Good Morning, Snipe ABX Profits!

Lock in 20% Gainer

By Bryan Bottarelli
Monday, March 10, 2008 9:40 AM EDT
Mon, 10 Mar 2008 13:40:00 GMT

PLAY: Sniper Sell your ABX April 50 Puts (ABX PJ)

Dear Bottarelli Research Member,

As we open yet another week of trading, shares of gold firm ABX are trading over $1.00 lower, and this has pushed the ABX April 50 Puts (ABX PJ) right to our designated “sniper” sell price at $3.30. As you know, we entered these puts for $2.60 last week, so let’s lock in this 20% gainer now!

PLAY: Sniper Sell your ABX April 50 Puts (ABX PJ) at or above $3.30, good for the day.

At the same time, we’ll be watching very closely to see how the major market averages react to last week’s end-of-week selling pressure. For example, the S&P 500 2.8% last week — and this has now pushed the index 17% off its October high. The NASDAQ, after dropping 2.6% last week, has given up 23% since late October. And the Dow, after falling 3% last week, is down 10.34% year to date.

These are all significant bull-market pullbacks, but we need to discern if we’re operating in a bull-market correction of switching trends over to full-blown bear market. How we react to the January 2008 lows will give us a good indication of this answer. So until then, I’ll be looking to replenish the ledger with a new put candidate. And as always…

Lock and load!

Sincerely,

Bryan Bottarelli

Bryan Bottarelli
Editor, Bottarelli Research

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