9:00am (EST)

FedEx (FDX, $94.12, down $1.02)

May 90 puts (FDX130518P00090000, $0.95, up $0.25)

Entry Price:  $0.95 (4/17/13)
Exit Target:  $1.90
Return:  0%
Stop Target:  None

Action:  Yesterday’s low was $93.57 and the January 2 low is $93.37.  Shares appear to be headed for a test to $90 and where they sept much of December.  A break below $88 should lead to a test to $85 and the 200-day MA.

 

Freeport-McMoRan Copper & Gold (FCX, $28.00, down $1.25)

May 26 puts (FCX130518P00026000, $0.65, up $0.25)

Entry Price:  $0.75 (4/17/13
Exit Target:  $1.50
Return:  -13%
Stop Target:  None

Action:  Shares could trade down to $27, possibly $25 by mid-May.  Yesterday’s print of $27.52 was a 52-week low as the options reached a high of 87 cents.

 

Symantec (SYMC, $23.78, down $0.37)

May 25 calls (SYMC130518C00025000, $0.35, down $0.20)

Entry Price:  $0.60 (4/11/13)
Exit Target:  $1.20
Return:  -42%
Stop Target:  None

Action: Wednesday’s bottom was $23.40 and there is risk down to $22 on the close below $24.  A rebound back above this level keeps us in the trade, below $22 we might bail.

 

Yahoo (YHOO, $23.70, down $0.09)

May 25 calls (YHOO130518C00025000, $0.35, down $0.20)

Entry Price:  $0.65 (4/11/13)
Exit Target:  $1.30
Return:  -46%
Stop Target:  None

Action:  Yahoo beat the Street by 12 cents but revenue was off the mark.  We still like the trade as long as $22 holds.

 

Keryx Biopharmaceuticals (KERX, $7.74, down $0.11)

June 10 calls (KERX130622C00010000, $0.40, flat)

Entry Price:  $0.70 (2/12/13)
Exit Target:  $1.40
Return:  -43%
Stop Target:  None

Action:  Near-term support is at at $7.50 with $7 serving as backup.  We would like to see a close above $8 this week.

 

Other 2013 Portfolio OPEN positions (9):  These are trades that are still open in the portfolio but are down over 50%.  They have longer expiration dates and are on “hold” but are not worth mentioning until they turn around.  This means we would not open any new positions.  We are still keeping track of the trades and we will record the results, accordingly, when we close them or if the options expire.  Click on the 2013Portfolio link in the Members Area to view ALL open/ closed trades.

 

Facebook April 29 calls (from February 2013)

Sony April 18 calls (from March 2013)

Cisco Systems April 22 calls (from March 2013)

Ironwood Pharmaceuticals April 20 calls (from March 2013)

May 20 calls (from March 2013)

Baidu April 75 puts (from March 2013)

Cyberonics April 40 puts (from February 2013)

iShares Dow Jones Transportation Average April 100 puts (from February 2013)

MGM Resorts International June 15 calls (from February 2013)

Taiwan Semiconductor April 20 calls (from January 2013)

 

WATCH LIST SECTION

These trades are NOT recommendations.  They are trades that we like but have not added to the portfolio as an official recommendation because of market conditions or because we are waiting for better entry prices.  We try not to have more than 12-15 open trades at any one time which is why we created a Watch List.  We will not list entry prices because these stocks are on the verge of breaking out or they could sell off but these are the trades we are watching as new candidat

 

Sina (SINA, $46.94, down $0.41)

May 42.50 puts (SINA130518P00042500, $1.25, up $0.15)

Thoughts:  Watch for now.

 

Spider Gold Shares (GLD, $132.87, up $0.07)

May 120 puts (GLD130518P00120000, $0.75, down $0.15)

June 110 puts (GLD130622P00110000, $0.55, down $0.03)

Thoughts:  The Gold ETF could drop to $100 over the next few months.

 

Caterpillar (CAT, $81.47, down $1.14)

May 80 puts (CAT130518P00080000, $2.00, up $0.50)

May 77.50 puts (CAT130518P00077500, $1.18, up $0.33)

Thoughts:  We should already be in this trade but we aren’t.  Earnings are due out on April 22.  We would love to see a back test to $85 ahead of the event.  A break below $83 would likely lead to a trip to the high $70’s.

 

Bank of America (BAC, $11.70, down $0.58)

June 12 calls (BAC130622C00012000, $0.42, down $0.28)

Action:  Support has been solid at $11.75 since early March and there is further help at $11.50, or the 100-day MA.  W are waiting for a trip past $12.50 before possibly going long.

 

Spider S&P 500 (SPY, $155.11, down $2.30)

May 150 puts (SPY130518P00150000, $1.15, up $0.55)

Thoughts:  The S&P could make a run at 1,600 which means the Spiders could reach $160.  We would wait for a break below $155 before possibly going short.

 

Powershares QQQ (QQQ, $68.11, down $1.88)

May 71 calls (QQQ130518C00071000, $0.25, down $0.20)

May 66 puts (QQQ130518P00066000, $0.60, up $0.30)

Thoughts:  A close above $70 could clear the way for a test to $72-$73 over the near-term.  Support is at $68 and the 50-day MA but a close below this level could lead to $65.

 

iShares Russell 2000 (IWM, $990.08, down $1.59)

May 90 puts (IWM130518P00090000, $2.00, up $0.65)

Thoughts:  We would wait for a close below $92 before possibly going short.