Option Investor

Daily Newsletter, Tuesday, 04/22/2008

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Table of Contents

  1. Market Wrap
  2. New Option Plays
  3. In Play Updates and Reviews

Market Wrap

Stirring the Earnings Stew

Take a few winners like MCD, WYE, T, JEC and VMW mix with a few losers like TXN, UNH, CME, UAUA and UNH and season to taste. For seasoning you could use $120 oil, a new low on the dollar to the Euro and massive write-downs by UBS. Be careful what you include or you may end up with a witches brew instead of an earnings stew.

The economics were flat and added little bias to the market direction. The Existing Home Sales for March declined to an annual rate of 4.93 million from 5.03 million in February. That is a year over year decline of -19%. Inventories increased slightly to 9.9 months and the median home price fell -8% over the year ago period. The report was still negative but appeared to indicate that the worst may be over. The efforts to halt foreclosures appear to be slowing the rate. May and June are still expected to have the most mortgage resets and then that problem will begin to recede. The lower interest rates are helping reduce the reset problem but it is still a problem given the lower house values.

The weekly chain store sales fell -0.7% and this may seem like a minor amount but the pressures are building. $120 oil is going to translate into $3.75 gasoline and consumers are getting crushed. The retail chain Linen and Things is expected to file bankruptcy over the next couple weeks. Bank America pulled the financing for Sears ($1 billion) and Talbots leaving those stores in dire need of operational cash. Retail analysts expect 6,500 retail stores to close over the coming months. That will reduce some of the retail glut but will be a major impact to employment and consumer sentiment.

The Richmond Fed Manufacturing Survey dropped to zero in April from +6 in March. Considering the survey was in negative territory for the three months ending in February this is still not a bad report. Zero shows an even split between those manufacturers showing increases and those showing declines. It is not bullish but it is far from bearish. The biggest problem is the rising inputs costs and expectations for pricing conditions to deteriorate further over the next six months. Raw materials prices rose at an annualized rate of +4.63% in April while output prices rose only 2.55%. The current spread between input and output prices is 208 basis points. That is expected to expand to 237 basis points six months from now.

There are no material economic reports on Wednesday. Earnings will continue to be hogging all the news. Earnings today were very mixed with big losses and big winners.

United Airlines (UAUA) reported a loss of $4.45 per share, a dollar worse than analysts expected. UAL said it lost $537 million on soaring fuel costs and said it is cutting flights and 1,100 jobs. The CEO said airlines needed to raise ticket prices 15-20% just to cover the soaring fuel prices. Unfortunately as long as there are dozens of airlines starving for cash and competing for flyers nobody can make a price hike stick. At $120 per barrel the top 11 airlines could lose $33 billion in 2008. The entire airline sector was crushed on the UAL news. UAUA lost 35% or -7.67, AMR -1.17, CAL -3.36 and DAL -1.31.

United Airlines Chart - Daily

McDonald's (MCD) reported earnings of 81 cents compared to 62 cents in the year ago quarter. A nickel of that gain was due to favorable currency translation. Analysts were expecting 69 cents making that a sizeable beat. The +24% jump in earnings came from an additional 2.5 million customers per day compared to the same quarter in 2007. That number boggles my mind, an extra 2.5 million per day. How many companies in the world can grow their business that strongly? The street ignored their amazing results with a -32 cent loss.

Dupont (DD) saw profits rise a better than expected by 26% and affirmed its earnings estimate for the year but the stock was crushed for a -4.5% loss. The agriculture segment continued to outperform but Dupont's coatings and materials business continued to face challenges in a weakened U.S. economy.

The Royal Bank of Scotland (RBS) said it had $11.8 billion of potential additional write-downs and would need to sell shares to raise a whopping $23.7 billion in new capital. They are going to sell 11 new shares for every 18 existing shares in order to raise the money. The need for additional capital for nearly every large bank is not news to anyone. However, the news of nearly $12 billion in new write-downs is just one more domino to fall in a long line of dominoes. This put pressure on the major U.S. banks on fears that the write-downs may not be as close to over as traders had expected.

Texas Instruments (TXN) fell -6% after disappointing earnings Monday after the close. TXN said it expects Q2 earnings to be lower than analyst's expectations. Profits rose +28% but the warning took its toll on the stock and the sector.


