Take RIG Profits

Lock in 33% Gainer

By Bryan Bottarelli
Thursday, February 22, 2007 10:26 AM EST
Thu, 22 Feb 2007 15:26:00 GMT

Dear Bottarelli Research Member,

It looks like our play on RIG March 80 Calls (RIG CP) was very well-timed. Yesterday we entered these calls for $0.90, and today they’ve hit a high of $1.30. That’s a 44% gain overnight! As you can see by the chart, the stock is attempting to break through its 50-day moving average. If it successfully breaks through, the stock could make a strong upside jump. But if not, we’ll most likely see shares drift back down to the 200-day average. Given this situation, I’d like to lock in our gains right now — so here’s the play:

RIG

PLAY: Sell your RIG March 80 Calls (RIG CP) at or above $1.20, good for the day.

Also, has anyone seen Whole Foods Market (WFMI – NASDAQ) today? As you know, I’ve been talking in past alerts that WMFI is set to move higher — and today it’s blasting to the upside on earnings and takeover news.

WFMI

As I mentioned before, the stock can move all the way up to $60 (which would fill the downside gift gap) so let’s continue to monitor WFMI for an attractive entry opportunity. Until then…

Lock and load!

Sincerely,

Bryan Bottarelli

Bryan Bottarelli
Editor, Bottarelli Research

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