Option Investor

Daily Newsletter, Saturday, 04/02/2005

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Table of Contents

  1. Market Wrap
  2. New Plays
  3. In Play Updates and Reviews

Market Wrap

April Fools

WE 04-01

WE 03-24

WE 03-18



- 38.57







- 6.25


- 16.73


- 33.81

S&P 100


- 0.22


- 10.23


- 5.61

S&P 500


+ 1.50


- 18.23


- 10.43



+ 7.05




- 91.78



- 4.66


+ 1.75


- 13.75



- 3.71


- 7.31


- 4.27



- 58.06


- 5.91


- 81.51









The Dow's rebound from 10400 on Wednesday turned out to be a cruel April Fools joke on the bulls. Friday's economic news showed a growing worry about the economy and funds immediately stripped away the end of quarter window dressing they had applied only two days prior. Oil soared to new highs and equities closed at their lows. It was not a pretty picture.

Dow Chart - Daily

Nasdaq Chart - Daily

Friday morning started off bad economically but great for the bulls with the Jobs report showing a gain of only +110,000 jobs compared to the +255,000 expected. This was the lowest gain since July-2004. Even worse the gains for February were revised down to +243K from +262K and January was revised down to +124K from +132K. With the lower than expected numbers from March this multi-month revision brought the monthly average for the first quarter down to only +159,000. The economy must produce an average of +150,000 jobs per month just to breakeven with the number of new workers moving into the workplace. The +159,000 average barely covered that new worker inflow and suggests the economy is much weaker than previously expected. The weaker than expected jobs numbers were far below what anyone expected and sent shockwaves through the bond markets.

The decline in hiring appears to be pressured by rising interest rates and higher commodity and energy prices. Companies faced with rising costs on almost every front have to find ways to chip away at those costs. They can't control interest rates, energy or prices for raw materials but they can control employment costs by cutting back on hiring. The drop in jobs growth suggests wages will also be pressured at a time when energy prices are taking a bigger bite out of consumer budgets. In theory this pressure on the consumer should slow the rate of inflation due to lack of fuel in the form of excess cash to feed it.


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The markets celebrated the drop in jobs as evidence the economy was still weak and confirmation the Fed could pause its measured pace of rate hikes. The Dow spiked to 10568 on the news despite a sharp jump in oil prices. The spike was short lived as the ISM announcement reversed the jobs reaction. The ISM fell to 55.2 from 55.3 but more importantly extended its period of monthly declines to 14 months. The cycle high was 63.6 in January-2004 and it has been trending down ever since. Friday's 55.2 headline number was the lowest level since September-2003 at 53.7. The +10 point spike into January-2004 has nearly been erased and we are closing in on the critical advance/decline level at 50. Any number over 50 indicates economic expansion and any number under 50 indicates economic decline. Friday's 55.2 is barely above stagnation and the continuation of the 14 month decline indicates the economy is not well. The equity markets focused on the sharp jump in the prices paid index to 73.0 from 65.5 as evidence of a rapid buildup in inflationary pressures. This number was cussed and discussed in nearly every sound bite the rest of the day. What most failed to point out was the drop to 65.5 in February was a 16-month low. The prices paid component has been steadily dropping since August-2004 when it printed 81.5. Yes, it jumped +8 points in a month but we have to keep that in perspective.

Bonds soared on the jobs numbers with the yield on the ten-year falling to below 4.4% but they were immediately sold off again on the ISM news with ten-year yields spiking to 4.54%. The rise in oil prices intraday and further analysis of the economic reports brought the bond buyers back to the market as equities reversed their opening spike and yields fell back to 4.45% at the close. It was a very rocky session for bond traders and equity traders alike.

Chart of Ten-year Yield - 3-min

The ISM Services number was released accidentally by Business Wire instead of the ISM Manufacturing number at 10:00. Because the news was out the government went ahead and made it official and that supplied even more volatility to the mix. The ISM Services came in at 63.1 compared to the consensus at 60 and the prior month at 59.8. This was an offset to the negative impact of the ISM Manufacturing but the damage was already done. If anything it mitigated the losses for the day but the trend was already in place.

