Mid-Day Update

PTEN, CMI, DE, and ICE Updates

By Bryan Bottarelli
Wednesday, June 04, 2008 12:52 PM EDT
Wed, 4 Jun 2008 16:52:00 GMT

Dear Bottarelli Research Member,

As of mid-day, it appears like our positions are on the verge of making their respective moves in our direction. As I review the intra-day charts of PTEN, DE, and CMI, all three continue to give off bullish indications. In fact, all three charts look better than the charts of the major market averages. Here’s a quick run-down:

PTEN June 35 Calls (NZQ FG): These calls, which we entered on 5/20/2008 for the average price of $0.80, could finally break into profitability if PTEN can extend upon the near-term bottom set last week just above $30.00. If PTEN can continue its recent up-trend, we’ll be in the money soon.

PTEN

DE June 80 Calls (DE FP): These calls, which we entered on 5/28/2008 for $4.40, could hand us a really sizable return if DE can call the $80.00 level a strong support point. As you can see from the chart, the $80.00 level also coincides with the 200-day moving average, so I continue to feel that this represents the floor in DE. If shares bounce the way I expect, we could see a $10.00 move up to $90.00.

DE

CMI June 70 Calls (CDM FN): These calls, which we entered on 5/28/2008 for $3.30, have been on the verge of an upside breakout for quite some time. While they’re currently trading above our original entry price, the CMI chart shows a great deal of congestion right at the $70.00 level. If CMI can break out of this range, as I expect, we could be off to the races with a series of new 52-week highs on the radar.

CMI

ICE June 125 Puts (ICE RU): And finally, we have our downside put play, which we entered on 6/3/2008 for $3.60. I showed you the ICE chart this morning, which illustrated how ICE doesn’t have a safety net. In other words, shares could easily fall $10.00 in short order. In fact, to see the weakness in the publicly-traded exchange sector, look no further than industry leader CME Group (CME – NYSE). As you can see below, CME has gotten absolutely clobbered lately, with a new 52-week low established just today. This same fate could soon fall upon ICE, so maintain your puts.

CME

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And as always…

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Sincerely,

Bryan Bottarelli

Bryan Bottarelli
Editor, Bottarelli Research

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