Oils Poised To Resume Rally
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”>Sandisk
(
SNDK |
Quote |
Chart |
News |
PowerRating), mentioned
Thursday night, may still present an opportunity for covered
calls. You can buy the stock for 88 1/4, and you can sell
the October 95 calls for 6 3/4. This represents
approximately a 15% return (more than 140% annualized, based
on 47 days until expiration) should the stock be called
away.
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Oil
service
(
$OSX.X |
Quote |
Chart |
News |
PowerRating), mentioned recently, looks poised to
rally out of a shallow pullback. Continue to look for buying
opportunities in calls and call spreads here.
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Like
oil service, the major oils
(
$XOI.X |
Quote |
Chart |
News |
PowerRating) also look
constructive. They have formed a high-level
"micro" double bottom.
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Biotechs
(
$BTK.X |
Quote |
Chart |
News |
PowerRating), mentioned recently, remain in rally mode.
Continue to look for buying opportunities in calls and call
spreads here.
Best
of luck with your trading on Friday!
P.S. Reminder:
Protective stops on every trade!