The S&P 500 has broken support at 880 and the bearish head-and-shoulders pattern is forecasting a drop towards the 810-800 zone. I would expect the S&P 500 to find support near 850 and again near 835 so there is no guarantee the S&P would reach 800 but the trend is down. Bulls need to be on the defensive.
Currently we have three stocks on our watch list.
BEAV - BE Aerospace Inc., trigger: $10.50
CELG - Celgene Corp., trigger: 43.00
MICC - Millicom Cellular, trigger: $50.50
Disclaimer: At any given time the author may have positions in any or all of any companies mentioned in the Leaps Newsletter.
--Position Summary Table--
Table lists Directional CALL or PUT/LEAPS only.
Insurance puts, if applicable, are not shown.
Red symbol/name represents a dropped play this week.
Jim's portfolio and updates has been included in the normal play updates section.