Add MICC Calls
Quick End of Day Play
Dear Bottarelli Research Member,
In terms of market movement, today has been a relatively uneventful trading day. The Dow, for example, has traded in a 132-point range in today’s session. Given the recent market volatility, this is considered extremely narrow! But to be honest, this is exactly what the bulls were hoping for.
After all, if the bears are unable to make a dent in the gains that we’ve seen over the last two days, then it would appear like the markets have the green light to move even higher. Now don’t get me wrong. It’s still anyone’s guess that’ll happen tomorrow. That’s why we’re still holding puts on LEH and DO. But to balance out the ledger, I’d like to add a new December call on Millicom International Cellular (MICC – NASDAQ).
MICC offers local and long distance telephony, broadband Internet, and wireless services to 14.9 million subscribers in 16 countries including El Salvador, Guatemala, Honduras, Bolivia, Colombia, Paraguay, Chad, Ghana, Mauritius, Senegal, Sierra Leone, Tanzania, and Cambodia.
In the early going, MICC hit a new 52-week high at $124.66, but has since backed off these high water levels. If we experience more volatility (which I’m sure we will) I feel that MICC could not only revisit these highs, but establish new highs, and this could offer a nice boost to the MICC December 125 Calls (CQD LE). Currently trading between $4.40 and $5.00 per contract, let’s go ahead and add this position to our ledger and take advantage of any re-tests of this 52-week high in the upcoming trading days. Here’s the play:
PLAY: Buy the MICC December 125 Calls (CQD LE) at or under $5.20, good for the day. Place a protective stop limit at $2.90.
Lock and load!
Sincerely,
© 2012 CSR Group, LLC. All rights reserved. Published in USA.
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