Editor's Note:
Good evening. I had major technical difficulties with my trading software today so I am only able to provide you with brief comments on current open positions. Most of my comments from the weekend remain valid so please refer to Saturday's newsletter for more details unless otherwise noted below. I was able to restore my software and will be back on track tomorrow. Thanks for your patience.

Today's lack of follow through higher in the broader market was certainly a disappointment to the bulls. Whether the one day event was Friday's rally or today's sell-off will soon be determined. In reality, trading could be very choppy the remainder of the week as summer winds down and we head into the long holiday weekend on light volume. Regardless of which way the market may break we should have some opportunities to book profits. Feel free to email me with any questions.

Current Portfolio:


CALL Play Updates

CAM - My comments from the weekend remain the same. I am looking for follow through higher to exit positions on strength.

FTI - I was a little surprised with the weakness in FTI today. The chart remains bullish but we'll need some broader market strength to get things moving higher. My comments from the weekend remain the same.

PNRA - We were triggered in PNRA today and the stock reversed rather quickly. We are long October $80 CALLS at $3.30.

RAX - After a +8% rip on Friday RAX gave a little back today closing down -2.25%. A retracement was expected and now I am looking for RAX to regain its footing and move higher in the comings days/weeks.

NVDA - The stock has not broken out so the position is unopened. More nimble traders could open positions now with a tight stop to take advantage of today's weakness. Please refer to the new play in Saturday's newsletter for more details of our set-up.


PUT Play Updates

ANF - Lost -2.64% and looks headed towards our targets. I suggest taking profits or tightening stops to protect them on further weakness.

AAPL - After being relative underperformer recently, AAPL showed relative strength today by out performing the broader market, gaining +0.36%. The stock double topped with Thursday's highs at $245.75 which is where the sellers stepped in. I want raise our first target on this position to just above Friday's low at $236. If AAPL trades down there we will have a winning position and I suggest consider taking profits or tightening stops to protect them.

NUE - NUE lost -1.5% today and nothing has changed with our targets. $36.05 was reached last week and NUE should trade back down to retest its lows from 8/29 at $35.71. We have a gain in the position and suggest readers use weakness to take profits or tighten stops.

OXY - OXY gave back -2.18% of the gains from Friday. We are near breakeven on the trade and suggest readers use weakness to consider closing positions. $72.25, $71.60, and $70.25 are the immediate targets. $72.25 is near last week's lows which is where OXY found support.