The NASDAQ composite hit new ten-year highs. The Dow Industrials hit new three-year highs. The S&P 500 index tagged new six-month highs this past week. Yet momentum was slowing all week long and profit taking on Friday finally snapped 2012's win streak at five weeks in a row. The trend is up but stocks are overbought and overdue for some profit taking. Plenty of analysts and traders are expecting a normal -3% pull back. Market direction will depend on headlines regarding progress in Greece and its upcoming deadlines.
Our portfolio continues to grow. Both AKAM and CIEN made the jump from watch list to active trades.
I have updated stop losses on: BMY, BZH, DOW, LDK, MRVL, ONNN, and QCOM.
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.