The stock market delivered one of its best weeks in several months. Yet is was also a frustrating week. Both BPOP and CLF dipped just low enough to hit our stop losses to close our trade before rebounding with big gains. Some of the best performers on the board right now are MCD and RIG. Short-term the market may still trend higher but I'm worried about the second half of July and August. That is why I'm tempted to take profits already in both MCD and RIG. Traders need to stay defensive.
Disclaimer: At any given time the author may have positions in any or all of any companies mentioned in the Leaps Newsletter.
--Position Summary Table--
Table lists Directional CALL or PUT/LEAPS only.
Insurance puts, if applicable, are not shown.
Red symbol/name represents a dropped play this week.