Dooms-Day for CHL?
Pay Up to $5.00 for VMW Calls
Dear Bottarelli Research Member,
As you know, we’ve successfully played put options on China Mobile (CHL — NYSE) on multiple occasions, and as you study today’s CHL chart, you can see that the stock has once again moved down underneath the 50-day moving average to test the $80.00 support level. The last time CHL tested these levels it bounced. But now that CHL is testing this level for a second time, things could be different. If the $80 level ruptures, CHL could realistically fall all the way down to $60.00, so let’s watch this situation for a possible put play.
In the meantime, let’s adjust our entry price on our VMware December 90 Calls (VMW LR).We tried to pick then up under $4.60, but it looks like prices are not going to get that low again. Therefore, if you were unable to enter them earlier, go ahead and add them at or under $5.00, good for the day. Place a protective stop limit at $2.30.
Lock and load!
Sincerely,
© 2012 CSR Group, LLC. All rights reserved. Published in USA.
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