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Daily Newsletter, Tuesday, 11/04/2008

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Table of Contents

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

Market Wrap

And The Winner Is...

Wall Street celebrated the end of the election cycle with a solid gain in the blue chips and tech stocks. Negative news from high profile tech stocks failed to blunt the rally.

Market Stats Table
[Image 1]

There was only one material economic report for today and that was the Factory Orders for September. Orders fell another -2.5% after a monster -4.3% drop in August. The consensus was for only a minor decline of -0.7%. The headline number would have been much worse than -2.5% were it not for a large airplane order lifting the number higher. Without the airplane order the headline number would have been down -3.7%. The drop in new orders was the largest percentage drop since the report began in 1992. Manufacturing shipments ex-transportation fell by -3.4%. A portion of the headline decline was due to the decline in oil prices. This lowered the value of some energy related orders. The report was still very negative and it is a lagging number covering the September period. We know from the regional reports that the acceleration of the economic decline occurred in October suggesting Factory Orders for October are going to be down very sharply.

The next big economic report is the non-Farm Payrolls on Friday. The official consensus has risen to a loss of 200,000 jobs from -175,000 jobs just two days ago. Many whisper numbers are still over -300,000 and a number that would be inline with our other recessionary indicators. This report could be the real wakeup call for those investors clinging to hope that a recession can be avoided.

The markets rallied sharply at the open rising to more than +300 points. Some said it was relief that the election cycle was finally over. Others said it was powered by gains in Europe where Obama is heavily favored because of his liberal views. Surveys overseas showed 78% of the French, 72% of Germans and 68% of Spaniards would like to see Obama in office. Whatever the reason nobody was complaining about the gains.

On Wednesday any gains may be questioned when Cisco reports their earnings. Earnings are expected to be strong but the outlook is going to be the key. We have already heard downbeat forecasts from Intel, Apple and Microsoft. However, CEO John Chambers is seen to be perpetually bullish in his forecasts. If Chambers gives a downbeat outlook it could be a negative for the markets. Several analysts have already cut their current quarter sales outlook on Cisco by as much as half in anticipation of a downward revision by Cisco. Cisco is widely expected to lower its year over year current quarter growth to +3% from the current 7.5% to 9.5% guidance they gave in August. Cisco hit a 5-year low at $15.90 last week in anticipation of the lowered guidance. With guidance expected to be slashed it is possible Cisco could energize the tech sector if their guidance was stronger than the expectations even if it is weaker than their prior forecast.

The Gartner Group slashed their 2009 chip sales forecast by $25 billion or -7%. Gartner said the global recession was depressing sales of computers and consumer electronics. "Semiconductor growth was surprisingly strong until recently but this will change in the fourth quarter" according to Bryan Lewis, VP of research for Gartner. "In a recession, it is important to remember that there will not only be a potential reduction in the number of systems sold, but also a move to lower cost systems with less semiconductor content." Global NAND sales fell from $3.1 billion to $2.8 billion in Q3 despite a 25% increase in the amount of product shipped. DRAMeXchange said NAND flash memory prices fell 30% in Q3.

Intel announced it was selling half its stake in Vmware (VMW). Intel said it recently sold one million shares and would sell another 3.75 million shares in the open market on Tuesday. 500,000 shares of the first million were sold to Cisco and 500,000 shares to EMC, parent of Vmware. Intel picked a good week to sell with VMW up +12 (+60%) from the prior week's lows. 4.75 million shares is about seven times the daily average and knocked about $2 off VMW intraday. Intel gave no reason for the sale but the 60% gain may have been the trigger given the recent decline in VMW.

VMW Chart
[Image 2]

Google made waves on Tuesday after news broke they instituted an unofficial hiring freeze over the last month. Google has doubled the size of its workforce from 9,300 in Sept 2006 to 20,100 in Sept 2008. Google spends lavishly on its employees with free meals, gourmet chefs, in house massages, etc. Rumors claim those perks are fading in an apparent move to cut costs. Those in charge of hiring were told last month to hire nobody and fill all vacancies internally according to news that broke today. Analysts suggested that Google could just be managing costs to improve margins OR they could be taking action to preserve profits from a sharp downturn in advertising over the last month. Google was up +20 at $370, which is strong resistance, but began to decline as the news was disseminated.

