Take DIA Profits

Get Ready to Take RIG Profits Too!

By Bryan Bottarelli
Wednesday, June 18, 2008 9:59 AM EDT
Wed, 18 Jun 2008 13:59:00 GMT

PLAY: Sell your DIA July 122 Puts (DAW SR) at or above $3.10, good for the day.

Dear Bottarelli Research Member,

At 10:35 EST, President Bush is scheduled to give a speech — and it’s rumored that he’ll comment in oil drilling. Coming on the heels of Senator McCain’s comments from yesterday, there is a chance that today’s comments from the President could offer an upside trigger for the top oil drillers, notably RIG. This would certainly help our RIG July 150 Calls (RIG GJ), so let’s maintain this position with a pre-set sniper sell order at $7.20.

In the meantime, let’s go ahead and lock in profits on our DIA July 122 Puts (DAW SR).As you know, we entered these puts on Monday for $2.57 and they’ve traded as high as $3.20 in today’s action. That’s a quick 24% gainer, so let’s lock in these profits now!

PLAY: Sell your DIA July 122 Puts (DAW SR) at or above $3.10, good for the day.

At the same time, maintain your COP July 100 Calls (COP GT) and your STLD July 40 Calls (RQL GH), as oil and steel remain two strong sectors that we want to have exposure to. And as always…

Lock and load!

Sincerely,

Bryan Bottarelli

Bryan Bottarelli
Editor, Bottarelli Research

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