Take CELG Profits (again)

Plus CLF & X

By Bryan Bottarelli
Friday, June 22, 2007 9:36 AM EDT
Fri, 22 Jun 2007 13:36:00 GMT

Dear Bottarelli Research Member,

With the markets opening lower, let’s once again try to take profits on our CELG July 60 Puts (LQH SL). We entered this position on June 12th for $3.20 and we tried to use yesterday’s morning weakness to sell them at or above $3.90, but I doubt that anyone was able to execute that sell price. So with the markets opening weaker this morning, let’s once again try to lock in gains on this trade.

PLAY: Sell your CELG July 60 Puts (LQH SL) at or above $3.50 good for the day.

I was also really pleased with the action of Cleveland-Cliffs (CLF – NYSE) yesterday. The CLF July 80 Calls (CLF GP) that we added to (for an average entry price of $3.05) traded as high as $3.50 yesterday. If the 50-day moving average acts as support, we could be in for a nice upside move, so maintain the position for more gains.

CLF

Another call play candidate comes in the form of United States Steel (X – NYSE). As you can see from the chart, the stock is testing the 50-day moving average, and if this level acts as support we could be in for further upside. Let’s keep a close eye on X for a possible play later today or early next week.

X

ADMIN NOTE: I am pleased to report that we have resolved the e-mail delivery problems we have been experiencing with Yahoo!, and Yahoo! is no longer blocking Bottarelli Research e-mails. If you use Yahoo! e-mail, your Bottarelli Research alerts will now be delivered into your inbox without being delayed or blocked.

SMALL CAPS NOTE: If you have yet to join our new small-cap service, you might strongly consider signing up today. I’m about to publish our newest small-cap pick after the close of trading today, and you don’t want to miss our latest pick. This $2.25 stock is the premier geothermal company in the country — if not the world. They expect to have their first plant online in November, which means the time to buy this stock is now. You’ll get all the details tonight in our Bottarelli Research Small Caps alert, so if you’d like to join this new service please follow this link:

http://www.bottarelliresearch.com/small-caps/offer/O2710K2SYZ/

Lock and load!

Sincerely,

Bryan Bottarelli

Bryan Bottarelli
Editor, Bottarelli Research

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