Take ICE Profits
Plus, Close out PCU for Good
Dear Bottarelli Research Member,
There’s no way to sugar coat this, so I’ll just say it. The bounce that I was expecting in Southern Copper (PCU – NYSE) is simply not happening. As a result, our PCU December 130 Calls (PCU LF) have officially been stopped out at $3.10.
As you can see from the chart, PCU attempted to call the 50-day moving average a support level last week, but that support was short-lived and the shares have continued to move sharply lower. In fact, the entire metals sector is getting clobbered today, which is curious as talks of a recession grows stronger. Be that as it may, it’s time to officially close off PCU and move on.
On a more positive note, shares of InterContinental Exchange (ICE – NYSE) have continued to move lower, and this has pushed the ICE November 170 Puts (IHH WN) that we entered last week for $6.70 up to a high of $9.00. Let’s go ahead and lock in this gain now!
PLAY: Sell your ICE November 170 Puts (IHH WN) at or above $8.50, good for the day.
I’ll look for new trading opportunities as the markets continue to short out their next move, but until then:
Lock and load!
Sincerely,
© 2012 CSR Group, LLC. All rights reserved. Published in USA.
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CSR Group, LLC expressly forbids its writers from having a financial interest in any security recommended to readers. Furthermore, all employees and agents of CSR Group, LLC and its affiliate companies must wait 24 hours before following a published recommendation.
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