Add PCP Puts
Plus, Maintain NEM & AGU
PLAY: Buy the PCP March 60 Puts (PCP OL) at or under $4.70, good for the day. Place a protective stop limit at $2.70 and a pre-determined sniper sell at $6.10.
Dear Bottarelli Research Member,
Good morning. Late last Friday, we attempted to enter the FLR March 35 Puts (FEM OG) at or under $2.45, but these prices never triggered. As a result, we are currently not holding these puts. With these puts now trading at $2.70, they’re still above our buy price, so we’ll call this one a “miss” and move on.
From a chart perspective, FLR still has the ability to break under $37.50, which could push the shares down to the $30.00 level. I’ll continue to follow this situation — and if the timing is right to take another shot at puts, you’ll be the first to know.
In the meantime, I’d like to add puts on another bearish chart formation in Precision Castparts (PCP – NYSE). As you can see below, the metal component manufacturer has just moved below its 50-day moving average, which indicates that we could see a $10.00 fall. Let’s play this move using March puts.
PLAY: Buy the PCP March 60 Puts (PCP OL) at or under $4.70, good for the day. Place a protective stop limit at $2.70 and a pre-determined sniper sell at $6.10.
At the same time, we’re finally seeing a pullback in gold prices, so maintain your NEM March 40 Puts (NEM OH).Plus, we’re back to our original entry price on the AGU March 40 Calls (AGU CH), which continue to exhibit strength in a weak market environment. Let’s continue holding these puts as well. As always, I’ll be out with further updates as the day progresses. Until then…
Lock and load!
Sincerely,
© 2012 CSR Group, LLC. All rights reserved. Published in USA.
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