The market's rally has stalled but that's not surprising. Market participants are waiting for both the midterm election results and for the Federal Reserve's next meeting. It is widely expected that the FOMC will announce a new quantitative easing program on Wednesday. The details of that announcement could have very big implications for the stock market. If you are sitting on profits readers will want to seriously consider taking some money off the table. If the Fed disappoints then stocks could see a sharp decline.
We are taking advantage of some individual strength to exit some positions and take profits in AKAM and IBM tonight. We're also closing the STLD play early.
New stop losses for GLD.
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 play or option position exited or closed this week.