Add HIG Puts

Balance Out Ledger

By Bryan Bottarelli
Friday, October 17, 2008 10:24 AM EDT
Fri, 17 Oct 2008 14:24:00 GMT

PLAY: Buy the HIG November 30 Puts (HIG WZ) at or under $5.70, good for the day. Place a protective stop limit at $2.90 and a pre-determined sniper sell at $8.30.

Dear Bottarelli Research Member,

It’s too risky having a directional bias in this market. Therefore, I’d like to balance out our ICE calls with a new put position on Hartford Financial Services Group (HIG – NYSE).

HIG

As you can see, the insurance and financial services firm recently had a really strong pop, but now that euphoria is giving out. Looking ahead to next week, we could see a re-test of the $20.00 level on any forthcoming market weakness, so let’s enter into November puts and profit off this move.

PLAY: Buy the HIG November 30 Puts (HIG WZ) at or under $5.70, good for the day. Place a protective stop limit at $2.90 and a pre-determined sniper sell at $8.30.

And as always…

Lock and load!

Sincerely,

Bryan Bottarelli

Bryan Bottarelli
Editor, Bottarelli Research

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