We remain written against all of our long call positions in HL as this has reduced our costs and therefore our risk. We closed out the AA bull spread by legging out for $1.08 vs. a cost of $ .39.
I also added new positions in HOG, and the 8/50 calls at the $48.17 area, as well as some QQQ 7/29 110 puts as protection for any surprises.
If you read our Market Strategies dated today, sent last night, I am overall bullish for the intermediate term, but as noted there, we could see a counter-trend trading opportunity of 5-10%. As noted on page 1 of the letter, I went into the last 2 major bull markets and showed that a 30-40% declines several time during their long durations. All that said, I did take a gain today on NVAX @ $7.59 (cost $5.85) and COTV bought Thursday @ $22.81 broke out of a short term consolidation to make a new high @ $24.25.
The problem in Turkey (TUR down 7%) seems to have calmed down and we didn’t get any follow through to the downside, but make no mistake, that is far from over.
Plenty of earnings due after the close, so if we have any trades for the morning they will be texted via our free (to subscribers) service CAM
Phone: (702) 650-3000
Fax: (702) 697-8944