Dell also announced after lunch that it was going to make another significant reorganization. Part of this effort would be an immediate hiring freeze followed by voluntary buyouts of full time workers and termination of all contract workers. They also said existing workers would be asked to take time off without pay. Expense accounts were frozen and Dell said it was going to be reprioritizing its current capital expenditure plans. Dell previously announced a 10% cutback in workforce.

Dell Computer
[Image 3]

Goldman Sachs said weeks ago it was going to cut 10% of its workforce. Those pink slips are going out this week and rumors suggest it could be more in the 15% range. Goldman said its fund Goldman Sachs Investment Partners, which raised $6 billion initially, told investors this week it lost $989 million in September. The fund lost -13% in Q3 and -15.5% YTD. The managers said the fund was not alone in taking heavy losses and "they anticipate fund results will lead to net outflows from the hedge fund industry." Half of the funds losses in Q3 came from investments in commodities, basic materials, metals, mining and energy. This news could have been the reason for the decline in Goldman stock over the last couple weeks.

JP Morgan, the nations largest bank and one of the strongest in the sector, it was closing the proprietary trading desk and eliminating a group that traded the bank's own money in areas ranging from stocks, bonds and commodities. They will also layoff traders associated with this effort. Banks have no excess money left to trade and several have announced similar changes. The WSJ said almost every major Wall Street bank is expecting at least a 15% cut in headcount by year-end.

GE and CIT jumped sharply after the Treasury Dept said it was considering expanding the capital injection program to include specialty finance firms. GE said it "was not something we expect" but if it were offered they would evaluate it. GE shares jumped +8% and CIT +33% on the news.

Boeing (BA) said the first flight of the 787 Dreamliner has been pushed from the fourth quarter and into 2009. They gave no expected date for the flight. Boeing saw schedules slip significantly after a 58-day machinist strike that ended last weekend. Boeing gained slightly for the day on the positive news about the strike.

Oil prices soared +6.62 to close at $70.53 on the falling dollar and on news out of OPEC of production cuts being put into place. There was also an analyst report suggesting China and India would continue to grow consumption and offset demand declines in mature economies. An AAA analyst said U.S. gasoline prices could average $2 by year-end. This would be extremely bullish for demand and quickly reverse the current demand decline caused by the recession.

December Crude
[Image 4]

Mastercard's spending pulse survey for last week showed U.S. demand rose +1.3% for the week but overall demand was still off -3.9% over the same period in 2007. However, those year ago numbers were running at -8 to -10% just a couple weeks ago. This suggests a substantial increase in demand already underway. The price spike was also due to news that Saudi Arabia had cut production by 900,000 bpd. This was not confirmed but the rumor was moving the markets. Saudi had not been seen in the markets notifying buyers of smaller quantities available for purchase. Some other countries had taken the highly visible step of notifying buyers and stating how big their production cuts would be. Algeria told buyers to expect 70,000 bpd less. Qatar cut exports by 40,000 bpd. These announcements were in addition to several countries making cuts last week. It appears on the surface that the 1.5 mbpd production cut sought by OPEC may actually come to pass and that helped boost prices. The U.S. Dollar Index also fell sharply losing -2.18% for the day. A lower dollar helps push oil prices higher but a 2% drop in the dollar is not responsible for a 10% spike in oil. Do you remember the extreme call/put imbalance I reported last week? There were 30 times more put contracts on crude futures than call contracts. That is an explosion waiting to happen and we may have seen some of that pressure equalize today.

The market was positively boring today despite the +300 point gain in the Dow. All the market chatter was election oriented and there were dozens of analysts projecting their thoughts on the assumed outcome. I can only take about 30 min of that without glazing over. The market movement was nearly ignored.

The Dow pulled back from its +320 opening spike to only +137 late in the afternoon but a strong end of day buy program spiked it back over 9600 at the close. Technically this close was very bullish and a four week high. Resistance at 9400 was broken and this could be a great setup for the rest of the week. The sellers have definitely faded for the blue chips.

Dow Chart
[Image 5]

Nasdaq Chart
[Image 6]

The S&P-500 broke over strong resistance at 985 and closed at 1005. The next resistance level is 1010. The S&P was helped over that 985 resistance level by a strong performance from banks and energy stocks. Those two sectors account for nearly 38% of the index. The banking ETF (XLF) gained +5.63%. The service oriented oil baskets (OIH, OSX) were up over 10% while the broader based oil baskets (XOI, XLE) were up +6%. If the S&P can hold over that 985 level we have a very good chance of moving higher.

