ACTIONS:
Buy to open the RIGL September 5 calls (RIGL150918C00005000, $0.50, up $0.05) at current levels.
Take profits and sell to close the first half of the OPK June 16 calls at current levels.
Dear Momentum Options Subscriber,
I have a New Trade for the portfolio on a stock that we have recently traded. Our last bullish trade in the name made us 70%, and I’m looking to make triple-digits this time around.
I also have a Profit Alert on another trade that has made a tremendous comeback this week.
New Trade
Rigel Pharmaceuticals (RIGL, $4.11, up $0.15)
Buy to open the RIGL September 5 calls (RIGL150918C00005000, $0.50, up $0.05) at current levels.
I want to get back into RIGL by using these call options. Shares have reclaimed their 50-day moving average, and I will provide the rest of the parameters of the trade in tomorrow’s Pre-Market Update. These are the regular monthly calls that expire on Sept. 18.
Partial Profit Alert
Opko Health (OPK, $15.65, up $0.84)
OPK June 16 calls (OPK150619C00016000, $0.60, up $0.25)
Entry Price: $0.50 (4/27/2015)
Exit Target: $1.00
Return: 20%
Stop Target: None
Take profits and sell to close the first half of the OPK June 16 calls at current levels.
After being down nearly 50% on this trade, let’s take partial profits in this position. I still believe that shares can trigger $16-$17, but I want to take a little off of the table in case there is a pullback following the nice rally in the stock this week.
All prices given in this update are current as 3:25 p.m. EST.
I hereby disclose that I will be participating in the aforementioned trade(s). Every new Momentum Options recommendation is listed with the price at which I entered my own position. If the price is slightly different than my recommended entry or exit price when you receive the alert, don’t let that keep you from getting into or out of a trade. Occasionally, you might even get a better “fill” price than what is posted in the Open Trades and Closed Trades.
Trade on!
Rick Rouse
Editor and Chief Options Strategist
Momentum Options