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Other earnings winners included Wyeth (WYE), AT&T (T), Jacobs Engineering (JEC), Coach (COH), Vmware (VMW) and Peabody Energy (BTU). Not all advanced on their good news. Notable earnings losers were United Health (UNH) and the Chicago Mercantile Exchange (CME).

After the close Yahoo (YHOO) reported earnings of 11 cents, only a penny above the comparison quarter. The earnings were 2-cents over analyst's reduced estimates. After subtracting commissions to advertising partners the total revenue was only $30 million over analyst projections. This lackluster performance did not do them any good in the Microsoft battle. YHOO stock fell -20 cents in after hours to $28.35. This should help in the Microsoft bid as investors become frustrated with Yahoo's performance.

Broadcom (BRCM) reported earnings that rose +22% on strong broadband chip sales. The CEO said the quarter was much stronger than expected and allowed Broadcom to achieve record revenues and strong cash flow. BRCM was up over $2 in after hours.

Earnings on the calendar for tomorrow include AFL, BA, AMZN, AAPL, CLB, EMC, WLP, GD, TSCO, QCOM, SGP and UPS.

So far this quarter 62% of S&P reporters have beaten the street. 15% have reported inline and 24% have missed estimates. The consolidated S&P earnings are now showing slightly more than a -15% decline. 38 of the 54 banks in the S&P have reported with a combined earnings drop of -68%. Energy is still the biggest winner with a gain of +28%.

May Crude Futures Chart - Daily

Oil prices hit $119.90 intraday on the expiring May futures contract. That contract expired at the close today. Anyone still short at the close should be prepared to actually deliver oil. This was a monster short squeeze as traders still short this contract were forced to buy them back at increasingly higher prices. I have heard several people claim this was not the case and then gave any one of a dozen reasons for spiking oil prices. I offer the following graphics in support of my position.

In the first table you can see the difference between the open interest in the various contracts from Friday's close to Monday's close. The May contract declined 35,057 in open interest of roughly 35%. In the second table you can see that that May dropped another 36,422 contracts before Tuesday's close or roughly 56% of the open interest. I wish I had captured the open interest all last week to show you the dramatic decline as shorts covered. The only way to create open interest is by selling short a contract either naked as speculation or to hedge and lock in a price for delivery of your crude. The only way for open interest to shrink is for those shorts to buy back their contract to close their position if they are not going to actually deliver oil. Just since Friday's close 71,479 of the 99,364 open short contracts were closed or roughly 72%. For anyone to claim that this was not a short squeeze they just don't have the facts.

Crude Futures Open Interest

While I have those tables listed I think it is also important to note the actual volume on the individual contracts. On Monday there was volume of 117,763 in the May contract when there was only 99,364 open contracts. Day traders were definitely juicing the tape and playing the momentum market. They claim the spikes in oil are due to various events around the world. I agree that the news provides the sparks to start the move but the traders are providing the volatility. Check out the daily volume on the June contracts. There is well more than 50% of the open interest trading each day. I will track this all week and report back on Sunday so we can see how the open interest changes now that June is the current month. Odds are pretty good that open interest is going to spike if the shorts playing in May decide to reinstate positions in the June contract.

The newscasters were pounding the weak dollar-higher oil mantra again and it simply does not add up. The dollar has been roughly in the same range since late March. During that period oil rose +21% from $99 to $120. The dollar fell only -1.5% in that same period if you use the top of the April resistance range of 72.50 as your starting point and today's 71.19 close as the end. Blaming the entire $21 rise in oil since March 25th on a 1.5% decline in the dollar just does not make sense.

USD Dollar Chart

The Dow transports (TRAN) retreated from last week's breakout high to 5100 with a decline to 4921 intraday. It is nearly impossible to believe that transports can make any gains with oil near $120. Add in the airline factor and the daily declines in that sector and I am amazed the transports are not hitting new lows. However, even with the day's decline the recent uptrend is still in place.

Dow Transports chart - Daily

The Dow gave up -105 points for the day but that was well off the lows. Dupont, AXP, CAT and AIG were the biggest losers. Even though Dupont (DD) had decent earnings it lost more than $2. Dow component Boeing (BA) will report tomorrow. The Dow rallied over 500 points last week and has only given back roughly 130 points from Friday's close. Given the strength of the rally this is a very acceptable decline even after some of those high profile earnings misses. The Dow only declined to support and showed a decent rebound into the close. I see nothing to worry about yet.

