Position Update

NKE, OSTK, PPH

By Bryan Bottarelli
Thursday, October 05, 2006 12:37 PM EST
Thu, 5 Oct 2006 17:37:00 GMT

Dear Bottarelli Research Member,

On the day of my wedding, my Dad’s business partner Nick gave me a piece of advice I’ll never forget. “Bry,” be told me, “the secret to a successful marriage is to get her what she wants…and smile about it.”

That piece of advice came exactly five years ago today, and let me tell you, it works! Keeping up with this advice, my wife and I will be traveling to Boston tomorrow to celebrate our five year wedding anniversary. But before leaving, I wanted to give you a quick run-down of our open positions and set some price sell targets that could trigger by tomorrow.

First up, continue to work the sell orders on both your RIG November 70 Calls (RIG KN) and your DA January 30 Calls (DA AF).RIG traded as high as $4.10 today and DA traded as high as $2.00 today, so I suspect that each sale should get executed by the close of business.

Nike (NKE – NYSE) continues to waffle alongside the Dow, meaning it can’t decide when it’ll begin its next downturn. We’re currently holding the NKE November 90 Puts (NKE WR) with an average entry price of $2.95, so let’s sell them at or above $3.60.

NKE

Overstock.com (OSTK – NASDAQ) continues to show minimal signs of upside potential, which makes me comfortable holding our puts. If OSTK really gets nailed tomorrow, then sell your OSTK November 20 Puts (QKT WD) at or above $4.00.

OSTK

Our PPH November 75 Calls (PPH KO) are more of longer-term play, so simply hold this position to capitalize on the continuous rise in the big pharma sector.

There will be no trading alerts tomorrow, which means we’ll talk again on Monday.

Until then…

Lock and load!

Sincerely,

Bryan Bottarelli

Bryan Bottarelli
Editor, Bottarelli Research

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