Google, IBM, Microsoft, Intel, McDonald's, and General Electric were just some of the high-profile companies that delivered disappointing earnings results and guidance this past week. Investor sentiment shifted late in the week and stocks gave back most of their gains from the Monday-Wednesday bounce.
The stock market looks vulnerable with the S&P 500 sitting on support near 1430 and the NASDAQ composite at support near 3000 and the Russell 2000 index on support near 820. A breakdown here would definitely look bearish!
We want to exit our 2013 January calls on Visa on Monday morning at the open.
ABT was stopped out.
MRK hit our bullish exit target.
I have adjusted stop losses on: EMN, FDO, JOY, LEN, MON, PFE, TWX
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.