The Nasdaq completed its 6th day of gains with a whopping +54 point move. Tech stocks shook off the negativity from Dell, Google, Cisco and Gartner to break over initial resistance at 1750. The Nasdaq is still not out of the woods but it appears to be getting stronger on a daily basis.

S&P Chart
[Image 7]

Russell Chart
[Image 8]

The Russell was the fly in the ointment and that is disturbing. After a week of out performance today's +7 point gain was disappointing. Resistance at 545 held for the last two days and I am unsure how to decipher this. Fund managers may be holding their breath on small caps until they see what the market does on a post election basis. The blue chips were strong because they make great safe havens for idle cash while waiting for a market direction to appear. If the broad market rally continues tomorrow I suspect the small caps will catch up and even surpass the blue chips. Today's pause may have simply been fund manager caution.

I am not going to touch on the election because you will be force fed enough on network news tonight. The last projection map I saw as I was writing this commentary is the one below. It will be very interesting to see how close this will come to reality. 270 electoral votes are required to win.

Latest Election Polling Map
[Image 9]

I am skeptical of this rally but I am also long. If we do get a post election continuation I would be thrilled but I am not counting on it. Once a winner is decided the analysts will switch focus from "who" to "what" and start trying to project the pluses and minuses of that particular president. The non-Farm payrolls on Friday will snap the economy back into focus and the media focus on the election should quickly fade. It is then we will need to be vigilant in monitoring our positions.

Jim Brown


New Option Plays

Internet and Oil.

New Option Plays
Call Options Plays
Put Options Plays
Strangle Options Plays
AMZN None None
BHI    
USO    
     
     

Play Editor's Note: The market delivered some surprising strength on election day. It is conceivable that stocks might see an post-election pop. If you're a nimble enough trader I'd consider shorting such a pop. My plan is to buy a dip. It may not be tomorrow but it should occur in the next few days.

FYI: Check out these stocks. WYNN delivered an interesting bounce this afternoon. This might be a bullish entry point but use a stop under today's low. FCX was a big winner today. I would not chase it. A dip back toward $30.00 would be a big entry point to buy calls. STRA has been screaming higher but today's session looks like a big bearish reversal. This looks like an aggressive entry point to buy puts.


NEW DIRECTIONAL CALL PLAYS

Amazon.com - AMZN - close: 58.45 change: +2.68 stop: 54.75

Why We Like It:
AMZN has found new support near the $55.00 level. I will admit that today's bounce from this new support looks like a new entry point to buy calls. However, my big picture bias is for a market correction after such a multi-day rally. AMZN will not be immune to a market dip so we would rather wait for the entry point. Our plan is to buy calls on a dip into the $56.00-55.00 zone. There is some additional resistance near $60.00 but our target is 64.00. FYI: The P&F chart is bullish with an $80 target.

Suggested Options:
We are suggesting the November or December calls. The November calls expire in less than three weeks. The December strikes give us a lot more time.

BUY CALL NOV 55.00 ZQN-KK open interest=6699 current ask $5.85
BUY CALL NOV 60.00 ZQN-KL open interest=10373 current ask $2.95
BUY CALL NOV 65.00 ZQN-KM open interest=5920 current ask $1.15

BUY CALL DEC 60.00 ZQN-LL open interest=2340 current ask $5.25
BUY CALL DEC 65.00 ZQN-LM open interest=23295 current ask $3.20

Annotated Chart:
AMZN

Picked on November xx at $ xx.xx <-- see TRIGGER
Change since picked:      + 0.00
Earnings Date           01/29/09 (unconfirmed)
Average Daily Volume =      11.3 million  


Baker Hughes - BHI - close: 37.14 change: +3.92 stop: 32.30

Why We Like It:
Oil service stock BHI delivered some big moves today thanks to a gain in crude oil prices. The stock, like many oil services, appears to have produced a bottom. Volume on today's rally was not very strong and we suspect there will be room for a pull back. Our plan is to buy a dip in the $34.50-34.00 zone with a stop loss at $32.30. If triggered our first target is $39.75. We are tentatively setting a secondary target at $43.50 but suggest readers take most if not all of their money off the table at $39.75. The Point & Figure chart has a new buy signal with a $46 target.

