Take Fast ETR Profits

Plus, Maintain IMO Sell

By Bryan Bottarelli
Friday, June 15, 2007 12:22 PM EDT
Fri, 15 Jun 2007 16:22:00 GMT

Dear Bottarelli Research Member,

As expected, Entergy (ETR – NYSE) is making a quick move to the upside. This has pushed the ETR July 110 Calls (ETR GB) that we entered this morning for $4.60 up to a high of $5.10. The current bid/ask spread is $5.00 to $5.30, so let’s try to squeeze the ETR floor traders and maximize our intra-day profits. In other words, let’s put in a sell order at $5.30 and see it the floor traders bite. If they do, this would be a 16% gain in just under two hours, which is more than respectable in my book. Let’s place this order now and see if we get filled by the end of the day. If not, maintain your ETR calls into next week.

ETR

PLAY: Sell the ETR July 110 Calls (ETR GB) at or above $5.30, good for the day.

Also, if you did not get filled on your IMO July 45 Calls (IMO GI), maintain your sell orders and we’ll see if prices get filled. If not, then hold this position into next week. And despite the market’s recent strength, I’m not convinced that Black & Decker (BDK – NYSE) or Celgene (CELG – NASDAQ) are on firm ground.

BDK

We’re still holding strong on our BDK July 90 Puts (BDK SR), and I’d still like to monitor the CELG July 60 Puts (LQH SL).If you adhered to our $2.00 stop, you took the safe route and closed the CELG position, but I’ll continue to follow it for your members who are still in. After all, I still rate the downside bias as the prevailing trend — especially if CELG encounters resistance at the 50-day moving average that it’s approaching (and failing at) right now.

CELG

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Lock and load!

Sincerely,

Bryan Bottarelli

Bryan Bottarelli
Editor, Bottarelli Research

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