April 2013 | Members

12:00pm (EST) continued…

The Dow is up 3 points to 14,704 and we would like to see the bulls hold 14,700 into the close.  We doubt there is a late session selloff but if there is 14,600 needs to hold.

The S&P is down 5 points to 1,580 and needs to hold 1,575.  A close above 1,590 would be bullish heading into next week.

The Nasdaq is just below 3,275 as Tech is down 17 points to 3,273.  A close below this level would be slightly bearish while anything over 3,290 would be a bonus.

The Russell 2000 is off 4 points to 936 and needs to reclaim 940 by the close or it faces a bact test to 930 on Monday.  A flat to positive close at 940 or better could lead to a push to 950 and new highs next week.

We will be back Sunday night with the Weekly Wrap and the chart work for the major indexes and on Monday morning with the Daily.  Until then, have a great weekend!  (And be sure to hit us up on our special discounted offer.)

 

Do not risk more than 5% of your trading account on any one trade but do try to take ALL of the trades.  Please remember, ALL “Exit Targets” and “Stop Targets” are targets.  You should not have any “Hard Stops” entered to close any trades or “Exit Orders” in your brokerage account unless we list one.  We will send out a “Profit Alert” or “New Trade” if we want you to close a position OR if a new trade comes out.  Otherwise, follow instructions at all times in the 9am and 1pm updates.  Also, we will usually give you a heads-up if we think we are going to send an email outside of these time frames.  Closed Trades for 2013: 38-28, including the Weekly Wrap that is 12-1).

12:00pm (EST)

Solazyme (SZYM, $9.05, down $0.10)

June 10 calls (SZYM130622C00010000, $0.40, flat)

Entry Price:  $0.35 (4/25/13)
Exit Target:  $0.70
Return:  14%
Stop Target:  None

Action:  We believe shares can push $11 on a pop past $10 and would be more than enough to get us a double on these call options.  Earnings are due out May 8.

 

SAIC (SAI, $14.65, down $0.10)

June 15 calls (SAI130622C00015000, $0.45, flat)

Entry Price:  $0.25 (4/24/13)
Exit Target:  $0.75
Return:  80%
Stop Target:  None

August 15 calls (SAI130817C00015000, $0.65, flat)

Entry Price:  $0.40 (4/24/13)
Exit Target:  $1.20
Return:  63%
Stop Target:  None

Action:  Shares are poised to make a run at $18 once $15 is cleared.  Yesterday’s high was $14.92.

 

Symantec (SYMC, $24.40, down $0.05)

May 25 calls (SYMC130518C00025000, $0.55, flat)

Entry Price:  $0.60 (4/11/13)
Exit Target:  $1.20
Return:  -8%
Stop Target:  None

Action:  We would like to see a close above $24.50 today.

 

Keryx Biopharmaceuticals (KERX, $8.28, down $0.06)

June 10 calls (KERX130622C00010000, $0.50, flat)

Entry Price:  $0.70 (2/12/13)
Exit Target:  $1.40
Return:  -29%
Stop Target:  None

Action:  Support is at $8 and we would like to see a close above $8.50 by the close.

 

MGM Resorts International (MGM, $13.48, down $0.05)

June 15 calls (MGM130622C00015000, $0.30, flat)

Entry Price:  $0.40 (1/2/13)
Exit Target:  $0.80
Return:  -25%
Stop Target:  None

Action:  This is an older trade from January that we have been patient with.  Shares have been strong all week and are closing in on their 52-week high of $13.89.  Earnings are due out next Thursday and there is a chance we get our breakout to $15 on better-than-expected numbers.

 

Other 2013 Portfolio OPEN positions (3):  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 2013 Portfolio link in the Members Area to view ALL open/ closed trades.

Ironwood Pharmaceuticals May 20 calls (from March 2013)

Spider S&P 500 May 150 puts (from April 2013)

Powershares QQQ May 66 puts (from April 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

We will update this section on Monday with some fresh ideas.