12:55pm (EST)
FedEx (FDX, $86.50, up $0.69)
April 90 calls (FDX100417C00090000, $1.80, up $0.25)
Entry Price: $1.35 (3/1/10)
Exit Target: $2.70
Return: 33%
Stop Target: $1.00, raise to $1.35
Action: The calls traded to a high of $1.92 as shares have touched $87.12. Continue to hold.
Cree (CREE, $70.01, up $0.30)
April 75 call (CQR100417C00075000, $1.90, up $0.10)
Entry Price: $1.25 (2/26/10)
Exit Target: $2.00
Return: 52%
Stop Target: $1.10, raise to $1.30
Action: The calls have hit a high of $1.97 and we said to close half at $2. That is still the plan but we also don’t want to give up gains. Some of you may wish to close the trade here at these levels but we are going to keep pushing for $2+.
F5 Networks (FFIV, $59.58, up $1.33)
April 60 calls (FLK100417C00060000, $2.55, up $0.60)
Entry Price: $1.20 (2/22/10)
Exit Target: $2.50, raise to $3.00 (closed half on 3/2 @ $2.50)
Return: 110%
Stop Target: $1.25, raise to $2.00
Action: We said to close half of the trade at $2.50 and the current “ask” is $2.70. We have raised the stop on the other half to lock in profits in case F5 slips from here.
Berkshire Hathaway Class B (BRK/B, $81.54, down $0.37)
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, $0.60, uflat)
Entry Price: $0.95 (2/1/10)
Exit Target: $2.00
Return: -37%
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, $17.82, up $0.07)
Shuffle Master (SHFL, $8.35, up $0.03)
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.
Qualcomm (QCOM, $37.31, up $1.75)
April 37 call (AAO100417C00037000, $1.060, up $0.60)
Action: We said not to pay more than $1.40 if the options opened HIGHER than $1.40, which they did, so we did not take the trade. However, the calls have traded to a low of $1.40 so some of you may have ignored our instructions and took the trade anyway which is cool because you are up.
We had a feeling Qualcomm would be strong all morning and although we didn’t take the trade it doesn’t mean we aren’t looking at other options…
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