2.50 Which is the difference between the strike prices
THIS WILL BE OUR MAXIMUM EXPOSURE - WE WILL NOT USE STOPS ON
THOSE POSITIONS. THEY WILL GO ON THE WATCH LIST AND BE FOLLOWED WITH INSTRUCTIONS AS TO HOW TO PROCEED OR/WHAT EXIT POINT NEEDS TO BE ESTABLISHED

PUT CREDIT SPREAD

NEW $44.96

SELL NEW-PH NEW FEB $40.00 PUT CREDIT= $0.65
BUY NEW-PG NEW FEB $35.00 PUT DEBIT= $0.20
NET CREDIT = $0.45
INITIAL "NET- CREDIT TARGET= $0.45 or $45.00
POTENTIAL PROFIT (x 10 CONTRACTS@ $0.45 = $450.00

MARGIN REQUIRE. (x 10 CONTRACTS $4,550.00
RETURN ON INVESTMENT= 9.89%
EXIT STRATEGY =1. WATCH LIST 2. MAXIMUM LOSS =SPREAD PRICE DIFFERENCE $5.00
1. STOCK WILL BE PLACED ON WATCH LIST IF STOCK PRICE DROPS TO: $42.00


2. A STOP LIMIT is placed as below
placed on the SHORT STRIKE PRICE:
NEW-PH STOP LIMIT EXIT >> = $1.80

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 positions are filled it will bring our APRIL RECOMMENDED LIST to nine (9) OPEN positions

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