Close Out COP and STLD

No Sense Fighting a Brutal Market

By Bryan Bottarelli
Thursday, June 26, 2008 12:59 PM EDT
Thu, 26 Jun 2008 16:59:00 GMT

Dear Bottarelli Research Member,

When Wall Street gets into one of these major selling moods, there really are no winners. As I write, June of 2008 is closing in on one of the worst market months since 2002, and the decision to buy this bottom or short the markets in anticipation of even lower prices is nothing more than a coin-flip (at best).

Therefore, we are left with no choice but to close out our COP July 100 Calls (COP GT) and our STLD July 40 Calls (RQL GH).It really doesn’t matter if stocks like COP and STLD are strong or not, the market is dead-set on pushing everything lower across the board. And I’m not willing to fight it, so close out both calls plays now.

This leaves us holding only the ACH August 30 Calls (ACH HF) and the CMG July 90 Puts (CMG SR).And until further notice, maintain these positions. Until then…

Lock and load!

Sincerely,

Bryan Bottarelli

Bryan Bottarelli
Editor, Bottarelli Research

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