Option Investor
Newsletter

Daily Newsletter, Tuesday, 11/12/2013

Table of Contents

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

Market Wrap

Taper Trouble

by Jim Brown

Click here to email Jim Brown

The market collapsed this morning after Atlanta Fed President Dennis Lockhart said the taper could come as soon as December.

Market Statistics

Lockhart said "I don't think circumstances rule out a consideration in December. The January meeting could be more complicated" because of fiscal policy concerns. He said the October employment data was "encouraging" but not "decisive" evidence of a sustainable improvement in the labor market. Despite the volatility in jobs a tapering "could very well take place in December."

The Dow fell -60 points on the news but rebounded after multiple analysts dismissed Lockhart's comments saying it was just Fedspeak and trying to manage expectations. Lockhart had been seen as neutral to dovish in his recent comments until today. He may have been trying to toughen up that image or as analysts believe he was just following the FOMC script to keep the market on its toes.

Less reported comments from the same interview he said inflation was too low to end QE. He said he would like to see inflation move closer to the Fed's target of 2% before the FOMC begins to taper QE. He said inflation was stable but too low and waiting for a rise in inflation would give the Fed more confidence they were not facing a deflationary environment and could safely pull back on QE.

So which set of comments should we believe? I think both. Tapering QE may be on the table at the December but I seriously doubt they will act because of inflation, fiscal battles in Washington, which will be in full bloom during the December FOMC meeting and the lack of evidence for a sustainable recovery. Economics are improving but the numbers are not consistent. Lastly, I doubt the FOMC will vote to begin tapering six weeks before Janet Yellen become the Chairman. At this late stage and with the debt ceiling battle returning on January 15th the Fed should hold firm and wait for the smoke to clear. That means March is the most likely announcement date.

The president of the Minneapolis Fed, Narayana Kocherlakota, said the financial markets remain puzzled by talk about tapering because they know it would be a drag on the already slow pace of economic recovery. Kocherlakota said the Fed was looking at more things besides the immediate economic outlook. He said the Fed is also focused on the "costs and efficacy" of the program. Continuing to buy $85 billion in treasuries each month carries with it a long term cost and a rising risk of unwinding the position at some point. Kocherlakota favors keeping rates low until the unemployment rate hits 5.5%. That is lower than the Fed's official target at 6.5%.

Lockhart is not a voting member this year but Kocherlakota is a voting member.

The economics out today emphasized the unstable outlook. The NFIB Small Business Survey declined for the second consecutive month with a drop from 93.9 to 91.6. July and August were the recent peak at 94.1. Those business owners who expected the economy to improve declined from -10 to -17 after peaking at -2 in August. Those expecting higher sales declined from +8 to +2. Plans to increase hiring declined from +9 to +5. More than 8% of responders reported weaker sales over the last three months. More than 23% reported weaker profits over the same period. The entire report showed declining sentiment among small business owners in October.

Analysts blamed the decidedly pessimistic NFIB report on the two-week government shutdown and the impact on small businesses. For large corporations it was just a blip on the radar. For small businesses they are more dependent on capital and the health of the consumer. The negativity surrounding the shutdown was a drag on consumer sentiment and spending slowed slightly over the period. Also, small businesses are more impacted by the impending Obamacare rules so that is also dragging on their outlook. SBA loans fell -55% during the first half of October.

The Chicago Fed National Activity Index (CFNAI) rose to +0.14 in September after posting a 0.13 in August. This was the first two months in positive territory since February. The three-month moving average rebounded from -0.16 to -0.03. It was the seventh consecutive month in negative territory and reinforces the fact that economic growth is excruciatingly slow and inflation will continue to be very low. Rising mortgage rates weighed on the index as well.

The high point on Wednesday's calendar will be the Bernanke speech at 7:PM. After the Lockhart comments today the Bernanke speech will be closely watched. The next most important event will be the Yellen hearing on Thursday.


In stock news Sarepta Therapeutics (SRPT) dropped -64% to $13.25 after the FDA said the application to market the drug, Eteplirsen, was premature. Regulators cited recent developments that included results of a competitor study. In September GlaxoSmithKline said their potential treatment, Drisapersen, failed in late stage studies to produce a significant difference compared to a placebo. WBB Securities said the application could be delayed up to two years. The study that involved only 12 patients was too small to count on for an expedited approval. The FDA comments were a reality check for SRPT.


