GPRO Jumps, Take Profits!

Also, JOE Continues to Set New Lows

By Bryan Bottarelli
Wednesday, May 31, 2006 11:22 AM EST
Wed, 31 May 2006 16:22:00 GMT

PLAY: Sell the GPRO November 55 Calls (PSU KK) at or above $6.50, good for the day.

Dear Bottarelli Research Member,

After yesterday’s 180-point drubbing on the Dow, today’s 73-point Dow gain is proving to be a psychologically-strong showing for the bulls. Not only that, but all of our “Aftermath Report” picks are moving our way — with solid gains on CAT, DNA, ATK, ABX, and especially GPRO. Check out GPRO’s chart:

GPRO

The stock is rallying today on the news that Gen-Probe’s prototype PCA3 urine test may prove superior to prostate specific antigen (PSA) testing. Pre-clinical research has shown that the PCA3 gene is over- expressed only in cancerous prostate tissue, which means GPRO’s technology could be able to detect any cancerous material in a much simpler and faster manner. On this rally, the GPRO November 55 Calls (PSU KK) we purchased for $5.10 are trading as high as $6.50. That’s a nice 27% gain. Given the recent market weakness, I’d like to take our profits off the table now.

PLAY: Sell the GPRO November 55 Calls (PSU KK) at or above $6.50, good for the day. Current bid/ask spread is $6.40 to $6.70.

*Trading Note: I may decide to re-enter these same calls at a later date, as I continue to feel GPRO is a great stock to be positioned to the upside in over the next 6 months. But for now, let’s take our money and run!

Over on the put side, Joe keeps moving lower as the stock hit a new 52-week low at $46.64. If we see a strong gain on our JOE July 50 Puts (JOE SJ), I may take that gain off the table as well. Until then…

Lock and load!

Sincerely,

Bryan Bottarelli

Bryan Bottarelli
Editor, Bottarelli Research

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