We closed out another three plays for profits this morning and escaped the afternoon decline.

National Oilwell rallied higher this morning and the option traded below our 10-cent target price for a profit of 63-cents. You may remember we entered all these positions on a market gap higher so the initial premiums received were less than what we expected.

F5 Networks traded over $138 and our $120 put traded below our 20-cent target for a $1.45 profit.

The OIH ETF moved significantly higher at the open before crude prices began to plunge and our short term $125 put traded at our 20-cent target for a profit of $1.79.

RIMM declined on a news article and the premium increased slightly. I am changing the stop loss on RIMM to $61.80 to take us out for a profit on any further decline.

The aggressive plays both lost ground when the markets rolled over and the chances for a continued decline are good. I believe the markets will rally again before year-end but I am not willing to bet $7 in profit on that eventuality. I raised the stops on both positions to take us out on any further weakness. Just because they are longer term options does not mean we should give back profits. We can always pick a new entry point.

Jim Brown

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