Vanda Pharmaceuticals (VNDA) got the opposite reaction after an FDA review recommended that a sleeping drug for the blind, tasimelteon, be approved. The drug helps blind people sleep. Blind people suffer from the non-24-hour disorder where their circadian rhythm is disrupted. Shares of Vanda rallied +96% on the news.


Starbucks (SBUX) lost $1 after the close when it was announced they had to pay $2.2 billion in damages to Kraft for cancelling their coffee sales agreement several years ago. Starbucks also has to pay $527 million in prejudgment interest and attorneys fees. Three years ago Starbucks fired Kraft as their distributor of packaged coffee to grocery chains. Kraft began marketing coffee for Starbucks in 1998 and renegotiated the contract in 2004. In 2010 Starbucks severed the agreement claiming Kraft had not followed the terms of the agreement and failed to work with Starbucks on marketing decisions and customer contacts. Kraft had taken the packaged coffee business from $50 million to $500 million. After Starbucks took back the distribution they rapidly expanded the business from $500 million to $1.4 billion in annual revenue. Starbucks said they would take a charge as a fiscal 2013 operating expense and hold a conference call on the award on Wednesday. Kraft said it would use the money to buy back stock.


Tesla (TSLA) CEO Elon Musk was interviewed by CNBC over the outlook for the Model S, the car fires and stock valuation. Musk said the fires were a non-event and were only being reported because Tesla was innovative new technology. There have been three car fires out of the 25,000 Model S cars produced. One fire was the result of a car running over a large piece of metal at high speed and the metal pierced the battery compartment. One fire was the result of a very high speed crash in Mexico where the car crashed through a concrete barrier at four times the speed deemed as survivable and then crashed through an 18 inch thick concrete wall that tore off all the wheels and most of the outside body and then coming to rest against a tree. The driver and passengers got out and walked away before the car caught on fire. The third fire was not discussed in specifics. All three Tesla owners immediately ordered a replacement Tesla S.

Musk said there is one car fire in gasoline powered cars for every 1,300 vehicles produced. That is more than 200,000 fires a year. Tesla has had three fires in 25,000 cars or one in 8,000. In every case the drivers said they would have been dead or severely injured but the Tesla car protected them. Consumer Protection Board said the Tesla was the safest car they had ever tested.

Musk said the company would be worth several times more than its current valuation as they double and triple their production over the next several years. Does that mean the stock is fairly valued at the $138 close? Maybe not but it does mean we can expect the shares to eventually reach a new high.


American Airlines (AAMRQ) and U.S. Airways (LCC) have won the right to merge and become the world's largest airline after they agreed to give low-cost competitors more access to several key U.S. airports. The agreement with the Dept of Justice is subject to court approval and ends the suit brought by the DOJ. The changes would include giving up 52 pairs of takeoff and landing slots at Reagan National outside Washington and 17 pairs at New York's LaGuardia. The two airlines control 69% of the slots at Reagan and that will be reduced to 57%. The DOJ will select which airlines will be able to buy the vacated slots. LCC bounced but then settled back but shares of AAMRQ rallied +26%.


The NYSE is no longer in control of its own fate. The NYSE was formed in 1792 as a private company. It went public in 2004 ago and as of Tuesday they will be merged into the Inter Continental Exchange or ICE. Goodbye to NYX shares.



Crude oil fell to a four-month low ahead of Wednesday's inventory report. Inventory levels have been rising sharply and the IEA now claims the U.S. will be the largest oil producer in the world by 2016. World oil inventories are now at 58 days of supply and well over the 52.1 day average. The rising dollar and recovering production in Libya, Nigeria and Sudan have been pushing prices lower. Expect gasoline prices under $3 soon.


The Nasdaq posted a fractional gain if 0.13 points but all the rest of the major indexes were lower. It was blamed on the comments from Lockhart but in reality the rally is just tired. After the S&P closed one point below resistance on Monday I thought maybe today would be the breakout that reenergized investors. The taper talk nipped that in the bud and we are back to the range bound consolidation we have been seeing for the last three weeks.