Dow Chart - Daily

The Nasdaq gave back -1.3% or -31 points and was weaker than the Dow. The big worries for the Nasdaq will be the Apple/Amazon earnings due out tomorrow after the close. The Nasdaq is trying to remain within attack range of that 2400 resistance and it did that today.

Nasdaq Chart

S&P-500 Chart - Daily

The S&P-500 only declined -0.8% and is well above rising support between 1350-1360. Overhead resistance remains 1395-1400 but well within range. I am using 1350 as my market indicator. I believe traders will buy dips above 1350 but under that level I would turn bearish.

Besides earnings to move the market we are now on Fed watch ahead of the next FOMC meeting next Tuesday. The Fed speakers are already talking about reducing their rate cuts if not eliminating them completely. There are signs the economy may be starting to recover so the Fed will immediately go back to inflation watch if the recovery continues. This could weigh on the markets ahead of that meeting.

Volume has been very light for the entire month of April but Monday was especially light at 5.59 billion shares. Tuesday's was slightly higher at 6.6 billion but still weak. There is simply no conviction on either side and it appears investors are just waiting on the sidelines for the earnings story to complete before they decide to take a position. There are simply too many clouds on the horizon and investors want to avoid the potential lightning strike. In about another 8 days the majority of earnings will be over, the Fed behind us and hopefully oil prices in decline. We will have a better view of the economy and investors will be ready to make that buy/sell decision. Until then I suggest buying a dip to SPX 1350 and turning negative under 1350.

Jim Brown

New Plays

New Option Plays

Call Options Plays
Put Options Plays
Strangle Options Plays
NUE None None

New Calls

Nucor - NUE - close: 74.63 change: +0.24 stop: 68.99

Company Description:
Nucor and affiliates are manufacturers of steel products, with operating facilities primarily in the U.S. and Canada. (source: company press release or website)

Why We Like It:
NUE has been coiling sideways the last couple of days and looks ready to launch into a new leg higher. We're suggesting readers buy calls here or on a dip in the $73 region. We are going to start the play with a wide, aggressive stop loss at $68.99. More conservative traders may want to try a stop near $72 instead. Our initial target is the $79.50-80.00 range. Our second, more aggressive target is the $84.00-85.00 zone. The Point & Figure chart is bullish with a $93 target.

Suggested Options:
We are suggesting the May and July calls.

BUY CALL MAY 70.00 NUE-EN open interest=2936 current ask $6.40
BUY CALL MAY 75.00 NUE-EO open interest=4397 current ask $3.30
BUY CALL MAY 80.00 NUE-EP open interest=2188 current ask $1.45

BUY CALL JUL 75.00 NUE-GO open interest=2565 current ask $6.40
BUY CALL JUL 80.00 NUE-GP open interest=3228 current ask $4.40

Picked on April 22 at $ 74.63
Change since picked: + 0.00
Earnings Date 04/17/08 (confirmed)
Average Daily Volume = 5.6 million


Public Storage - PSA - cls: 94.10 change: +0.60 stop: 91.95

Company Description:
Public Storage, a member of the S&P 500 and the Forbes Global 2000, is a fully integrated, self-administered and self-managed real estate investment trust that primarily acquires, develops, owns and operates self-storage facilities. (source: company press release or website)

Why We Like It:
PSA is just two or three months into its bullish trend after a multi-month consolidation and base building in 2007. Shares look rested and ready to run higher after the more recent sideways consolidation in April. We're suggesting readers buy this dip in the $93-94 zone. Our target is the $99.50-100.00 range. We'll try and limit our risk with a stop loss at $91.95. We do not want to hold over the early May (unconfirmed) earnings report.

Suggested Options:
We are suggesting the June calls.

BUY CALL JUN 90.00 PSA-FR open interest=449 current ask $7.90
BUY CALL JUN 95.00 PSA-FS open interest=769 current ask $5.00
BUY CALL JUN 100.0 PSA-FT open interest=175 current ask $2.85

Picked on April 22 at $ 94.10
Change since picked: + 0.00
Earnings Date 05/01/08 (unconfirmed)
Average Daily Volume = 1.6 million

New Puts

None today.

New Strangles

None today.

