12:45pm (EST)
Barrick Gold (ABX, $39.78, down $0.36)
March 42 calls (ABX100320C00042000, $0.36, down $0.12)
Entry Price: $0.50 (3/3/10)
Exit Target: $1.00
Return: -28%
Stop Target: None
April 43 calls (ABX10041700043000, $0.83, down $0.13)
Entry Price: $1.03 (3/3/10)
Exit Target: $2.00
Return: -19%
Stop Target: None
Action: We could have gotten these options cheaper but Barrick was showing a higher bid in pre-market trading. Shares have bounced over $40 a few times so hopefully we can get a close above this level again.
Qualcomm (QCOM, $39.00, up $0.31)
March 39 calls (AAO100320C00039000, $0.78, up $0.11)
Entry Price: $0.70 (3/3/10)
Exit Target: $1.05
Return: 11%
Stop Target: None
Action: We are running into resistance but we think there is a chance we break $40 over the next few weeks.
FedEx (FDX, $86.42, up $0.28)
April 90 calls (FDX100417C00090000, $1.62, down $0.03)
Entry Price: $1.35 (3/1/10)
Exit Target: $2.70, lower to $1.95
Return: 20%
Stop Target: $1.35
Action: The calls have traded to a high of $1.96 which is 45% higher than our entry price. If we can get back to $1.95 or $2.00 today, take profits. Again, take profits on the entire position if we run back up to these levels. Shares hit a high of $87.48 so this is the level we are watching.
Berkshire Hathaway Class B (BRK/B, $82.95, flat)
June 100 calls (BPY100619C00100000, $0.20, flat)
Entry Price: $0.50 (2/1/10)
Exit Target: $1.00+
Return: -60%
Stop Target: None
September 100 calls (BPY100918C00100000, $0.70, flat)
Entry Price: $0.95 (2/1/10)
Exit Target: $2.00
Return: -26%
Stop Target: None
Action: Continue to hold.
Other 2010 Portfolio OPEN positions (2): These are trades that are still open in the portfolio that have longer expiration dates but are not worth mentioning until they turn around. This way you know we are still tracking them and we will record the results, accordingly. Click on the 2010 Portfolio link in the Members Area to view ALL open/ closed trades.
EMC (EMC, $17.38, down $0.17)
Shuffle Master (SHFL, $8.08, down $0.26)
Action: EMC is an April call option trade while Shuffle Master is a May option trade that we profiled in January 2010.
WATCH LIST SECTION
These trades are NOT recommendations until we send out an alert. These are trades that we like but have not added to the portfolio as an official recommendation because of market conditions. We will not list entry prices because these stocks are on the verge of breaking out or they could sell-off.
Freeport-McMoRan (FCX, $78.48, down $0.76)
March 75 puts (FHZ100320P00075000, $1.23, up $0.15)
April 70 puts (FHZ100417P00070000, $1.50, up $0.12)
Action: Watch for now…
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