Volume has been very low with only 4.7 billion shares trading on Monday and 5.8 billion today. For an option expiration week it would appear we are going to remain pinned to the current levels for three more days.

The S&P remains firmly stuck under the 1,770 level with 1,773 as resistance. A breakout over 1,775 would be a strong buy signal if it came on high volume. If we just tiptoe over that level as though testing the water with a toe I would not be a buyer. We only want to participate if it is a true breakout. Support is broad from 1750 to 1760.


The Dow did not make a new high today but it recovered from a -60 point drop to close down only -32. Considering the overextended condition this was fairly bullish. There are so many people expecting a decent dip that never appears. Investors are eventually going to become impatient and buy something. Support is 15,600 and resistance 15,800. That gives the Dow plenty of room to vacillate without doing any real harm. The longer we hold at resistance the better chance we have of moving higher. If we start to bleed points over a couple days the outlook would change.


The Nasdaq is struggling with a lower high at 3925. It closed fractionally positive today because of a last minute closing spike. The index held most of the afternoon at 3907 and refusing to give up that support level. When it did not crack it may have been some short covering at the close that provided the lift.

Resistance 3925, support 3907.


The weakness in the Russell 2000 is continuing but becoming more erratic. That could be a sign the selling is almost over. Solid resistance at 1103 and 1108 with 1096 the intraday support on Tuesday.


The market is struggling to hold it gains and doing a pretty good job. It is not pretty but it is the end result that counts. After three weeks of sideways consolidation the natives are going to get restless soon. This is an option expiration week without any major economic events. The odds are very good we will remain pinned to this congestion level until next week.

Enter passively, exit aggressively!

Jim Brown

Send Jim an email


New Option Plays

Farm Products & Precious Metals

by James Brown

Click here to email James Brown

Editor's Note:

In addition to tonight's new candidate(s), consider these stocks as possible trading ideas and watch list candidates. Some of these stocks may need to see a break past key support or resistance:

(bullish ideas)
MHK, ETN, UTHR, UPS, FISV, LH, ZMH, HAR, WCC, AYI, PSMT, SBAC, DWRE, and ACT



NEW DIRECTIONAL CALL PLAYS

The Andersons, Inc. - ANDE - close: 80.20 change: +0.82

Stop Loss: 78.40
Target(s): 88.00
Current Option Gain/Loss: Unopened
Time Frame: 6 to 8 weeks
New Positions: Yes, see below

Company Description

Why We Like It:
ANDE is in the consumer goods sector. The company operates several different businesses from grain production, ethanol, railcar leasing, industrial products, turf products, and retail. The company's latest earnings report was bullish with ANDE beating on both the top and bottom line. According to management it was a "record third quarter".

The stock did see a lot of volatility following its report (note the big red candle on November 7th). There was no follow through lower and shares have since rallied to a new all-time closing high. There does appear to be some short-term resistance near $81.00. I am suggesting a trigger to buy calls at $81.10. If triggered our multi-week target is $88.00. FYI: The Point & Figure chart for ANDE is bullish with an $89 target.

NOTE: I am suggesting we keep our position size small. ANDE does not see a lot of volume in its stock or its options. The option spreads are a little wide.

Trigger @ 81.10 *small positions*

- Suggested Positions -

Buy the 2014 Mar $85 call (ANDE1421C85) current ask $3.70

Annotated Chart:

Entry on November -- at $---.--
Average Daily Volume = 117 thousand
Listed on November 12, 2013


NEW DIRECTIONAL PUT PLAYS

SPDR Gold ETF - GLD - close: 122.45 change: -1.42

Stop Loss: 124.25
Target(s): 115.50
Current Option Gain/Loss: Unopened
Time Frame: 3 to 6 weeks
New Positions: Yes, see below

Company Description

Why We Like It:
This gold ETF seeks to replicate the movement in gold bullion prices. Everyone seems to have an opinion on gold. Future gold prices are a hotly debated topic. I see this as more of a momentum trade. The longer-term trend is clearly down. Investors continue to sell the rallies. Eventually the Federal Reserve will taper its QE program and that should be bearish for gold. There is always the risk of a geopolitical event like another terrorist attack or new violence in the Mid East that could spark a rally in gold (example: if Israel decides to unilaterally attack Iran's nuclear facilities, then gold could rally). Therefore traders may want to limit their position size to limit risk.