Suggested Options:
We are suggesting the November or December calls. The November calls expire in less than three weeks. The December strikes give us a lot more time.

BUY CALL NOV 35.00 BHI-KG open interest=2929 current ask $4.00
BUY CALL NOV 40.00 BHI-KH open interest=2563 current ask $1.30

BUY CALL DEC 35.00 BHI-LG open interest= 494 current ask $5.30
BUY CALL DEC 40.00 BHI-LH open interest= 541 current ask $2.65

Annotated Chart:
BHI

Picked on November xx at $ xx.xx <-- see TRIGGER
Change since picked:      + 0.00
Earnings Date           01/29/09 (unconfirmed)
Average Daily Volume =       8.5 million  


United States Oil (ETF) - USO - close: 57.38 change: +4.89 stop: 51.95

Why We Like It:
Jim has already discussed what moved oil in his wrap tonight. I see the rally today as a breakout from a two-week consolidation, base-building bottom. The MACD has turned positive on the daily chart. Volume was strong on today's move. Yet we still don't want to chase a 9% gain in the USO. We're suggesting readers buy calls on a dip into the $55.65-54.00 zone. If triggered our first target is $59.90. Our second target is $64.50 although I actually see some resistance around $62.50. The Point & Figure chart has produced a triple-top breakout buy signal with a $69 target.

Suggested Options:
We are suggesting the November or December calls. The November calls expire in less than three weeks. The December strikes give us a lot more time. Strikes are available in $1.00 increments.

BUY CALL NOV 55.00 USO-KK open interest=2027 current ask $5.70
BUY CALL NOV 60.00 USO-KL open interest=4249 current ask $3.20

BUY CALL DEC 55.00 USO-LK open interest= 644 current ask $7.60
BUY CALL DEC 60.00 USO-LL open interest=1342 current ask $5.20

Annotated Chart:
USO

Picked on November xx at $ xx.xx <-- see TRIGGER
Change since picked:      + 0.00
Earnings Date           00/00/00
Average Daily Volume =      12.3 million  



In Play Updates and Reviews

Our entry point may be a day or two away

Play Editor's Note: The market delivered some surprising strength on election day. It is conceivable that stocks might see an post-election pop. If you're a nimble enough trader I'd consider shorting such a pop. My plan is to buy a dip. It may not be tomorrow but it should occur in the next few days.

FYI: Check out these stocks. WYNN delivered an interesting bounce this afternoon. This might be a bullish entry point but use a stop under today's low. FCX was a big winner today. I would not chase it. A dip back toward $30.00 would be a big entry point to buy calls. STRA has been screaming higher but today's session looks like a big bearish reversal. This looks like an aggressive entry point to buy puts.


CALL Play Updates

Apple Inc. - AAPL - close: 110.99 change: +4.03 stop: 99.45*new*

We do not want to chase the action in AAPL but we are going to adjust our entry point strategy. Our new entry point to buy calls on AAPL is a dip into the $106.00-104.00 zone. We'll up the stop loss to $99.45. If triggered at $106.00 our first target is $118.00 where we would exit the majority of our position. The $120 level and the 50-dma near $123 could be tough overhead resistance to break. We will tentatively set a secondary target at $124.00.

Picked on November xx at $ xx.xx <-- see TRIGGER
Change since picked:      + 0.00
Earnings Date           10/21/08 (confirmed)
Average Daily Volume =      48.3 million  


Burlington Northern - BNI - cls: 91.60 chg: +4.16 stop: 86.65*new*

Railroad stocks delivered a strong session with the DJUSRR index up more than 5.4%. BNI almost kept pace with the sector adding 4.7% and closing above round-number resistance at $90.00. One potential negative was how the rally in BNI stalled right on the 50-dma near $91.50. We are not suggesting new bullish positions at this time. Instead we would strongly consider an early exit right here to take some money off the table. We're raising our stop loss to $86.65. Our target remains the $94.00 mark.

Picked on October 30 at $ 86.59
Change since picked:     + 5.01
Earnings Date          10/23/08 (confirmed)
Average Daily Volume =      5.1 million  


CSX Corp. - CSX - close: 46.90 chg: +1.89 stop: 43.45

CSX also under performed the railroad index with a meager 4.1% gain. Shares of CSX remain under short-term resistance at 47.50 but the trend is certainly bullish. Our target remains unchanged at $49.90. We would seriously consider taking some money off the table with our 1st position in CSX (+6.49).

