The major U.S. indices are all up double-digit percentages from their October lows in nine trading sessions. This isn't normal. It can be exciting if you're long the market but volatility usually goes both ways. On a positive note there is a good chance we've seen the lows for the year but that will depend on the success of Europe and their mishandling of Greece.
Short-term stocks are very overbought. I am suggesting we take profits on our 2012 EMC calls and the 2012 HPQ calls. We'll exit at the open on Monday. I have adjusted the stop loss for our 2012 HPQ position.
NOTE: AGN hit our requirement to open bullish positions at Friday's close. We'll open positions on Monday morning.
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.