We have a NEW TRADE for our Weekly Wrap that we are adding today and an update on a current trade as well. We have played the stock in the past for our portfolio with the new trade and the current trade we are updating could make us nearly 35% by mid-May. The Weekly Wrap is 10-1 for the year and 54-3 since we started the publication a little over 2 years ago.
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magicJack VocalTec (CALL, $16.65, up $0.66)
Sell to OPEN May 17.50 calls (CALL130518C00017500, $0.90, up $0.20.
Action: We like the stock at current levels and we are selling the May 17.50 calls to lower our cost basis to $15.75. If we are called away at $17.50 in mid-May the trade will make 11%.
Keryx Biopharmaceuticals (KERX, $8.19, up $0.85)
May 9 calls (KERX130518C00009000, $0.50, up $0.25)
Original Entry Price: $7.22 (2/12/13)
Lowered Price from Selling Options: $7.22
Exit Target: $10+
Stop Target: None
Action: We are selling the May 9 calls for 50 cents that will lower our cost basis to $6.72. If we are called away at $9 in mid-May the trade will make us 34%.