What a busy day. What a busy weekend. I spent most of the weekend doing the Weekly Wrap as there were numerous topics I wanted to discuss but still didn’t get them all in. However, the ones I did fit into the newsletter were all on stage today.

Of course, the one stock about to steal the show is Dendreon (DNDN, $7.30, up $1.00). Either that, or they get laughed off the stage. After the bell, the company said they would be announcing the results of the Phase 3 Provenge study at 9am (EST). Wow. Big news.

I had mentioned the plan was to roll into the August 10 calls (UKOHB, $2.20, up $0.10) after selling the April 10 calls (UKODB, $0.32, up $0.11) and the May 7.50 calls (UKOEU, $2.65, up $0.55). A lot of you still have positions in the April and May call options so good luck as well.

I really hope everybody makes a lot of money with this one because I have been talking about this event for weeks. If things don’t go your way then hopefully you knew this going in. Do me a favor, if you do make money, send me your emails. If you don’t, you can still send me one and tell me what a lousy pick it was.

Goldman Sachs (GS, $130.15, up $5.82) announced earnings after the bell and beat Wall Street’s expectations. However, the stock is down $2.87 as I type. The April 140 calls (GSDH, $2.80, up $1.88) swelled up and posted a 200% gain for the day. The calls opened at 69 cents and I had mentioned to get in them below $1.00. At 11am, I sent out an update suggesting to sell all or at least half of them. We are getting the “buy the rumor, sell the news” in after-hours trading and this is why I suggested taking profits. Of course, the stock can still make a turnaround by Tuesday morning but hopefully you stuck to the gameplan.

Bank Of Amercia (BAC, $11.02, up $1.47) also had a monster day which meant more good news for those of you still holding the May 6 calls (BYOEF, $5.15, up $1.20) and the July 10 calls (JLWGB, $1.90, up $0.60). The May 6 call options were profiled at 75 cents on March 11th and the July 10’s were at 30 cents. Raise stops from $3 to $4 for the May options and raise the stop on the July 10’s from 95 cents to $1.50.

Take-Two Interactive Software (TTWO, $9.45, up $1.05) made a push towards $10. The May 10 calls (TUOEB, $0.97, up $0.57) opened at 65 cents but traded as low as 55 cents shortly after the market opened. The June 10 calls (TUOFB, $1.30, up $0.66) opened at 85 cents and were up over 100% for the day. So far, so good with this one.

There is a lot more happening with the other trades we have open and I will try to update you by the morning with the rest. Watch for this and the Provenge news. Hopefully, I can get the morning blog done before the opening bell but I probably won’t be able to type as fast as Dendreon’s shares are going to be moving.

Oh yeah, today is the one-year anniversary of the blog. Well, actually, yesterday was but I wanted to thank everyone for letting me share my thoughts and for your support over the past year. Happy 1-year anniversary everybody!

Rick Rouse
Rick@OptionsMentoring.com

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