Today's low in the GLD was $121.73. I am suggesting a trigger to buy puts at $121.00. If triggered our target is $115.50. More aggressive traders may want to aim lower since the Point & Figure chart for GLD is bearish with a $110 target.

Trigger @ 121.00

- Suggested Positions -

Buy the 2014 Jan $115 PUT (GLD1418m115) current ask $1.62

Annotated Chart:

Weekly Chart:

Entry on November -- at $---.--
Average Daily Volume = 7.0 million
Listed on November 12, 2013



In Play Updates and Reviews

Another Quiet Session For Stocks

by James Brown

Click here to email James Brown

Editor's Note:

Tuesday produced another relatively quiet session for stocks. On a positive note the major indices did bounce off their intraday low.

CTSH hit our entry trigger.
We want to exit our STZ trade tomorrow. See play for details.


Current Portfolio:


CALL Play Updates

Aon Plc. - AON - close: 80.57 change: -1.13

Stop Loss: 78.25
Target(s): 85.00
Current Option Gain/Loss: -11.7%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
11/12/13: After hitting all-time highs yesterday shares of AON hit some profit taking today and underperformed the market with a -1.38% decline. Look for support near $80.00 and its simple 10-dma.

- Suggested Positions -

Long 2014 Jan $82.50 call (AON1418a82.5) entry $1.70

Entry on November 08 at $80.50
Average Daily Volume = 2.3 million
Listed on November 06, 2013


Cardinal Health, Inc. - CAH - close: 63.00 change: +0.04

Stop Loss: 59.90
Target(s): 67.50
Current Option Gain/Loss: + 7.1%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
11/12/13: The sideways drift in CAH continued on Tuesday. Shares just levitated in a narrow range. Look for prior resistance near $62.00 to offer some short-term support.

- Suggested Positions -

Long 2014 Jan $65 call (CAH1418a65) entry $0.84

Entry on November 11 at $62.50
Average Daily Volume = 3.8 million
Listed on November 09, 2013


Costco Wholesale - COST - close: 122.45 change: -0.57

Stop Loss: 119.40
Target(s): 129.00
Current Option Gain/Loss: + 49.2%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
11/12/13: Shares of COST were downgraded this morning on valuation concerns. The stock reacted by gapping lower at $121.61. Fortunately traders bought the dip pretty quick. The stock did underperformed the broader market with a -0.4% decline.

- Suggested Positions -

Long 2014 Jan $125 call (COST1418a125) entry $1.30

11/09/13 new stop loss @ $119.40

Entry on November 06 at $120.50
Average Daily Volume = 1.9 million
Listed on November 02, 2013


Cognizant Technology - CTSH - close: 91.65 change: +0.93

Stop Loss: 89.25
Target(s): 99.00
Current Option Gain/Loss: + 4.6%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
11/12/13: CTSH displayed some relative strength today with a +1.0% gain. The stock also rose past short-term resistance near $91.00. CTSH hit our suggested entry point to buy calls at $91.25. I would still consider new positions now at current levels.

Our target is $99.00. More aggressive traders may want to aim higher. The Point & Figure chart for CTSH is bullish with a $107 target.

- Suggested Positions -

Long 2014 Jan $95 call (CTSH1418a95) entry $2.15

Entry on November 12 at $91.25
Average Daily Volume = 2.1 million
Listed on November 11, 2013


3D Systems - DDD - close: 77.94 change: +1.84

Stop Loss: 73.25
Target(s): 79.00
Current Option Gain/Loss: +109.3%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
11/12/13: DDD managed to keep the rally alive after yesterday's big move higher. If you look at an intraday chart you can see that traders were buying the dip all day long. I am raising our exit target to $79.00. More aggressive traders may want to aim higher. I am also adjusting our stop loss to $73.25.

NOTE: Our option has doubled in value (+109%) and readers may want to take profits now.

Earlier Comments:
DDD shares could see more short covering. The most recent data (which may be out of date) has listed short interest at 33% of the 95.6 million share float. Definitely room for more short covering.

I would consider this a more aggressive, higher-risk trade. One of the most likely risks is an analyst downgrade that could generate some short-term volatility. I am suggesting we keep our position size small to limit our risk. FYI: The Point & Figure chart for DDD is bullish with an $82 target.

