Let’s Take More Profits
Lock and Load 38.7% and 17.8%
Dear Bottarelli Research Member,
As the major market averages continue to impressively hit new 52-week highs (highlighted by the Dow, the NDX, the QQQQ, the SPX, the OEX, and the Russell 2000), it’s time to take profits on two of our downside positions.
You entered the CTCO February 35 Puts (QOK NG) for $1.40. The last trade was $1.65. Looking at the chart, CTCO seems to have ended its downturn and looks to be finding support around $33.50. Let’s take our money and run.
PLAY: Sell your CTCO February 35 Puts (QOK NG) at or above $1.65, good for the day.
Next up is the big loser from yesterday, Red Robin. As I noted, the stock will keep falling, even after yesterday’s $13.00 drop. And today, that’s happening right on target, as the stock is down another $1.10 as I write. You entered the Red Robin March 40 Puts (QZR OH) for $3.10, and they’re currently trading for $4.30. Let’s use this drop to lock in your 38.7% profits.
PLAY: Sell the Red Robin March 40 Puts (QZR OH) at or above $4.30, good for the day.
UPDATES
Your one remaining open position is the eCollege March 20 Calls (EGU CD), which you entered for $1.80. The stock briefly hit a new 52-wek high today before leveling off, leaving your calls at exactly break-even. Continue to hold this position with a protective stop loss at $1.00.
Lock and load!
Sincerely,
© 2012 CSR Group, LLC. All rights reserved. Published in USA.
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