Stocks plunged to new relative lows on Tuesday and spent the rest of the week consolidating sideways. Has the market found support or is it merely tapping the brakes before continuing lower? Given the concerns overseas with trouble in Europe and a slowing China the path of least resistance might be down.
We remain in a seasonally weak period of the year for stocks.
Tonight I am suggesting we take profits and exit our 2013 calls in EBAY at the open on Monday morning. We also want to sell half of our position in KO on Monday.
Investors will want to double check their stop loss placement since so many stocks look poised for more weakness.
I have updated stop losses on: ADM & LVS
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.