Play Updates

In Play Updates and Reviews

Call Updates

Ashland Inc. - ASH - close: 51.37 change: -1.73 stop: 49.85

Shares of ASH were hit today and we couldn't find the news or catalyst to account for the selling pressure. The stock had been relatively resilient but something sent ASH sharply lower until traders bought the dip near support around $50.50. We're not suggesting new positions at this time. We only have a few days left until ASH reports earnings on April 29th. We do not want to hold over the report. Due to our declining time we are adjusting the target to $56.00-58.00. More conservative traders might want to start taking profits when ASH hits $55.00.

Picked on April 06 at $ 51.25
Change since picked: + 0.12
Earnings Date 04/29/08 (confirmed)
Average Daily Volume = 774 thousand


Alliant Tech - ATK - close: 106.20 chg: -1.12 stop: 104.85

Lockheed Martin (LMT) reported earnings today that were better than expected but the company lowered guidance. This sent the defense stocks lower but it could have been worse. ATK dipped to its 10-dma again near $105.30 and bounced. A rally from here can be used as a new entry point or readers can wait for a break above its 100-dma near $107.55. FYI: A move over $110 would reverse the Point & Figure chart into a new buy signal. We do not want to hold over the May 8th earnings report.

Picked on April 21 at $106.00 *triggered
Change since picked: + 0.20
Earnings Date 05/08/08 (confirmed)
Average Daily Volume = 246 thousand


General Cable - BGC - close: 71.70 chg: -0.89 stop: 64.99

BGC is still showing relative strength. Traders bought the dip again this time at $70.50. We are waiting for BGC to pull back toward our suggested entry in the $68.50-67.50 zone. If triggered our target is the $74.00-75.00 range. We do not want to hold over the April 29th earnings report so that's not a lot of time. The Point & Figure chart is bullish with an $83 target.

Picked on April xx at $ xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 04/29/08 (confirmed)
Average Daily Volume = 841 thousand


Express Scripts - ESRX - close: 69.58 chg: +1.76 stop: 64.95

ESRX ignored weakness in UNH and other healthcare stocks to post a 2.59% gain on average volume. ESRX looks poised to breakout over the $70.00 level soon. We are adding a second target. Our first target is the $72.50 mark. The second target will be the $74.85 mark. More aggressive traders could aim higher but we do not want to hold over the April 29th earnings report. The P&F chart is bullish with an $81 target.

Picked on April 21 at $ 67.50 *triggered
Change since picked: + 2.08
Earnings Date 04/29/08 (confirmed)
Average Daily Volume = 3.1 million


Fluor - FLR - close: 159.97 chg: -1.57 stop: 149.85

We don't see any changes from our previous comments on FLR. If you haven't taken any profits yet we suggest you do so now. We're not suggesting new positions at this time. The stock has already hit our target at the $159.00 level. Our second target is the $168.00-170.00 zone. We do not want to hold over earnings in early May. FYI: The P&F chart is bullish with a $184 target.

Picked on April 01 at $146.50 *triggered /1st target hit $159
Change since picked: +13.47
Earnings Date 05/12/08 (confirmed)
Average Daily Volume = 2.3 million


CurrencyShares Euro - FXE - cls: 160.10 chg: +0.67 stop: 157.49*new*

News out today that the European Central Bank (ECB) might raise interest rates to fight inflation lifted the Euro. The Euro hit new all-time highs above the $1.60 level ($160 for the FXE). We are raising our stop loss to $157.49, which is just underneath Friday's low. Our target is the $164.00-165.00 range. Our time frame is three to five weeks.

Picked on April 13 at $158.57
Change since picked: + 1.53
Earnings Date 00/00/00
Average Daily Volume = 307 thousand


Hovnanian - HOV - close: 11.57 chg: -0.05 stop: 10.45

Existing home sales data came out today. The results were not good for the real estate market. Number of homes on the market rose 40,000 to 4.06 million, which is a 9.9-month supply. Usually we want a five or six month supply. Meanwhile for most of the country sale prices fell. The median price dropped 7.7% to $200,000 while prices in the west fell 14%. The homebuilding index (DJUSHB) lost 2.4% and looks poised to retest its recent lows. HOV out performed its peers but if the sector continues to sink we would expect HOV to dip toward the $10.75-10.50 region. We would hesitate to open new bullish positions at this time. Our target is the $13.50-14.00 zone. Our second, more aggressive target is the $14.75-15.00 zone.

