Symantec (SYMC, $24.15, up $0.20)
May 25 calls (SYMC130518C00025000, $0.55, flat)
Entry Price: $0.60 (4/11/13)
Exit Target: $1.20
Stop Target: None
Action: Shares traded up to $24.24 and we got our close back above $24. The 52-week high is $24.91 but there is risk down to $22 on further weakness.
Yahoo (YHOO, $23.79, down $0.19)
May 25 calls (YHOO130518C00025000, $0.55, down $0.10)
Entry Price: $0.65 (4/11/13)
Exit Target: $1.30
Stop Target: None
Action: Shares were down a buck in after-hours after the company beat estimates but revenues came up a little short.
Keryx Biopharmaceuticals (KERX, $7.86, up $0.13)
June 10 calls (KERX130622C00010000, $0.40, flat)
Entry Price: $0.70 (2/12/13)
Exit Target: $1.40
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)
SonyApril 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 candidates.
Freeport-McMoRan Copper & Gold (FCX, $29.25, down $0.02)
May 27 puts (FCX130518P00027000, $0.60, down $0.05)
Thoughts: Shares made a perfect back test to $30 but there is a chance they trade down to $27, possibly $25 by mid-May.
Spider Gold Shares (GLD, $132.80, up $1.49)
May 120 puts (GLD130518P00120000, $0.88, down $0.88)
June 110 puts (GLD130622P00110000, $0.58, down $0.48)
Thoughts: The Gold ETF could drop to $100 over the next few months.
FedEx (FDX, $95.14, $0.43)
May 90 puts (FDX130518P00090000, $0.70, down $0.10)
Thoughts: Shares appear to be headed for a test to $90, possibly $85 and the 200-day MA.
Caterpillar (CAT, $82.61, up $0.34)
May 80 puts (CAT130518P00080000, $1.50, down $0.30)
May 77.50 puts (CAT130518P00077500, $0.85, down $0.20)
Thoughts: Earnings are due out on April 22. We would love to see a back test to $85 now ahead of the event. A break below $83 would likely lead to a trip to the high $70’s.
Sina (SINA, $47.35, down $0.13)
May 42.50 puts (SINA130518P00042500, $1.10, flat)
Thoughts: Support at $50 had been holding and this now near-term resistance. If shares close below $47, we will likely go short for a test down to the low $40’s.
Bank of America (BAC, $12.28, up $0.30)
June 13 calls (BAC130622C00013000, $0.28, up $0.06)
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, $157.41, up $2.29)
May 153 puts (SPY130518P00153000, $1.00, down $1.15)
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.
PowersharesQQQ (QQQ, $69.47, up $0.91)
May 71 calls (QQQ130518C00071000, $0.50, up $0.20)
Thoughts: A close above $70 could clear the way for a test to $72-$73 over the near-term and would be enough to get us a double in these calls. Support is at $68 and the 50-day MA.
iShares Russell 2000 (IWM, $91.67, up $1.56)
May 90 puts (IWM130518P00090000, $1.35, down $0.90)
Thoughts: We would wait for a close below $92 before possibly going short.