FYI: CSX is due to present at a Goldman Sachs Industrials conference on November 5th.

Position #1
Picked on October 23 at $ 40.41 /gap down entry
Change since picked: + 6.49 /originally listed at $43.74

Position #2
Picked on November 03 at $ 44.25
Change since picked: + 2.65

Earnings Date          10/14/08 (confirmed)
Average Daily Volume =      6.5 million  


Lockheed Martin - LMT - close: 85.91 change: +1.93 stop: 78.79*new*

We are going to remain patient and let LMT come to us. However, we will adjust our suggested entry point to buy calls from $81-80 to $82.75-82.00. We'll up our stop loss to $78.79, which is just under the Oct. 30th low. If triggered at $82.75 Our target is the $89.50 mark.

Picked on November xx at $ xx.xx <-- see TRIGGER
Change since picked:      + 0.00
Earnings Date           10/21/08 (confirmed)
Average Daily Volume =       3.8 million  


Energy SPDR - XLE - close: 53.02 chg: +3.21 stop: 47.25*new*

Crude oil prices rallied sharply and the XLE followed suit. The XLE surged 6.4% and set a new three-week high. We're adjusting our stop loss to $47.25. We're not suggesting new positions at this time. Our target is the $56.50 mark.

Picked on October 30 at $ 50.35
Change since picked:     + 4.26
Earnings Date          00/00/00
Average Daily Volume =     47.7 million  


PUT Play Updates

Volatility Index - VIX - cls: 47.73 chg: - 5.95 stop: n/a

Volatility in this market is still contracting and it's doing it very quickly. The VIX fell another 11% today. The low today was 44.25, which happened to be the 50-dma. The VIX is now down five out of the last six sessions.

Our October 8th position is now almost 10 points in the money. Readers may want to prepare for an exit soon.

We're not suggesting new positions in the VIX at this time but any significant spike higher could be used to sell November calls.

We have just under two and a half weeks left before November VIX options expire.

If the VIX is under your call's strike price at expiration (11/19/08) they'll expire at zero ($0.00) and you keep all the premium you sold it for.

Note: The VIX options, which are European style options, have a unique expiration date. November VIX options expire on November 19th, 2008. The last day of trading for these options is the Tuesday before expiration. For more information check this link:
http://www.cboe.com/Products/indexopts/vixoptions_spec.aspx

Our September 16th put position (suggested entry at 30.30) has a 25.50 target. In all honesty this position may be dead. We still have plenty of time with these next two. The September 29th position (suggested entry at 46.72) has two targets at 36.00 and 31.00. Our October 8th position (entry 57.53) has two targets at 40.00 and 35.00.

Picked on September 16 at = 30.30 first position
Change since picked:       +17.43
Picked again Sept. 29 at =  46.72 second position
Changed since picked:      + 1.01
Picked again Octo. 08 at =  57.53 third position
Changed since picked:      - 9.80
Earnings Date            00/00/00
Average Daily Volume =        --- million  


Strangle & Spread Play Updates

CBOE Volatility Index - VIX - cls: 47.73 chg: - 5.95 stop: n/a

No surprises here. The VIX is falling fast with an 11% decline on Tuesday. We're not suggesting new positions at this time.

We don't see any changes from our prior comments on the VIX spread plays listed below.

Summary:

Please see the CBOE website or our Sunday, October 12th play description for details on margin requirements for selling VIX options. Link:
http://www.cboe.com/Products/indexopts/vixoptions_spec.aspx

Note: VIX options are European style options that settle for cash at expiration. Furthermore VIX options have unique expiration dates. November options expire on Wednesday, November 19, 2008 and will stop trading on Tuesday, November 18th.

VIX spread #1 has been completed.

VIX spread #2 with November options (date Oct. 12th):

We wanted to SELL the November 30 calls (opening price 10/13/08 was $ 8.60) and BUY the November 50 (opening price was $1.61) as a hedge against the VIX remaining elevated.

