Take VNO and COST Profits!

Close out DNA as Well

By Bryan Bottarelli
Thursday, November 20, 2008 9:56 AM EST
Thu, 20 Nov 2008 14:56:00 GMT

PLAY: Sell your VNO December 45 Puts (VNO XI) at or above $8.00, good for the day.

Dear Bottarelli Research Member,

Good morning. All eyes will be on the October 10th low of 7,800. If we bounce off these levels, we’ll have a very trade-able bounce in the cards. And if we don’t bounce off these levels, then we could see yet another disturbing and panic-driven sell-off. As always, I’ll be watching as closely as ever for the very best trading opportunities.

INDU

But in the meantime, let’s go ahead and lock in profits on some of our positions. The COST December 45 Puts (PRQ XI) that we were trying to sell for $4.00 have triggered today, so be sure to lock in profits on these puts. At the same time, the VNO December 45 Puts (VNO XI) that we entered yesterday for $5.50 have traded as high as $8.50 in today’s action, good for a 55% gainer. Let’s lock in these profits as well!

VNO

PLAY: Sell your VNO December 45 Puts (VNO XI) at or above $8.00, good for the day.

In terms of our DNA December 85 Calls (DWN LQ), we unfortunately must close this position as well. I might re-enter these calls once the market stabilizes, but for more, it’s just too dangerous. Therefore, let’s close this position now.

This leaves us holding the MON December 85 Calls (MON LO) and the GDX January 23 Calls (GBJ AW).At this time, we’ll maintain this ledger. As always, I’ll be out with further updates as the day progresses. But until then…

Lock and load!

Sincerely,

Bryan Bottarelli

Bryan Bottarelli
Editor, Bottarelli Research

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