We lost another positions today to a stop loss but it remained profitable.

MFLX recovered slightly this afternoon as the shorts were covering ahead of the State of the Union Speech. We escaped with a 25-cent profit and that is always preferable to hanging on to a position and "hoping" it will reverse again.

The futures are up +8 points after president Obama's speech and we may get tagged with a couple more stops on Thursday if the gains hold through the open. Fortunately oil prices cratered intraday to $72.65 before recovering so IOC took a big hit with a $5.65 loss. If we can get into next week without oil recovering I think the call premium, now nearly $20 out of the money will shrink dramatically. We are already up +$2 on that single position.

No new plays today. Let's see if the gains from the speech hold and there is also Bernanke's confirmation and Microsoft earnings.

Jim Brown



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