Take MICC and FXI Profits!

Lock in 17% and 20% Gainers

By Bryan Bottarelli
Monday, December 03, 2007 10:25 AM EST
Mon, 3 Dec 2007 15:25:00 GMT

Dear Bottarelli Research Member,

I love it when both our calls and our puts are moving our way!

As I write, the FXI December 180 Puts (FVU XX) that we entered for $6.70 have traded as high as $7.90, good for a 17.9% gainer.

At the same time, the MICC December 125 Calls (CQD LE) that we entered for $5.30 have traded as high as $6.40, good for a 20.7% gainer.

Let’s go ahead and lock in profits on both positions now!

PLAY: Sell your FXI December 180 Puts (FVU XX) at or above $7.60, good for the day.

PLAY: Sell your MICC December 125 Calls (CQD LE) at or above $6.20, good for the day.

This leaves us holding only our LEH December 60 Puts (LES XL), which is a position that I continue to be comfortable holding into this week. Our puts have traded as high as $3.30 today, which officially breaks us even on the entire play. Remain short LEH for more gains. And like I mentioned this morning, I’ll be re-setting the ledger based on today’s early action, so sit tight until further notice. Until then…

Lock and load!

Sincerely,

Bryan Bottarelli

Bryan Bottarelli
Editor, Bottarelli Research

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