Take DRYS Profits!

Lock in Quick Gainer

By Bryan Bottarelli
Wednesday, March 19, 2008 9:40 AM EDT
Wed, 19 Mar 2008 13:40:00 GMT

Dear Bottarelli Research Member,

Let’s go ahead and lock in quick gains on our DRYS April 65 Calls (DQR DM). As you know, we entered these calls yesterday for $4.66 and they just traded as high as $5.20, good for a quick 11% overnight gainer. Let’s go ahead and lock in these profits now!

PLAY: Sell your DRYS April 65 Calls (DQR DM) at or above $5.20, good for the day.

Let’s also continue to hold both sides of our DIA Strangle. Should the major market averages extend upon yesterday’s 400-point rally, I’d like to sell off the call side of this strangle and hold the put side for a run down. When it’s time to act on this, you’ll be the first to know.

Also, as a way to follow up on past positions, I’ve noticed that companies like APA, BG, and FCX have all been moving higher in recent days. BG in particular opened over $4.00 higher today, so if you’re still holding calls on these plays, please consider selling these positions into any extended upside strength today. Of course, if you are showing a profit, certainly lock it in. And even if you’re getting close, use any market upside to close these plays — because I fear that the markets will take a breather after yesterday’s 400-point blastoff. As always, I’ll be out with further updates as the day progresses. But until then…

Lock and load!

Sincerely,

Bryan Bottarelli

Bryan Bottarelli
Editor, Bottarelli Research

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