Dear Bottarelli Research Member,
After yesterday’s late-session run, Joy Global (JOYG – NASDAQ) made a strong push to the upside and I’d like to take full advantage. JOYG July 60 Calls (JQY GL) that we entered two days ago for $2.05 have traded as high as $2.65. That’s good for a very nice 30% profit, so let’s go ahead and take the money off the table now!
PLAY: Sell your JOYG July 60 Calls (JQY GL) at or above $2.60, good for the day.
At the same time, maintain your oil-sector plays — which are the IMO July 45 Calls (IMO GI) and SII July 60 Calls (SIK GL). I’d like to use a continued rise in oil to take profits on these positions as well, and testerday’s strong up-move could be a sign of continued strength.
Also maintain your downside plays on the BDK July 90 Puts (BDK SR) and the CELG July 60 Puts (LQH SL). Any reactionary sell-off will enable us to lock in gains on these plays with any market weakness, so let’s continue to be nimble and lock in intra-day gains as dictated by the market conditions. Until then…
Lock and load!