A Lazy Day

Markets Temporarily Stuck

By Bryan Bottarelli
Friday, May 30, 2008 12:28 PM EDT
Fri, 30 May 2008 16:28:00 GMT

Dear Bottarelli Research Member,

There’s really not too much to report today, as the major market averages are limping into the close of trading in May. As you can see from the Dow chart below, the Blue Chips are perched right underneath their 50-day moving average, and it doesn’t look like we’ll receive any significant directional bias until next week. Therefore, I plan to maintain all of our current positions going into next week.

INDU

Looking collectively at the DE June 80 Calls (DE FP), PBR June 70 Calls (PMJ FN), and CMI June 70 Calls (CDM FN), all three of these positions are either at or slightly under our original entry prices. But the news flow remains positive. Brazil continues to receive positive exposure as a budding investment play, and many market watchers (notably Cramer) recently highlighted shares of Deere. All three charts look strong to me going forward, so maintain all three positions into next week.

DE

And even thought our PTEN June 35 Calls (NZQ FG) can’t seem to gain any traction, I would like to maintain this position into next week as well. If PTEN can hammer out a near-term bottom right above $30.00, we should see a carry-on move up past $34.00. And if this occurs, we’ll receive the profits that we expect to see on the PTEN June 35 calls. Let’s hang in there and let PTEN hammer out a new trend upward.

PTEN

Unless a new trade opportunity arises, I’ll most likely sign off for the day. So have a god weekend, and as always:

Lock and load!

*NOTE: Before I go, I would like to give you a “head’s up” concerning an exciting new venture for Bottarelli Research members like you. I can’t say too much surrounding the details of this opportunity at this time, but I can tell you that I have some very electrifying (and highly lucrative) development plans in motion. So be on the lookout. More details to come soon!

Sincerely,

Bryan Bottarelli

Bryan Bottarelli
Editor, Bottarelli Research

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