The month of May has produced a bearish trend of lower highs and lower lows for the stock market's major averages. The S&P 500 just produced a new lower high on Thursday leaving us facing the probability of a new lower low soon. The long-term trend is still up but that could change if we see the major indices start breaking significant support. Thus investors need to stay on the defensive with bullish trades.
We had ACI hit our stop loss last week. I am suggesting an early exit in ATI and DOW. I am also suggesting we take some money off the table in our COST trade.
CNI and F have new stop losses.
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.