The stock market enjoyed an unexpected rally Friday as buyers came off the sidelines despite a mediocre profit outlook from Dell and no major catalysts to explain the optimism. The Dow industrials climbed 46 points to 10,796, while the NASDAQ gained 23 points to 2,076 and the broader S&P 500 index advanced 8 points to 1,205.
The OW portfolio was a willing participant in the bullish activity and with only five trading days until the February options expiration, all of the plays are profitable. There are no earnings announcements expected from the companies in our current group of positions, thus the transition to March should be relatively uneventful.
We are building a list of new candidates for the coming week, so please check the OW website (or your E-mail inbox) before Monday morning for potential trading opportunities.