Take AFFX Profits

Plus: Close Down AZO

By Bryan Bottarelli
Wednesday, July 29, 2009 1:42 PM EDT
Wed, 29 Jul 2009 17:42:00 GMT

PLAY: Sell your AFFX August 7.5 Calls (FIQ HS) at market, good for the day.

Dear Bottarelli Research Member,

Over the last 15 minutes, the Dow has touched its lows of the session. As you can see below, this could indicate that the bullish momentum is coming to an end.

INDU

As a result, I’d like to go ahead and lock in profits on our AFFX August 7.5 Calls (FIQ HS). After entering these calls on the 27th for $0.90, they’ve now hit a high of $1.15, good for a 27.7% gain. Let’s take the cautious approach and lock in the profits now.

AFFX

PLAY: Sell your AFFX August 7.5 Calls (FIQ HS) at market, good for the day.

In other news, it’s time to close the books on our AZO August 160 Calls (AZO HL), which officially hit our $1.50 stop loss. If you haven’t already done so, close out these calls now. Sell.

That means we’re left holding the DO August 90 Puts (DO TH), half of the K August 45 Calls (K HI), V August 65 Calls (VEH HM), and SPWRA August 30 Puts (QSU TF). If you’re still holding the AIG August 15 Puts (AIG TO), I’ll continue to follow this play as well. Should anything else occur, you’ll be the first to know. Until then…

Lock and load!

Sincerely,

Bryan Bottarelli

Bryan Bottarelli
Editor, Bottarelli Research

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