Also spoiling the sentiment was a new release of the Consumer Sentiment showing a drop to 92.6 from 92.9. The drop was not material but it was just one more down trending indicator since its high of 97.1 in December. Rising gasoline prices remain the biggest depressant on sentiment but the slowing jobs picture is sure to depress sentiment even further as the month progresses. Economic news appears to be accelerating to the downside but there is still the occasional bright spot.

Construction Spending slowed again in February with only a +0.4% gain compared to consensus estimates of +0.8% and the +0.6% rise in January. Private construction rose only +0.1% and suggests there is rising concern about economic conditions ahead. Also, rising interest rates should slow construction as the cost of projects rises. Slowing construction rates would also pressure jobs and the downward spiral would continue.

Crude Oil Chart - Daily

The most dramatic economic news for Friday was the jump in oil prices to $57.70 and a new all time high close at $57.20. This two-day jump in oil from the Wednesday low at $52.40 was an impressive +$5 gain. Unleaded gasoline rose to a new all time high at $1.73. I have to admit I was a bit surprised with the jump in oil prices as we moved out of the quarter. I spent most of the day trying to reconcile why oil prices were spiking ahead of the Q2 demand slump when inventories are rising. There was some news about a refinery outage in Venezuela but nothing that should have impacted prices this drastically. I expected a bounce into the end of the quarter as funds tried to appear smart by putting extra cash in energy stocks as the quarter closed. However, I expected a drop in oil once the quarter was over as those with strong oil profits exited ahead of any Q2 demand drop. Next week should be interesting and another pullback would confirm that theory BUT further rises would confirm an even more radical problem.

Further price gains ahead of the Q2 demand slump would confirm that we are farther along in the peak oil scenario than anyone expected and that production from OPEC has NOT been able to keep up with demand. It could prove that OPEC is behind the curve and unable to ramp up production despite their numerous sound bites to the contrary. I still believe that OPEC wants to talk up production potential to keep a lid on any new non-OPEC exploration until it is too late. Once demand does exceed production and oil spikes over $100 a bbl they will be in the drivers seat and can command any price they desire. Any rush to explore/produce then would take 4-6 years to get to market and OPEC will be rolling in cash for that period. A word to the wise, don't believe anything OPEC says and concentrate on actual prices as the real indication of demand and production. Despite the rampant speculation in the market the refiners buy millions of barrels of oil each day and they would not be paying these prices if there was a growing surplus of oil in the system. Oil is a pure supply/demand commodity and with billions of dollars in oil bought daily ANY real surplus would rapidly decrease prices.

I was hoping to see oil return to the 100-day average in Q2 but Friday's spike has put some serious doubt in my expectations. I believe there are quite a few people who also expected the Q2 drop and some may have seen the base built at $54 last week and entered prematurely thinking we were not going lower. Everyone is afraid of missing that rocket ride higher once the demand dip passes and that makes for some nervous buyers. If we are going to see the anticipated decline in prices it should begin next week. I am going to maintain my 100-day average target for at lease another week but I have to admit I am getting nervous as well. If oil continues higher from here it will produce a huge sucking sound as money comes out of the broader market. Q1 is over and fund managers are free to react to any situation and you can bet they want to be on that oil train when it leaves and the broader market will suffer not only from higher oil prices but from negative cash flow into energy equities. The key will be the inventory numbers on Wednesday and another build in inventory levels could weaken the resolve of those willing to buy the top. Goldman Sachs may have negated the fear of a Q2 drop with their $105 price target on oil earlier in the week. Ironically Abby Joseph Cohen, Chief Portfolio Strategist at Goldman, said in late January that over the next 12 months Goldman was expecting oil to average $40 a bbl and this could continue into 2006. She also said they were using $28 a bbl in their pricing model for energy stocks. You think maybe the right hand does not know what the left hand is doing? Maybe somebody at Goldman just finished reading my Oil Crisis report.

One of the biggest drags on the Dow on Friday was AIG with a loss of -4.45. This alone produced nearly a -40 point drop in the Dow. The death sentence card was reinserted in the deck by Spitzer and investors ran for the exits. Spitzer had previously said he would not consider putting the company out of business if the past management left. New allegations suggested that documents have been destroyed and there is growing a pattern of deceit and evidence destruction that restarted the death sentence debate. I had considered buying the dip at $55 thinking the worst was over but the conditions have changed and we could see much lower numbers ahead.

