The S&P 500 broke a seven-week winning streak. The rally was looking tired and we have been expecting a market top sooner rather than later. A few of our candidates look vulnerable. AKAM and BIDU come to mind and we're adding some short-term puts to protect ourselves and possibly profit from the drop. GS and LCC both look very weak here. Meanwhile IBM surged to new all-time highs on a strong earnings report. We want to exit our EMC trade on Monday to avoid holding over earnings.
FYI: I have adjusted stop losses on ACI, BVN, IBM, and LCC.
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 play or option position exited or closed this week.