In a different format the play is:

SELL CALL NOV 30.00 VIX-KF.
Monday 10/13/08 open 8.60, high 9.80, closed 8.40
Update 10/15/08 open 10.00, high 13.00, closed 13.00 
Update 10/16/08 open 13.70, high 16.20, closed 13.25
Update 10/17/08 open 15.55, high 17.70, closed 17.50bid
Update 10/20/08 open 16.30, high 17.20, closed 15.00bid
Update 10/21/08 open -----, high 15.50, closed 14.40bid
Update 10/22/08 open 16.40, high 19.20, closed 18.10bid
Update 10/23/08 open 17.50, high 21.40, closed 20.30bid
Update 10/24/08 open 25.00, high 26.50, closed 25.80bid
Update 10/27/08 open 26.32, high 26.45, closed 29.30bid<-high
Update 10/28/08 open 29.00, high 29.00, closed 23.70bid
Update 10/29/08 open 25.60, high 25.60, closed 26.20bid
Update 10/30/08 open 24.06, high 27.32, closed 25.20bid
Update 10/31/08 open 25.20, high 25.20, closed 24.30bid
Update 11/03/08 open 24.50, high 24.50, closed 21.50bid
Update 11/04/08 open 19.00, high 19.00, closed 16.80bid

-and-

BUY CALL NOV 50.00 VIX-KJ.
Monday 10/13/08 open 1.61, high 2.10, closed 1.50
Update 10/15/08 open 2.00, high 3.60, closed 3.60 
Update 10/16/08 open 3.70, high 5.50, closed 3.65
Update 10/17/08 open 4.50, high 5.30, closed 5.50ask
Update 10/20/08 open 3.90, high 5.30, closed 4.40ask
Update 10/21/08 open ----, high 4.70, closed 3.80ask
Update 10/22/08 open 4.30, high 6.60, closed 6.40ask
Update 10/23/08 open 5.70, high 7.70, closed 7.30ask
Update 10/24/08 open 10.10, high 11.00, closed 11.00ask
Update 10/27/08 open 11.43, high 13.80, closed 14.20ask<-high/suggested sell
Update 10/28/08 open 11.00, high 13.30, closed  9.40ask
Update 10/29/08 open  9.23, high 10.70, closed 11.00ask
Update 10/30/08 open  8.69, high 10.90, closed 10.00ask
Update 10/31/08 open 10.30, high 10.30, closed  9.00ask
Update 11/03/08 open  8.34, high 8.34, closed 7.00ask
Update 11/04/08 open  3.50, high 3.70, closed 4.00ask

Picked on October 12 at $ 69.95
Change since picked:     -22.22 
 

-

VIX spread #3 with November options (published 10/22/08):

We wanted to SELL the November 35 calls (10/23/08 opening price was $ 14.00) and BUY the November 60 (10/23/08 opening price was $3.00) as a hedge against the VIX remaining elevated. We'll fill in the prices Thursday morning. Our account will be credited with the amount for selling the November 35 calls, while it the price paid for the 60 calls will be deducted.

In a different format the play is:

SELL CALL NOV 35.00 VIX-KI
Wednesday 10/22/08 closed at 14.00 bid
Update 10/23/08 open 14.00, high 17.00, closed 15.30bid
Update 10/24/08 open 19.40, high 21.50, closed 20.60bid
Update 10/27/08 open 23.00, high 23.00, closed 23.90bid <-high
Update 10/28/08 open 22.93, high 24.70, closed 18.60bid
Update 10/29/08 open 19.59, high 21.13, closed 20.90bid
Update 10/30/08 open 18.50, high 22.00, closed 20.30bid
Update 10/31/08 open 21.10, high 21.10, closed 19.20bid
Update 11/03/08 open 19.31, high 19.31, closed 19.10bid
Update 11/04/08 open 14.80, high 14.80, closed 11.80bid <-profitable
-and-

BUY CALL NOV 60.00 VIX-KN
Wednesday 10/22/08 closed at 3.70 ask
Update 10/23/08 open 3.00, high 4.50, closed 4.10ask
Update 10/24/08 open 7.00, high 7.00, closed 6.90ask
Update 10/27/08 open 6.91, high 8.80, closed 9.00ask <-high/suggested sell
Update 10/28/08 open 7.60, high 8.60, closed 5.50ask
Update 10/29/08 open 5.40, high 6.30, closed 6.50ask
Update 10/30/08 open 4.90, high 6.20, closed 5.80ask
Update 10/31/08 open 5.90, high 6.10, closed 4.90ask
Update 11/03/08 open 4.60, high 4.81, closed 3.50ask
Update 11/04/08 open 1.15, high 1.60, closed 1.75ask

Picked on October 12 at $ 69.65
Change since picked:     -21.92 


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