Another drag on the Dow was Wal-Mart, which, finally broke support at $50 and lost -1.12 for the day. This is directly related to higher gas prices and strong pressure on blue-collar workers. This is where higher gas prices produce the largest impact and that impact is felt by the 100-million Wal-Mart shoppers. The WMT decline was hastened by a warning from Best Buy. BBY said earnings would fall to between 27-32 cents for Q1 and analysts were expecting 38 cents. This is not a good sign and another evidence of consumers under pressure with sales of big-ticket items slowing. BBY also said they were phasing out the mail in rebate program because of too many customer complaints. Hoorah! I hate that triple pricing plan where the company bets you will not go to the effort to fill out the form and mail it back. Sometimes the store and the manufacturer both offer rebates, which produces lower headline prices but double the paperwork and hassle. I would say literally 50% of the rebates I have taken the trouble to mail in were declined for one reason or another. Other customers have seen the same results and the Ohio Attorney General sued BBY over failed rebate complaints. BBY fell -3.41 on the news. BBY is also losing market share to its competitors but not the one you would expect. 20% of its volume comes from music sales and that sector is being revolutionized by the Ipod. They are also losing share to WMT and TGT as those low priced music discounters chip away at BBY's core market. The problems with WMT/BBY are not the only problems. The weakness in retailers in general is showing the real impact of high gasoline prices and I do not expect that sector to recover any time soon.

Despite recent warnings, earning estimates for the S&P continue to rise with estimates for Q1 rising to +10.6% growth from last months +9.9% estimate. This should be examined in context. Energy stocks make up 8.5% of the S&P and their earnings growth for Q1 is now estimated at +39% for the quarter. Materials stocks are estimated to produce +50% growth. It does not take a rocket scientist to realize that without those strong gains in energy and materials that the broader S&P is lagging substantially. Without those sectors inflating the overall estimates it could be as little as +5% growth and far from the bullish overall estimates.

It would probably be no shock to readers that Taser was in the news again. This time they warned that Q1 earnings would miss estimates due to negative publicity about their products. The warning caused a break in long-term support at $12 and a drop to $10.42. Now that this support level has broken the move back to the low single digits seems guaranteed. One analyst reporting on the company suggested the market cap for Taser should be more in the $100 million range at two times sales, especially with those sales falling drastically. Currently Taser has a market cap just under $700 million. The bloom is definitely off the rose and this could be an ugly summer for Taser. Over 100 deaths are now blamed on being stunned with a Taser product.

The bears are literally salivating over the economic news this week. They feel we are setting up for the perfect storm in equities and one that will not be easily overcome. They see slowing jobs growth, rising inflation, rising interest rates, rising oil prices, manufacturing sector slowing and earnings growth slowing. The tax benefits that provided an economic boost over the last two years have passed and their impact is fading. I have to admit it is a pretty compelling argument. Economics around the globe are also showing growing pockets of trouble. Japan's Takan report announced Friday, similar to our ISM, came in at 14 compared to estimates of 22, with unemployment up, consumption down, exports weak, production weak, auto sales weak and falling for the 11th time in 14 months, surging commodity prices and falling demand. Sound like any other economy you know?

Faced with all the factors above the Dow traded in a 187-point range on Friday and closed at its lows for the year and only a fraction away from a -100 point loss. Only the bell saved it from closing under critical 10400 support and the outlook for next week is not good. The 200-day average remains at 10378 but it is not typically a strong support level for the Dow. The next material support point is well below at 10000. This is not the position we want to be in as we head into April. However, April is normally kind to the Dow with an average of a +1.9% gain since 1950. It is the best month of the year for the Dow because of its component mix of big-caps. It tends to draw investor money as some of the "sell in May and go away" crowd looks for a dividend haven to park cash while waiting for October. With big caps under pressure I would be really surprised if this April repeated that performance. It would have to rebound to 10701 on April 29th to equal that statistic.

The bright spot in the indexes is actually the Nasdaq. The tech index closed just below 1985 on Friday and well off its highs but it has ceased being the anchor for the markets. The Nasdaq is still holding above the uptrend support from March 2003 at roughly 1975 and it is putting up a valiant fight to cling to the critical 200-day average at 1992. It has traded at or across that average intraday for ten straight days and making a very strong goal line stand. Once that stand breaks along with the 1975 uptrend support the target is 1900 or lower.