Picked on April 16 at $ 11.86
Change since picked: - 0.29
Earnings Date 05/29/08 (unconfirmed)
Average Daily Volume = 4.1 million


Intl.Bus.Mach. - IBM - cls: 123.67 chg: -0.68 stop: 118.49

IBM continues to show relative strength. The stock slipped just 0.5% and has been consolidating sideways on light volume. This is bullish but we would prefer to buy a dip near $120. We are still suggesting that readers buy a pull back in the $120.75-120.00 zone. If triggered we'll have two targets. Our first target is the $124.90-125.00 range. Our second target is the $128.00-130.00 zone.

Picked on April xx at $ xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 04/16/08 (confirmed)
Average Daily Volume = 8.8 million


Joy Global - JOYG - close: 73.69 chg: -2.21 stop: 69.95

JOYG endured some profit taking today but bulls were stepping in to buy the dip near its 10-dma around $72.50. This looks like another entry point to buy calls if you missed it the first time. Our target is the $79.50-80.00 range. The P&F chart is already bullish with an $88 target.

Picked on April 16 at $ 72.55 *triggered
Change since picked: + 1.14
Earnings Date 05/29/08 (unconfirmed)
Average Daily Volume = 2.3 million

Put Updates

Ambac Fincl. - ABK - cls: 6.03 change: +0.09 stop: n/a

Tomorrow is the big day. ABK reports earnings before the opening bell. Wall Street expects a loss of $1.51 a share. We are not suggesting new positions. Yesterday we added a hedge with a May $10 call (GIY-EB) to protect us from any massive short covering should ABK really surprise to the upside. This remains a very speculative play. Previously we had been suggesting the May out-of-the money puts ($5.00 and $2.50 strikes).

Picked on January 27 at $ 11.54
Change since picked: - 5.51
Earnings Date 04/23/08 (confirmed)
Average Daily Volume = 10.9 million


Capital One - COF - close: 46.38 chg: -1.48 stop: 51.05

COF continues to under perform. The stock lost 3% today and is resting minor support near $46.00. Our target is the $41.50-40.00 zone. The Point & Figure chart is bearish with a $38 target.

Picked on April 13 at $ 48.30
Change since picked: - 1.92
Earnings Date 04/17/08 (confirmed)
Average Daily Volume = 9.0 million


Fannie Mae - FNM - close: 27.13 chg: -0.79 stop: 30.26

FNM is still slipping lower following the failed rally at $30.00. FNM has already exceeded our target at the $25.25 mark. Our second target is the $21.00-20.00 zone.

Picked on April 08 at $ 29.00 /1st target exceeded 25.25
Change since picked: - 1.87
Earnings Date 05/27/08 (unconfirmed)
Average Daily Volume = 26.5 million


Humana Inc - HUM - cls: 41.88 chg: -1.39 stop: 44.55 *new*

United Health (UNH) reported earnings this morning and missed estimates. Plus, UNH guided lower. The HMO healthcare index lost 4.7%. Shares of HUM slipped 3.2% and closed under short-term support near $42.00. Tomorrow we'll get another earnings report from Wellpoint (WLP). We are lowering our stop on HUM to $44.55. Our target is the $40.50-40.00 zone. More aggressive traders may want to aim lower. Currently the P&F chart is so bearish it points to a target of zero ($0.00).

Picked on March 30 at $ 45.20
Change since picked: - 3.32
Earnings Date 04/28/08 (confirmed)
Average Daily Volume = 4.4 million


Sears Holding - SHLD - close: 96.52 chg: -0.96 stop: 101.55

Yesterday the big news was SHLD losing credit with BAC. Today there was more news about specialty retailers that might go bankrupt because banks won't lend them any credit. The RLX retail index dropped 2.2%. SHLD hit an intraday low of $94.75 before bouncing back. Look for a failed rally in the $99-100 zone as a new entry point to buy puts on SHLD. Our initial target is the $90.50-90.00 zone. More aggressive traders may want to aim for the $85 region. The P&F chart points to an $86 target. We would not want to hold over the late May earnings report.

