11:45am (EST)

It’s time to ring the register on our 60th winning trade of the year.  We have started buying put options as we have been preparing for a market pullback and today’s winning trade will bring our 2012 Track Record to 60-13.

Schnitzer Steel Industries (SCHN, $38.27, down $0.90) will announce earnings on Thursday before the bell.  While we expect the company to report a terrible quarter, we are going to lock in our 73% profits in just 2 days ahead of the event.  

Subscribers, check the Members Area for the update.