The U.S. stock market just delivered one of its worst weekly performances since October 2008. The S&P 500 and DJIA lost -6.5%. The NASDAQ composite lost -5.3%. The small cap Russell 2000 index gave up -8.6%. The Dow Jones Transports fell almost -10%. Many of the commodity names were hammered even lower!
We saw several trades get stopped out. The pull back also hit some triggers on our watch list to buy the dip.
I would be very cautious on launching new positions. If the major indices breakdown under their August lows it sets up for a much bigger decline.
BAC, EMC, and V all have new stop losses.
Note: V did hit our first profit target.
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.