12:35pm (EST)

Imax (IMAX, $9.85, up $0.30) is trying like mad to break $10 today as the stock has hit a high of $9.97.  I will be bringing you more of the Imax story over the next day or two but I’m really starting to get excited about the company’s longer-term prospects.  The September 7.50 calls (IMQIU, $2.45, up $0.35) are getting a nice pop today…

Bank of America (BAC, $17.88, up $0.42) has broken $18 and Citigroup (C, $4.92, up $0.22) is pushing $5.  The credit card stocks got an upgrade this morning and companies like American Express (AXP, $33.49, up $0.64) and Capital One (COF, $37.39, up $0.91) have jumped on the positive comments.

Potash (POT, $98.22, up $2.18) tried to clear the $100 hurdle but got tripped at $99… 

I’ll be back tonight with a complete update on our current trades by 11pm.  Enjoy your gains and take some profits on these positions when they hit 100% return.  If you sell half it means we are playing with the house’s money.

Rick@MomentumOptionsTrading.com