June 2012 | Members

3:10pm (EST)

Freeport-McMoRan Copper & Gold (FCX, $32.71, down $0.28) 

August 31 puts (FCX120818P00031000, $1.40, up $0.05)

Entry Price:  $1.05 (6/20/12)

Exit Target: $2.10

Return: 33%

Stop Target:  None

Action:  We are looking for a drop below $30 to $28 or worse by mid-August.

 

PowerShares QQQ (QQQ, $63.27, up $0.58)

August 60 puts (QQQ120818P00060000, $0.90, down $0.20)

Entry Price:  $0.75 (6/20/12)

Exit Target: $1.50

Return:  20%

Stop Target:  None

Action:  Our mid-August target is for a test to $58 or worse.

 

Veeco Instruments (VECO, $33.99, up $0.58)

July 30 puts (VECO120721P00030000, $0.50, down $0.15)

Entry Price:  $1.00 (6/6/12)

Exit Target: $2.00

Return:  -50%

Stop Target:  None

Action:  Shares are pushing $34 which we would like to see hold ahead of the weekend.  

 

Apollo Group (APOL, $33.62, up $0.40)

August 27 puts (APOL120818P00027000, $0.65, down $0.05)

Entry Price:  $0.90 (5/10/12)

Exit Target: $1.80

Return:  -28%

Stop Target:  45 cents

Action:  Earnings are next week which we will talk about on Monday.

 

Arena Pharmaceuticals (ARNA, $10.67, down $1.18)  

July 3 calls (ARNA120723C00003000, $7.25, down $1.50)

Entry Price:  $1.00 (4/30/12)

Exit Target: $2+ (closed half on 6/5/12 at $3.40, closed a quarter at $6.75)

Return:  415%

Stop Target:  $6.75 (HARD STOP a quarter of the other half)

Action:  Shares opened at $11.95 and quickly sold off and traded down to $7.80.  Our Hard Stop was triggered so we didn’t send out a Trade Alert as you should have had them in place.  We will leave the remaining quarter of the position open and we will talk about the possible outcomes Monday morning.