Close CRM Puts

Revisit on Weak Market Day

By Bryan Bottarelli
Tuesday, October 18, 2011 2:34 AM EDT
Tue, 18 Oct 2011 06:34:00 GMT

PLAY: Sell your CRM October 125 Puts (O:CRM 11V125.00) at market, good for the day.

Dear Bottarelli Research Member,

The sudden reversal in the major market averages has given Salesforce.com (CRM – NYSE) just enough strength to push higher. On a day when the markets are weak, I think we’ll have another opportunity to play CRM short. But for now, adhere to your tight stop and close this one out. Sell.

As you can see from the S&P chart, we’re still facing triple-top resistance at the 1,220 level. Until we see this level break, we should still bias our ledger to the downside.

And as always…

Lock and load!

Sincerely,

Bryan Bottarelli
Editor, Bottarelli Research
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