This would appear to be a pivotal week for the U.S. stock market. Will the major indices bounce from their late summer lows or will they break down into a new leg lower? Headlines out of Europe remain the major driver for stocks but we'll see some significant economic data from the U.S. this week.
Investors need to stay defensive. Take another look at your stop loss placement. You may want to consider exiting early or reducing the size of your positions.
If the major indices breakdown under their August lows it sets up for a much bigger decline.
I've updated the stop loss on part of our BAC trade and MCD has a new stop.
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.