SOX Chart - Daily

Russell 2000 Chart - Daily

Russell 2000 Chart - Weekly

Helping the Nasdaq is the SOX, which is still stubbornly holding above support at 410. The much stronger uptrend support is still below at 400 so this index is proving to be a pillar of strength in supporting the Nasdaq. However, just as 410 has proven to be interim support the 420 level has proven to be very strong resistance. This battle is likely to continue to play out as we move into the earnings season. Diehard tech buyers feel chips are the leaders of any tech drop or gain and at 400-410 this is support that is attracting bargain hunters. Should 400 fail it could begin a sequence of index failures that eventually drags down the entire market.

The Russell 2000 has fallen back to test support at 605 and each touch over the past three months has found buyers. The Russell is not typically a picture of strength heading into the summer months as the lower liquidity prompts cautious holders to move to the sidelines over the summer doldrums. The Russell high for the first three quarters of 2004 was 606, which it touched three times in the first week of April before plunging to 530 in early May. The Russell could turn into the canary in the coal mine and a break of support at 605 would be a warning that even the bravest bulls have left the building.

Next week is devoid of any material economic reports but there is a flood of Fed heads taking to the podium including Greenspan. They are sure to make some comments about the economy, inflation and interest rates that the markets will key on for direction. The most critical report on the light calendar could be the oil inventories on Wednesday. Should inventories build as expected it could break the back of the current oil spike and give us the entry point we are looking for. A break in oil would flush billions of dollars out of oil investments and that money could find a temporary home in equities heading into the April earnings period. However I believe any equity bounce would be short lived and we need to brace ourselves for the next leg down. The technicals are very weak and we are at critical levels. I hate to keep saying the same thing but Dow 10400, S&P 1165, Nasdaq 1975, SOX 410, Russell 605 are all critical support levels and if broken we could see much lower levels on all the indexes before the summer is over. We tend to keep gravitating to these support levels but the bulls cannot muster any support from institutional traders. The bull market is still in energy and commodities and until that market corrects the broader equity market is left to exist on loose change sloshing in retail pockets. The brightest piece of trivia I found on Friday came from TrimTabs when they said -$311 million flowed OUT of energy funds for the week ended on Wednesday. I am grasping to that tidbit in the hopes it is the leading edge of a profit-taking wave that will begin next week. With my luck it will be more of a ripple and one that has already passed. In case I did not make myself clear today I would not be a buyer of equities without a drastic change in sentiment. I would look to short any rebound to 10550-10600, 2015-2020, 1190-1195. Definitely enter passively and exit aggressively.

New Plays

Most Recent Plays

New Plays
Long Plays
Short Plays
FST None

New Long Plays

Forest Oil - FST - close: 42.00 chg: +1.50 stop: 38.49

Company Description:
Forest Oil Corporation is engaged in the acquisition, exploration, development, and production of natural gas and liquids in North America and selected international locations. Forest's principal reserves and producing properties are located in the United States in the Gulf of Mexico, Texas, Louisiana, Oklahoma, Utah, Wyoming and Alaska, and in Canada. (source: company press release)

Why We Like It:
Oil and natural gas stocks are on the rise again. A $100 barrel price forecast for crude from Goldman Sachs last week got the rally going again. Now oil, oil services and natural gas indices are all breaking out from what looks like a bull-flag pattern. Shares of FST are following suit. FST added 3.7 percent on Friday to breakout from its own bull-flag pattern. Short-term technical oscillators like the RSI and stochastics have turned bullish. Plus, the MACD indicator is nearing a new buy signal. The P&F chart points to a $48.00 target. If FST is beginning the next leg higher then $48 looks like a good short-term target to us. Our time frame is five to six weeks. If FST pulls back we would buy a bounce from the $40.00 level.

Picked on April 03 at $42.00
Change since picked: + 0.00
Earnings Date 05/09/05 (unconfirmed)
Average Daily Volume: 1.0 million

New Short Plays

None today.

Play Updates

Updates On Latest Picks

Long Play Updates

Amer. Egl Outftr - AEOS - cls: 28.75 chg: -0.80 stop: 26.85*new*

AEOS spiked higher on Friday morning and came within four cents of our short-term target at the $30.00 mark. Unfortunately weakness in the broader markets and a significant breakdown in retail giant Wal-Mart (WMT) weighed on the retail stocks. The action in AEOS on Friday produced a bearish engulfing candlestick. This is short-term bearish. We remain bullish on the stock but we would expect AEOS to pull back again toward technical support at its 40 or 50-dma. Readers can watch for a drop toward the $27.50-27.00 level and use a bounce from support as a new bullish entry point. We are raising our stop loss to $26.85.

