A Morning Pop

Maintain All Positions

By Bryan Bottarelli
Wednesday, March 04, 2009 9:49 AM EST
Wed, 4 Mar 2009 14:49:00 GMT

Dear Bottarelli Research Member,

Good morning!While the markets are still in a troubling downtrend, our decision to play a temporary bounce was very well-timed. As I write, the major market averages are all popping to the upside, which is shown in the Dow chart below. This has offered a boost to most of our current positions.

INDU

Specifically, the TBT April 48 Calls (TBT DV) that we entered for $3.10 on February 26th are now trading for $3.40. Hold these calls for more upside.

At the same time, the AAP April 40 Calls (AAP DH) that we entered yesterday for $2.20 hit a high of $2.30. Let’s hold them for more gains as well.

Then we have the ABX April 27.5 Calls (ABX DA), which we also entered yesterday for $3.30. They hit a high today of $3.90, so they’re moving in the right directions. Hold for more upside…

When it’s time to lock in profits on any of these upside plays, you’ll be the first to know. At the same time, we’re also holding the JPM March 20 Puts (JSA OD), which have gotten weaker as the day progressed. We entered them for $1.50, and they’re currently trading for $1.20. Hold.

I’ll be out with further updates as the day progresses. Until then…

Lock and load!

Sincerely,

Bryan Bottarelli

Bryan Bottarelli
Editor, Bottarelli Research

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