It was a rough week for the bulls. Two weeks ago the U.S. market's major indices all produced a bullish reversal higher as stocks ignored bad news. This past week wasn't the case and there was no follow through. Instead stocks reversed lower with a disappointing jobs number really hammering the market on Friday. The market has now created a lower high as we move into a seasonally weak period of the year for equities.
Last week we decided to take profits on EPD and sell half of our position on Monday morning. We also decided to exit early in our KFT and KMB trades last Monday.
Investors will want to double check their stop loss placement since so many stocks look poised for more weakness.
I have updated stop losses on: CL
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.