10:30am (EST) I wanted to wait until after we got the housing numbers to do this morning’s update and to see how some of our positions are holding up.  The National Association of Realtors’ report on existing home sales in May came in at 2.4% versus an expected 2.8% increase.  We got a lower than expected number but the market took it in stride as the Dow is currently up 25 points to 8,360. Turning to a few positions we are following, Potash (POT, $90.17, up $2.90) rebounded this morning and that was one of the risks of leaving the position open.  The July 80 puts (PVZSP, $2.60, down $0.80) closed at $3.40 yesterday and the trade had specific entry and exit points designed to make $500 on a 10-lot trade.  The entry and exit points netted $800.  These puts are back down to the original entry price but I wouldn’t play them right now. Bank of America (BAC, $12.26, up $0.32) has rebounded off yesterday’s low and is back over $12.  The November 15 calls (BYOKO, $1.20, up $0.10) are up 10% but realize this position will be volatile.  We have plenty of time for BofA to make a move and the stop is set at 55 cents.  Elsewhere, Apple (AAPL, $134.04, down $3.33) looks weak and I was looking at a put play this morning but haven’t pulled the trigger.  The company just sold 1 million iPhones over the weekend and the Apple store will generate even more revenue in the months ahead but it is hard to step in front of a speeding train.  However, there was an opportunity at the open this morning as the July 120 puts (QAASD, $1.45, up $0.40) opened at $1.09.  It has already been a 40% gain if you jumped in this morning.  If Apple falls below $130 this week these puts could double.  However, the options are still way out-of-the-money which shows the premium these options are commanding. Right now, we are holding steady with our other option trades but Dendreon (DNDN, $23.41, down $1.13) has now officially been closed.  The August 30 calls (UQBHF, $0.75, down $0.20) hit out 70 cent stop this morning.  Dendreon will be back and the future is bright for us to make a lot of money with the stock down the road.    Rick Rouse Rick@TheOptionInvestor.com]]>