*small positions* - Suggested Positions -

Long DEC $75 call (DDD1322L75) entry $3.20

11/12/13 raise the exit target to $79.00, was 78.50
11/12/13 new stop loss @ 73.25

Entry on November 11 at $71.50
Average Daily Volume = 4.2 million
Listed on November 09, 2013


GNC Holdings - GNC - close: 59.70 change: +0.64

Stop Loss: 57.95
Target(s): 64.50
Current Option Gain/Loss: Unopened
Time Frame: 3 to 4 weeks
New Positions: Yes, see below

Comments:
11/12/13: The bounce in GNC continues. The stock is once again testing significant resistance near the $60.00 level.

Currently our plan is unchanged with a suggested trigger to buy calls at $60.50.

Trigger @ 60.50

- Suggested Positions -

Buy the DEC $60 call (GNC1322L60) current ask $1.80

Entry on November -- at $---.--
Average Daily Volume = 1.5 million
Listed on November 05, 2013


Lockheed Martin - LMT - close: 137.23 change: +0.08

Stop Loss: 134.40
Target(s): 148.50
Current Option Gain/Loss: - 9.0%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
11/12/13: Hmm... LMT underperformed the market yesterday and shares merely drifted sideways today. After a five-week rally maybe sideways is a win for the bulls instead of profit taking. Look for short-term support near $136.00 or its 10-dma (near $135.85). More conservative traders might want to start raising their stops.

I would not be surprised to see LMT paused at the $140 level, which might be temporary round-number resistance.

- Suggested Positions -

Long 2014 Jan $140 call (LMT1418a140) entry $2.20

Entry on November 07 at $137.25
Average Daily Volume = 1.5 million
Listed on November 06, 2013


Pall Corp. - PLL - close: 81.87 change: +0.01

Stop Loss: 79.75
Target(s): 86.00
Current Option Gain/Loss: - 4.5%
Time Frame: Exit PRIOR to earnings on Nov. 26th
New Positions: see below

Comments:
11/12/13: No, that's not at typo. PLL has turned into a zombie. Yesterday shares were down one cent. Today they are up one cent. If the stock dips I would look for support near $80.00.

Earlier Comments:
Our target is $86.00. However, we will plan to exit prior to PLL's earnings report in late November (not date set yet). FYI: The Point & Figure chart for PLL is bullish with a long-term $113 target.

- Suggested Positions -

Long DEC $85 call (PLL1321L85) entry $1.10

11/06/13 new stop loss @ 79.75

Entry on October 28 at $80.50
Average Daily Volume = 551 thousand
Listed on October 23, 2013


SPX Corp. - SPW - close: 94.13 change: -0.22

Stop Loss: 91.75
Target(s): 99.00
Current Option Gain/Loss: -15.2%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
11/12/13: SPW spent Tuesday's session churning sideways on either side of the $94.00 level. Traders may want to wait for a rally above today's high (94.64) before initiating new positions.

FYI: The Point & Figure chart for SPW is bullish with a $113 target.

- Suggested Positions -

Long DEC $95 call (SPW1322L95) entry $2.30

Entry on November 11 at $94.25
Average Daily Volume = 304 thousand
Listed on November 09, 2013


Constellation Brands - STZ - close: 67.04 change: +0.34

Stop Loss: 64.75
Target(s): 68.50
Current Option Gain/Loss: +226.0%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
11/12/13: We are almost out of time on our STZ trade. Our November options will expire after this Friday. I am suggesting we exit our positions tomorrow (Wednesday, November 13th) at the closing bell. Tonight I am raising our stop loss to $65.95.

- Suggested Positions -

Long NOV $62.50 call (STZ1316k62.5) entry $1.38

11/12/13 new stop loss @ 65.95, prepare to exit positions tomorrow at the closing bell
11/07/13 new stop loss @ 64.75
11/06/13 new stop loss @ 64.25
11/05/13 new stop loss @ 63.85
10/30/13 new stop loss @ 63.40
10/29/13 new stop loss @ 63.25
10/28/13 adjust exit target to $68.50
10/22/13 new stop loss @ 61.90, readers may want to take profits now. Our option is up +84%.
10/16/13 new stop loss @ 59.75
10/11/13 trade opened on gap higher at $61.25,
trigger was $61.10

Entry on October 11 at $61.25
Average Daily Volume = 1.9 million
Listed on October 10, 2013


PUT Play Updates

Equinix, Inc. - EQIX - close: 155.18 change: -2.04

Stop Loss: 162.75
Target(s): 150.50
Current Option Gain/Loss: +20.6%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
11/12/13: It looks like the bounce in EQIX is fading. Shares underperformed the market with a -1.29% decline today.

