Take PCU Profits!

Another Try at ICE

By Bryan Bottarelli
Tuesday, May 22, 2007 10:04 AM EDT
Tue, 22 May 2007 14:04:00 GMT

Dear Bottarelli Research Member,

As we begin the trading day, I’d like to revisit InterContinental Exchange (ICE – NYSE). Since failing to enter our call play yesterday, the stock has continued to move aggressively to the upside — signaling even more upward momentum ahead. Let’s try once again to enter into a call play on ICE to ride this momentum for all it’s worth!

PLAY: Buy the ICE June 150 Calls (IHH FJ) on any dips at or under $8.50, good for the day. Current bid/ask spread is $8.70 to $9.10. Place a protective stop loss at $4.00.

Also moving higher is Southern Copper (PCU — NYSE). The PCU June 85 Calls (PCU FQ) that we entered for $4.10 are trading as high as $5.00, so let’s go ahead and lock in those profits!

PLAY: Sell the PCU June 85 Calls (PCU FQ) at or above $4.80, good for the day.

Let’s also take profits on our IO August 12.5 Calls (IO HV).The stock has hit another 52-week high and pushed these calls up to $3.20. Take the gains off the table now!

PLAY: Sell the IO August 12.5 Calls (IO HV) at or above $3.10, good for the day.

Lock and load!

Sincerely,

Bryan Bottarelli

Bryan Bottarelli
Editor, Bottarelli Research

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