Snipe BIDU Profits!

Try to Execute $5.00 at the Open

By Bryan Bottarelli
Tuesday, March 04, 2008 9:24 AM EST
Tue, 4 Mar 2008 14:24:00 GMT

Dear Bottarelli Research Member,

As I write, the pre-market futures are down quite substantially. At the same time, Fed Chief Ben Bernanke is giving a live speech about how to rescue homeowners from foreclosures. Coincidence?

Either way, shares of BIDU are lower by $2.50 in the pre-market, and that should be good news for our BIDU March 210 Puts (BDU OB). We entered these puts yesterday for $3.80, so I’d like to try executing a “sniper sell” order at $5.00 at the open of today’s trading. Set this order now and see if we get filled anytime during today’s trading.

At the same time, our DO March 130 Calls (DO CF) briefly hit our stop loss at $1.10 yesterday before quickly recovering and trading higher. In a market like this, I think it’s smart to limit our upside exposure, so let’s go ahead and close off this position now. I still like the DO chart, and I also like the status of oil drillers, but in a market environment that has strong downside possibilities, let’s take the safe route. Close out your DO calls but maintain your JASO April 15 Calls (QJP DC).

And as always…

Lock and load!

Sincerely,

Bryan Bottarelli

Bryan Bottarelli
Editor, Bottarelli Research

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