Biotech Unscathed
size=”2″ face=”Arial, Helvetica”>For those of you planning
to attend the TradingMarkets2000 First Annual Traders
Conference at the Venetian Resort, Hotel & Casino in Las
Vegas on October 13-15, I’ll be speaking on Saturday
afternoon following Jay Leno. I’ll also be at the cocktail
party Friday night. Sign up soon, as space is limited.
face=”Arial, Helvetica”>Imclone Systems
(
IMCL |
Quote |
Chart |
News |
PowerRating) may present an opportunity for
covered calls. You can buy the stock for 94 3/4 and you can
sell the October 95 calls for 9 1/4. This represents
approximately a 10% return (more than 90% annualized, based
on 40 days until expiration) should the stock be called
away.
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In spite of the tech massacre on Friday, Biotech
(
$BTK.X |
Quote |
Chart |
News |
PowerRating),
mentioned Thursday night, was unscathed. Look for buying opportunities in calls and
call spreads here.
So far, oil service
(
$OSX.X |
Quote |
Chart |
News |
PowerRating) appears to be just pulling
back. Watch to see if it finds support near its last breakout. If so, look for
buying opportunities in calls and call spreads.
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On the short side,
major drugs
(
$DRG.X |
Quote |
Chart |
News |
PowerRating), still look vulnerable.
Best
of luck with your trading on Monday!
P.S. Reminder:
Protective stops on every trade!