Earlier Comments:
Please note that I am suggesting small positions to limit our risk. The most recent data listed short interest at 28% of the relatively small 39.0 million share float. That raises the risk of a short squeeze. FYI: The Point & Figure chart for EQIX is bearish with a $142 target.

*small positions* - Suggested Positions -

Long DEC $150 PUT (EQIX1322X150) entry $3.15*
*option entry price is an estimate since the option did not trade at the time our play was opened.

Entry on November 08 at $159.00
Average Daily Volume = 1.1 million
Listed on November 07, 2013


Green Mountain Coffee Roasters - GMCR - close: 59.82 change: -0.14

Stop Loss: 61.55
Target(s): 51.50
Current Option Gain/Loss: -20.8%
Time Frame: Exit PRIOR to earnings on Nov. 20th
New Positions: see below

Comments:
11/12/13: GMCR is still oscillating sideways near overhead resistance at the $60.00 level. A drop below $59.00 could be used as a new bearish entry point.

Earlier Comments:
I am suggesting we keep our position size small to limit our risk. The most recent data listed short interest at more than 40% of the 130 million share float. That does raise the risk of a short squeeze if the market bounces. Our target is $51.50.

*small positions* - Suggested Positions -

Long Dec $55 PUT (GMCR1322x55) entry $4.22

Entry on November 07 at $58.25
Average Daily Volume = 4.7 million
Listed on November 07, 2013


Garmin Ltd. - GRMN - close: 45.85 change: -0.05

Stop Loss: 48.55
Target(s): 43.50
Current Option Gain/Loss: +10.1%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
11/12/13: Tuesday was a relatively quiet day for shares of GRMN. I don't see any changes from my earlier comments.

Earlier Comments:
I do consider this an aggressive trade. GRMN has obviously been volatile the last couple of days. Plus the most recent data listed short interest at 13% of the 121 million share float.

Our target is $43.50. At this point GRMN should be nearing significant support in the $43.00 area and we might switch directions and buy calls.

*Small Positions!* - Suggested Positions -

Long DEC $45 PUT (GRMN1322X45) entry $1.08

11/06/13 new stop loss @ 48.55

Entry on November 01 at $46.82
Average Daily Volume = 1.2 million
Listed on October 31, 2013



Longer-Term Play Updates



Vanguard FTSE Europe ETF - VGK - close: 56.02 change: -0.33

Stop Loss: 53.90
Target(s): Sell half @ $58.00, sell the rest at $63.00
Current Option Gain/Loss: +30.5%
Time Frame: exit PRIOR to 2014 March option expiration
New Positions: see below

Comments:
11/12/13: The VGK did not see any follow through higher today. It's bounce appear to be fading below its simple 10-dma. Look for additional support near $55.00 or its simple 50-dma.

Earlier Comments:
Don't forget that we have two exit targets for this trade! More conservative traders could lock in gains now with our option up +94%.

We are taking a multi-month time frame with this trade. FYI: The Point & Figure chart for VGK is bullish with a $63 target.

- Suggested Positions -

Long 2014 Mar $55 call (VGK1422C55) entry $1.80*

10/22/13 Strategy Update: Plan to exit half @ $58.00 and exit the rest at $63.00. New stop loss @ 53.90
10/19/13 new stop loss @ 52.75
09/11/13 trade opens. VGK @ 53.60
*option entry @ 1.80 is an estimate. Ask closed at $1.75 yesterday
09/10/13 entry trigger met. open positions tomorrow.
09/10/13 new stop loss @ 50.95
08/24/13 adjust the option strike from 2013 Dec $55 to $2014 Mar $55.

Entry on September 11 at $---.--
Average Daily Volume = 3.0 million
Listed on August 10, 2013