Picked on March 28 at $28.19
Change since picked: + 0.56
Earnings Date 05/14/05 (unconfirmed)
Average Daily Volume: 1.1 million


Cox Radio - CXR - close: 17.35 chg: +0.54 stop: 16.45

It looks like our patience might pay off after all. CXR bucked the market weakness and added 3.2 percent on heavy volume this Friday. The move was sparked by a broker upgrade. Short-term technicals are positive again and its MACD indicator has produced a new buy signal. This breakout over the $17.00 level (and $17.25 mark) is a new seven-month high. Readers can choose to go long at current levels or look for a pull back toward the $17.00 level. Our target remains the $18.50 region but we plan to exit before CXR's late April earnings report.

Picked on March 01 at $16.53
Change since picked: + 0.82
Earnings Date 04/27/05 (unconfirmed)
Average Daily Volume: 334 thousand


Fresh Del Monte - FDP - close: 30.51 chg: -0.01 stop: 29.89

We are encouraged that FDP did not participate in the market's sell-off this past Friday. However, we remain cautious since the stock has not seen in follow through on its technical breakout two weeks ago. FDP still has support at the $30.00 level but we suggest readers wait for a move back over $31.00 before considering new bullish positions. Plus, we would keep an eye on FDP's main rival Chiquita (CQB). Shares of CQB look vulnerable to more profit taking. If CQB declines next week it could be drag on FDP.

Picked on March 22 at $30.82
Change since picked: - 0.31
Earnings Date 02/15/05 (confirmed)
Average Daily Volume: 201 thousand


Innovative Solutions. - ISSC - cls: 31.60 chg: -0.15 stop: 29.49

We remain cautious with ISSC. If the major averages and the tech sector continue to weaken then we expect ISSC to test the $30.00 level as support. Currently the pull back in ISSC has soured the technical indicators. We would not suggest new bullish positions at this time until we see a significant rebound. We are also going to raise our stop loss to $29.49.

Picked on March 22 at $31.50
Change since picked: + 0.10
Earnings Date 01/19/05 (confirmed)
Average Daily Volume: 193 thousand


Technical Olympic - TOA - cls: 24.46 chg: +0.30 stop: 23.45*new*

The home building sector was one of the best performing groups on Friday. The DJUSHB index added 1.7 percent and TOA followed with a 1.24 percent gain. The stock also split 5-for-4 and we have adjusted our entry, target and stop loss for the split. Shares of TOA bounced from the $23.83, the intraday low on Friday, and this could be a new bullish entry point. Just be sure to keep an eye on the DJUSHB index and the major averages. We would hesitate to consider new longs if the sector index or the market averages are declining.

Picked on March 22 at $24.36
Change since picked: + 0.10
Earnings Date 02/16/05 (confirmed)
Average Daily Volume: 135 thousand


Talbots - TLB - close: 31.42 chg: -0.56 stop: 30.49

TLB started Friday's session off strong but weakness in the major indices and a breakdown in retail giant Wal-mart (WMT) weighed on the stock. TLB pulled back toward the $31 level before traders bought the dip. If you look at the intraday chart you can see how volume soared in the late afternoon bounce. We would use this dip as a new bullish entry point but be sure to confirm market direction first. More conservative traders might not want to start new long positions if the major averages are sinking. For those who missed the Thursday play description for TLB a reprint follows:

The RLX retail index may not look so hot thanks to a breakdown in retail titan Wal-Mart (WMT) but that's not stopping shares of TLB. TLB broke through major resistance at the $30.00 level and its 200-dma in early March. Since then the stock has consolidated backwards but found new support near the $31 level. If you look at its daily chart you can see how TLB is climbing in a channel-like pattern (see chart below). Currently the stock is beginning to bounce off the bottom of this rising channel, which offers traders a great bullish entry point. There is resistance near $34 but we suspect that TLB will be able to trade higher thanks to the current bullish pattern. Our target is the $35.50-36.00 range. Our time frame is about six weeks.