Picked on April 21 at $ 97.48
Change since picked: - 0.96
Earnings Date 05/29/08 (unconfirmed)
Average Daily Volume = 2.1 million


United States Oil - USO - close: 95.08 chg: +0.70 stop: 96.51

We warned readers that USO would continue to rally today. Crude oil traded near $120 a barrel and the USO hit a high of $95.83. This ETF looks extremely overbought with a non-stop rally from its bounce near $80.00. The expiration of oil futures tonight should spark some profit taking tomorrow. Our first target is the $88.50-88.00 zone.

Picked on April 21 at $ 94.38
Change since picked: + 0.70
Earnings Date 00/00/00
Average Daily Volume = 5.9 million

Strangle Updates

(What is a strangle? It's when a trader buys an out-of-the-money (OTM) call and an OTM put on the same stock. The strategy is neutral. You do not care what direction the stock moves as long as the move is big enough to make your investment profitable.)


Goldman Sachs - GS - cls: 179.76 chg: -0.64 stop: n/a

GS has been trading sideways the last couple of days. Overall we don't see any changes to our strangle play. We are not suggesting new strangles at this time. The options we suggested for this strangle were the May $190 calls (GPY-ER) and the May $160 puts (GPY-QL). Our estimated cost was $8.70. We want to sell if either option trades at $14.50 or higher.

Picked on April 06 at $175.40
Change since picked: + 4.36
Earnings Date 06/12/08 (unconfirmed)
Average Daily Volume = 14.5 million


Merrill Lynch - MER - cls: 46.50 chg: +0.09 stop: n/a

It looks like MER is just meandering sideways but the intraday chart suggests the stock is poised to rally higher. We're not suggesting new positions at this time. The options we listed in the May strangle were the May $50 calls (MER-EJ) and the May $32.50 puts (MER-QA). Our estimated cost was $1.76 and we want to sell if either option hits $3.00 or more.

Picked on April 15 at $ 43.34
Change since picked: + 3.16
Earnings Date 04/17/08 (confirmed)
Average Daily Volume = 30.6 million

Dropped Calls

CH Robinson Worldwide- CHRW - cls: 59.36 chg: +0.12 stop: 57.74

Today was our last day for CHRW. It was our plan to exit at the closing bell to avoid holding over earnings. The company did announce and beat Wall Street estimates by 2 cents. The stock was trading higher near $60.50 in after hours.

Picked on April 15 at $ 58.25
Change since picked: + 1.11
Earnings Date 04/22/08 (confirmed)
Average Daily Volume = 1.9 million


DryShips Inc. - DRYS - close: 82.99 chg: +8.38 stop: 69.75

Target exceeded. Shares of DRYS exploded higher today and broke through potential resistance at the $80.00 mark. The intraday high was $83.30. Our target was the $79.00-80.00 zone. Driving the move was news that DRYS plans a tender offer for the "minority of Norwegian offshore drilling services company Ocean Rig ASA it does not own" (source:AP).

Picked on April 15 at $ 70.32 /target exceeded
Change since picked: +12.67
Earnings Date 05/29/08 (unconfirmed)
Average Daily Volume = 4.2 million


Ultra Petrol. - UPL - close: 86.38 chg: -0.68 stop: 81.50

As expected crude oil rallied toward $120. This lifted shares of UPL to an intraday high of $88.00. That's too bad because our target was at $88.50. We altered our plan last night to close this play on Tuesday afternoon to avoid any sell-off in crude oil following futures expiration. We'll keep an eye on UPL for another entry point down the road.

Picked on April 10 at $ 81.50 /exit early 86.38
Change since picked: + 4.88
Earnings Date 05/01/08 (unconfirmed)
Average Daily Volume = 1.4 million


ExxonMobil - XOM - cls: 94.39 chg: +0.13 stop: 91.95

Target achieved. The strength in oil helped lift XOM toward resistance at the $95.00 level. The intraday high was $94.93. Our target was the $94.85-95.00 zone. The stock is short-term oversold and due for a correction. Nimble traders might actually want to consider buying puts here with a stop loss above $95.00 and a target in the $91-90 zone.

Picked on April 15 at $ 90.80 /target hit 94.85
Change since picked: + 3.59
Earnings Date 05/01/08 (confirmed)
Average Daily Volume = 26.2 million

Dropped Puts


Dropped Strangles


Today's Newsletter Notes: Market Wrap by Jim Brown and all other plays and content by the Option Investor staff.


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