Take APA Profits!

Maintain NILE, PTR, APC, AGU

By Bryan Bottarelli
Friday, February 22, 2008 10:24 AM EST
Fri, 22 Feb 2008 15:24:00 GMT

Dear Bottarelli Research Member,

First and foremost, I hope that everyone took sniper profits on your APA March 105 Puts (APA OA).At the close of yesterday’s trading, these puts hit our designated “sniper sell” target of $2.70, locking in a quick 20% gainer. And this morning, shares of APA have continued falling, pushing these puts all the way up to $3.10. If you didn’t sell yesterday, then be sure to lock in your 37% profits this morning!

Taking a quick look glance at today’s Dow chart, and I must say that the formation still looks weak to me.

INDU

And looking at our other put positions, everything is looking good except for our NILE March 40 Puts (JWU OH).I’d have to think that a recessionary environment could be extremely difficult for an online jewelry company. In fact, I think shares of NILE will be trading between $30 and $35 share in the very near future. Therefore, I’d like to maintain this position for more downside.

Let’s also maintain our APC March 60 Puts (APC OL) and our PTR March 140 Puts (PTR OH) for more downside as well. And remember, keep your “sniper sell” targets set for all of these positions — and we’ll capitalize on any sharp downside action by locking in quick gainers. As a reminder, let’s set a sell target at or above $2.10 on our APC puts, $7.30 on our PTR puts, and $3.30 on our NILE puts.

APC

And just in case we witness any upside moves, our AGU March 75 Calls (AGU CO) will act as a “buffer” and allow us to profit off this counter-move as well. So unless shares of AGU pop and we take our “sniper” profits at $3.30, be sure to maintain this position going into next week.

Should any other trading news surface throughout the trading day, you’ll be the first to know. But until then…

Lock and load!

Sincerely,

Bryan Bottarelli

Bryan Bottarelli
Editor, Bottarelli Research

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