9:00am (EST)

Cisco Systems (CSCO, $18.88, up $0.16) made a run over $19 as the July 19 calls (CYQGA, $0.98, up $0.10) hit a high of $1.20 yesterday. They opened at 61 cents on Monday. This was a covered call play but some of you may have bought them straight-up. If so, the trade is up to $20 but really the calls should have been sold once they doubled.

ExxonMobil (XOM, $70.52, up $0.02) traded to a high of $71.13. The June 75 calls (XOMFO, $0.45, down $0.09) actually took a fall yesterday after reaching 60 cents. Our entry price was 63 cents and I’m still looking for a run to $72.

Ford Motor (F, $5.63, up $0.13) closed higher for the fourth trading day in a row and the June 5 puts (FRA, $0.21, down $0.06) have been a train wreck. I mentioned the December 6 calls (FLI, $1.26, up $0.05) and the December 7 calls (FLJ, $0.93, up $0.01) as a hedge and they are basically flat from Monday’s prices.

Las Vegas Sands (LVS, $10.01, down $0.29) made a run to $11 and the September 12.50 calls (LVSIC, $1.70, down $0.10) got up to $1.95. We are still even and our near-term target remains $2.50-$2.60 which gets us 50%.

Bank of America (BAC, $11.25, down $0.48) issued 1.25 billion shares at $10.75 a share in the after-hours market last night and raised $13.5 billion. Sneaky, but you got to like the amount of capital the company raised going forward. The shares were trading for $10 and change before rebounding last night as traders were trying to figure out what was going on. BofA had no comment for the longest time but eventually let the cat out of the bag.

Don’t look now but Advanced Micro Devices (AMD, $4.39, up $0.25) came back to life and hit $4.50 on Tuesday.

Rick Rouse