LEAPS Trader Exit Alert
Al-Zarqawi Dip Slowing
After seeing oil drop overnight on the Al-Zarqawi news the selling has moderated at 11:AM with oil seeming to find support at $69.40. Stronger support still awaits in the $68.50-$69.50 zone. The morning drops on many of the energy stocks have slowed and several are starting to show dip buying. I do not want to pass up the high premiums on several put positions just because we missed last night's targets by a few cents. I am recommending we exit the puts on the following positions.
SLB $59.10 July $60 Put SLB-SL currently $3.60 - Exit now
ACI $40.85 July $45 Put ACI-SI currently $5.30 - Exit now
FTI $60.65 June $60 Put FTI-RL currently $1.00 - Exit now
BHP $38.10 June $40 Put BHP-RH -
Set stop loss on put at $38.50, maintain exit target at BHP @ $37.50
MDR $41.94 June $40 Put MHH-RH - Maintain exit target MDR @ $37.50
GG $25.72 July $27.50 Put GG-SY - Maintain exit target GG @ $25.00
FTO $49.36 June $50 Put FTO-RJ -
Set stop loss on put at $50.25, Maintain exit target FTO @ 45.00
BTU $51.77 June $52.50 Put BTU-RT -
Set stop loss on put at $$52.50, maintain exit target BTU @ $50.00
No change on all other targets set last night.