IBM (IBM, $84.44, down $3.04) continues to plunge and we added the April 100 calls (IBMDT, $0.53, down $0.37) to our Watch List when the call options were at $1.10. They have been cut in half with today’s 3% drop in shares of IBM.

The April 95 calls (IBMDS, $1.22, down $0.73) are now trading at the price of the 100’s so let’s start our half position here in the 95 call options. The Dow is down 48 points to 6,544 and the market appears nervous after getting an unemployment number of 8.1%.

We are seeing the downtrend in Apollo Group (APOL, $63.81, down $2.98) pick up steam and Genentech (DNA, $90.00, up $8.36) got a higher bid from Roche. Gotta love the action and we are right in the middle of it! Check back in Sunday night for the Weekly Wrap…

Rick Rouse