Option Investor
Play Updates

In Play Updates and Reviews

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CVX - $83.42 +2.40 - Chevron Put *** Stop loss $88.00 ***

Profit stop: $75

Chevron got a boost on the Citigroup refiner upgrade. Strong resistance at $86. No change in the play.

For initial commentary see the July 22nd newsletter.

7/23/07 Position: Dec $90 Put CVX-XR @ $4.70


TSO - $49.30 +3.88 Tesoro Put *** Stop Loss $53 ***

Profit stop: $37.50

Tesoro also got a boost from Citigroup. No change in the play with strong resistance at $50-$52. Maintain the stop at $53.

For initial commentary see the July 22nd newsletter.

7/23/07 Position: Nov $50.00 PUT TSO-WJ @ $3.50


XLE - $67.72 +1.60 Oil SPDR Put *** Stop Loss $71.50 ***

Profit stop: $62

The XLE continued to be hammered by the broader market sell off. The refiner upgrade helped it slightly as did the 200-day average. This is a long term position and we need to get into September before any major breakdown should occur.

For initial commentary see the July 15th newsletter.

Breakdown trigger: $72, hit 7/18

7/18/07 Position: Dec $70 Put XBT-XR @ $3.00

Profit target: XLE $62


RIMM - $207.00 -11.50 - Research in Motion

RIMM support finally cracked with the major market drop. Once the broader market recovers RIMM will also recover even stronger. Plenty of time and no hurry to exit.

For initial commentary see the July 1st newsletter.

Earnings schedule: Sept 27th.

Breakdown trigger: $168.00 hit 6/25

Call spread:
Position: LONG 2009 $180 LEAP Call VHO-AP @ $32.60
Position: SHORT 2009 $230 LEAP Call VHO-AF @ $10.47


HOS - $42.71 -0.48 - Hornbeck Offshore *** Stop $39.50 ***

Hornbeck continues to fight the broader market and every dip is bought quickly. No change in play. This is the little energy stock that thinks it can!

For initial commentary see June 10th newsletter

Earnings schedule: August 2nd

Breakdown trigger: $39.00 hit 6/08

Position: 2009 $40 LEAP Call ZIG-AH @ $8.00


CHK $34.02 -1.15 - Chesapeake Energy ** Stop $29.00 **

This is an insurance put we bought really cheap several months ago when CHK was a long LEAP position. We were stopped on the LEAP but kept the put in play.

CHK dropped nearly -$3 from its high this week and despite the bounce in gas prices it failed to completely recover. Our exit may be coming soon.

Insurance put:
Oct $30 Put CHK-VF @ 90 cents. Profit stop $29

Non-Energy Positions


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