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ADDITION TO MAY RECOMMENDED LIST 5-3-06

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We are adding the following credit spread to our MAY RECOMMENDED LIST


We are recommending a credit spread in the following issue.

APOL - Apollo Group, Inc., through its subsidiaries, provides higher education to working adults. The company offers associate degrees in business, criminal justice, general studies, health administration, and information technology. It provides program development services, which include degree program design, curriculum development, market research, student recruitment, accounting, and administrative services to regionally accredited private colleges and universities.


We are recommending the following call credit spread

Call Credit Spread

APOL $52.73

BUY OAQ-EL APOL MAY $60.00 CALL DEBIT = $0.10
SELL OAQ-EK APOL MAY $55.00 CALL CREDIT= $0.50
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%

STRATEGY = 1. WATCH LIST 2. MAXIMUM LOSS SPREAD PRICE DIFFERENCE
1. STOCK WILL BE PLACED ON WATCH LIST IF STOCK PRICE RISES TO: $53.74

MAXIMUM EXPOSURE is: $5.00 Which is the difference between the strike prices
THIS WILL BE OUR MAXIMUM EXPOSURE

OAQ-EK 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

This will bring our MAY positions back to ta total of ten (10) when filled


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