12:05pm (EST)
While we are still undecided on a new trade for the Daily, we do see an opportunity to add 3 NEW TRADES for our WEEKLY WRAP covered call portfolio. We are still doing some research for the Daily for a possible option trade but we don’t want to push the action. In the meantime, there are a few stocks we like that are pushing 52-week highs that we still have further upside potential.
Subscribers, check the WEEKLY WRAP Premium Section for the NEW TRADES and we will be back shortly with our midday update.
MEMBERS AREA
NEW TRADE!!!
Buy Bank of America (BAC, $9.89, up $0.06)
Action: Shares of BAC looked poised to clear double-digits and could push $12 if the Financial stocks can gather some momentum. We will look to start selling options against the position once shares clear $11.
Buy CubeSmart (CUBE, $13.59, up $0.06)
Action: Shares are near their 52-week highs. We will wait to sell an option and would like to see shares clear $15 before doing so.
Buy American Capital (ACAS, $11.90, up $0.02)
Action: Shares are near their 52-week high and this is an old favorite we sold too soon.