Good Morning, Take JOYG Profits!

Lock in 2-Day Gainer

By Bryan Bottarelli
Thursday, June 14, 2007 9:35 AM EDT
Thu, 14 Jun 2007 13:35:00 GMT

Dear Bottarelli Research Member,

After yesterday’s late-session run, Joy Global (JOYG – NASDAQ) made a strong push to the upside and I’d like to take full advantage. JOYG July 60 Calls (JQY GL) that we entered two days ago for $2.05 have traded as high as $2.65. That’s good for a very nice 30% profit, so let’s go ahead and take the money off the table now!

JOYG

PLAY: Sell your JOYG July 60 Calls (JQY GL) at or above $2.60, good for the day.

At the same time, maintain your oil-sector plays — which are the IMO July 45 Calls (IMO GI) and SII July 60 Calls (SIK GL). I’d like to use a continued rise in oil to take profits on these positions as well, and testerday’s strong up-move could be a sign of continued strength.

Also maintain your downside plays on the BDK July 90 Puts (BDK SR) and the CELG July 60 Puts (LQH SL). Any reactionary sell-off will enable us to lock in gains on these plays with any market weakness, so let’s continue to be nimble and lock in intra-day gains as dictated by the market conditions. Until then…

Lock and load!

Sincerely,

Bryan Bottarelli

Bryan Bottarelli
Editor, Bottarelli Research

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