The U.S. market's major indices rallied off their Monday morning lows. The S&P 500 index is up four days in a row and the NASDAQ is up three. Furthermore this past week has produced a bullish breakout over short-term resistance for the major indices. Now they look poised to challenge their 2012 highs set a few weeks ago. The question is, will the market be able to breakout to new highs? Or will stocks reverse and form a bearish double top?
We are still in the midst of Q1 earnings season, which means increased volatility for individual equities. This past week we closed our BRK.B trade early. Plus, our QCOM trade was stopped out.
I am now suggesting we sell at least half of our EPD trade to take some money off the table on Monday morning. Plus, we want to exit completely from our KFT and KMB trades on Monday morning to lock in gains.
I have updated stop losses on: KO
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.