I have been shaving down some of my long positions. I mentioned last week that the market was not showing any signs of weakness other than everyone thinking we are in need of a pull back. Fortunately I don't care much what people think and for that matter what I think the markets should do. The markets are going to do what they want and don't care how we feel about it. With that being said I have continued to put on long positions in an attempt to stay with the trend.
These positions were entered on 2/10/11
PAY mar 44 call long @ 2.35
FST mar 39 call long @ 1.35
OXY mar 100 call long @ 2.10
SLB may 100 call @ 1.70
JBL mar 22.50 call @ .55
PAY - I have taken a piece off of PAY @ 4.70, today it closed at 6.35, the stock should see 50 where I will take another piece off and continue bringing my stops up. PAY reports 3/1/11 and I will more than likely exit the full position prior to earnings. Current stops are at 4.70
FST - I closed out the rest of FST today as they report on Tuesday morning and the markets are closed Monday. Also, it was showing some weakness today and I wanted to lock in some gains. Closed rest of position at 1.70
OXY - I have been shaving along the way taking pieces off at 3.30, 4.20, and now looking to take more off into further strength. I do believe this one has a possibility of seeing Par. I have brought my stops up to 4.20. Today it closed at 6.35.
SLB - SLB is one of my favorites in this space and we have some time on this one. My price target in the next 3 months is 109.10. However our 100 may call option is now trading at 2.95 from our 1.70 entry. I will look to take a piece off at 3.40 and trail stops from there.
JBL - took a piece off today at 1.20, this chart continues to look very attractive.
WFR - entered 0n 2/11/11 at .50, I got stopped out at .75 on 2/15/11. I had a target of 14.58 which was attained today, but I brought my stops up to lock in a 50% gain when it had pushed up to .90, unfortunately the stock experienced a little give back in the later part of the day and stopped me out @ .75
MU - I entered the apr 9 call on 1/3/11 @ .57, I have since taken profits several times and have also added the apr 12 call strike and the jan 2012 15 call strike which I have taken a piece off as well with a little better than a double. I think MU has a while to run even though it is extended.
KO - was entered on 2/14/11 and I got a fill of .85, some of the Tidetraders got a better fill than I but this one is also looking very, very nice. Currently it is trading at 1.31. My targets are 65.03, 65.88, 66.97, 68.35, and lastly 70.65, not sure if it will make it there, but these are the areas where I will look to shave some of the options off. Stops for now are at .75. I will be adjusting very soon.
WCC and AGCO continue to rock, I see further upside in both, but as I mentioned the liquidity in WCC options is horrible and I will look to shave as the opportunity presents itself ie. when option buyers come in. WCC entry was on 1/5/11 @ 2.40, currently option is trading @ 5.80 by 6.60, you can see the horrible slippage.
As for AGCO, 57.91 is my next upside target. AGCO was entered on 2/15/11 via a mar 55 call @ 1.75, currently it is trading at 3.10. I will look to take a piece off at 3.50 and then trail it up to my target.
On a sour Note I have taken 2 losers in the form of the MCP mar 55/60 call spread that was entered on 2/8/11 at 1.55 and stopped out @ .45
I re-entered a MCP mar 50 call on 2/16/11 @ 3.20 and stopped out today @ 2.60. I just wanted to lighten up my port of longs and also still have exposure in the rare earth names via a REE jul 17.50 call which is currently also in the red.
Today I entered APOL long via a mar 45 call. I have been stalking this one along with other education sector stocks. This got above the 200ma briefly today and I entered the position long. I am looking for a possible attempt at a gap fill from the falling window put in on 10/14/11 off of the earnings report. My entry was triggered off of a 200 ma cross and a 50% retracement form 9/23/10 which came in at 43.70. My targets on this are 46.04, 49.37, and 53.61 which are the 61%, 78% and 100% retracements respectively. I am not any any means what so ever under the impression this stock will move that much in the time frame allotted, however as those targets are hit I will trail my stops up accordingly, and if it keeps trending up at that time I will re-evaluate and see if a roll to a later month is warranted. I have placed my stops on at .50 for now.
Currently there are still many opportunities out there and I will try to continue to capitalize on them. I continue to enter 1/4 to 1/2 size positions as I understand we are extremely lofty. I will look to lighten up the portfolio of longs aggressively as we come into the 1350 to 1365 area on the S&P 500. or get stopped out of positions, which ever happens first. At that time, I will re-evaluate and put together another battle plan.
See these trades live. I post them exactly when I take them in the live chat room at www.tidetraders.com
I also post them on twitter.com and my handle is ptposture1
My twitter posts on entries and exits will decrease substantially starting in March
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