The month of July turned out to be the market's best month in a year. Traders should keep that in perspective. The decline from the April highs has been a painful one. Thus far the major averages have not broken the bearish trend of lower highs. I remain concerned about the market given the bearish trend of economic data the last several weeks. Readers may want to reconsider their stop loss placement and/or consider taking profits if you have one (like our play on BWA, MCD and PEP).
Please note there are new stop losses for BWA (35.95) and MICC (79.90).
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.