Picked on March 31 at $31.98
Change since picked: - 0.56
Earnings Date 05/18/05 (unconfirmed)
Average Daily Volume: 408 thousand

Short Play Updates

Anheuser Busch - BUD - close: 47.13 chg: -0.26 stop: 48.41*new*

We do not have much new to report on for BUD. The stock remains stuck in its down trend. More importantly to us the stock appears to be on the verge of breaking down from its short-term sideways consolidation. We only have a few weeks left before BUD's earnings report and we plan to exit before they announce. Shares are not moving very quickly so keep that in mind. Our target remains the $43-44 range. We are lowering the stop loss to $48.41.

Picked on February 7 at $48.32
Gain since picked: - 1.19
Earnings Date 04/27/05 (unconfirmed)
Average Daily Volume: 2.4 million


Countrywide Fncl - CFC - close: 31.80 chg: -0.66 stop: 34.05

CFC followed the action of the banking indices on Friday. Financials were up early in the session but quickly rolled over to end the day with a loss. The failed rally in CFC looks like a new bearish entry point. However, be advised that our target remains the $30.50-30.35 range.

Picked on March 09 at $33.36
Change since picked: - 1.46
Earnings Date 04/26/05 (confirmed)
Average Daily Volume: 3.8 million


Flextronics - FLEX - close: 11.90 chg: -0.14 stop: 12.55

Weakness in the SOX and NASDAQ helped turn FLEX's early strength into a retreat. The stock broke down under support at the $12.00 mark for the first time in two weeks. This looks like a new bearish entry point. Our target remains the $10.25-10.00 range but we plan to exit before the late April earnings report. The P&F chart's sell signal points to a $9.50 target.

Picked on March 16 at $11.95
Change since picked: - 0.05
Earnings Date 04/28/05 (confirmed)
Average Daily Volume: 5.5 million


Symyx Tech. - SMMX - close: 22.09 chg: +0.04 stop: 24.51

We do not have much new to report on for SMMX. The stock continues to sink lower. Shares have significant resistance at the $24.00 level and its 200-dma. SMMX also has short-term trading resistance at the descending 10-dma. Our target remains the $20.00 region. More conservative traders may want to exit near $20.50 to beat the rush.

Picked on March 21 at $23.79
Change since picked: - 1.70
Earnings Date 02/03/05 (confirmed)
Average Daily Volume: 173 thousand


United Industrial Crp. - UIC - cls: 29.61 chg: -0.01 stop: 31.51

UIC broke down under very significant support a little more than two weeks ago. Since then the stock has consolidated those losses in a mostly sideways pattern under the $30.00 level. The slight upward trend in the consolidation has given some technical oscillators a positive tint to them. We believe that UIC is close to beginning the next leg lower. Currently the P&F chart's sell signal points to a $20 target. We are targeting a move into the $26-25 range. We would use a drop back under the $29.00 level as a new bearish entry point.

Picked on March 17 at $29.23
Change since picked: + 0.38
Earnings Date 03/16/05 (confirmed)
Average Daily Volume: 181 thousand


West Marine - WMAR - close: 20.56 chg: -0.70 stop: 23.11

WMAR had produced an oversold bounce back toward its trendline of lower highs. Friday's market sell-off helped produce another failed rally at this trendline and readers can use it as a new bearish entry point. We are going to lower our stop loss to $22.11, just over the 21-dma but under the simple 200-dma. Volume on Friday's 3.2 percent decline was more than double the average suggesting more weakness ahead.

Picked on March 17 at $21.20
Change since picked: - 0.64
Earnings Date 03/03/05 (confirmed)
Average Daily Volume: 155 thousand

Closed Long Plays

Syneron Medical - ELOS - close: 30.23 chg: -1.63 stop: 29.99

Bad news. The recent bounce from support at the $30.00 level has reversed. ELOS dipped to $29.76 on Friday stopping us out at $29.99. Shares close just over the $30 level but painted a bearish engulfing candlestick. The MACD indicator has produced a new sell signal although ELOS probably has more support near the $28.00 mark.

Picked on March 21 at $33.65
Change since picked: - 3.42
Earnings Date 05/09/05 (unconfirmed)
Average Daily Volume: 329 thousand

Closed Short Plays


Today's Newsletter Notes: Market Wrap by Jim Brown and all other plays and content by the Option Investor staff.


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