Lock in RIG Profits

Take 24% Profits!

By Bryan Bottarelli
Thursday, March 27, 2008 9:57 AM EDT
Thu, 27 Mar 2008 13:57:00 GMT

Dear Bottarelli Research Member,

I often times wonder what would be more detrimental to your mental and/or physical health.

Getting a handle on the daily market action, or spending a weekend in Las Vegas with Gary Busey and Amy Winehouse?

From a market perspective, the mood changes virtually every hour. Last week, for example, the trade was to un-wind commodities and metals and go long financials and technology. This week, it appears like the exact opposite trade taking place: Go long metals/commodities and short tech/financials.

Now don’t get me wrong, I don’t mind playing (and profiting) off this volatility. It’s just a matter of the market giving us the opportunity to get positioned ahead of these moves. That’s the tricky part (timing is everything, right?) Yesterday, we attempted to get positioned ahead of this new market shift, and so far its’ working our nicely. Our ABX calls were sold for a nice profit, and now I’d like to extend these gains my locking in profits on our RIG April 140 Calls (RIG DH). I originally set a sniper sell price at $4.70, and the high of the day today is $4.60. Therefore, I don’t want to fuss around with a dime, so let’s lock in these profits now!

PLAY: Sell your RIG April 140 Calls (RIG DH) at or above $4.50, good for the day.

Maintain your COF April 50 Puts (COF PJ), and Ill follow up as the trading day progressed. Until then…

Lock and load!

Sincerely,

Bryan Bottarelli

Bryan Bottarelli
Editor, Bottarelli Research

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