Oils Remain Strong
Alza
Corp.
(
AZA |
Quote |
Chart |
News |
PowerRating), on the Pullbacks
Off Highs List, may provide an opportunity for
covered calls. You can buy the stock for 82 11/16 and sell the November 85 calls
for 4 5/8. This represents
approximately an 8% return (more than 50% annualized, based
on 51 days until expiration) should the stock be called
away.
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Major drugs
(
$DRG.X |
Quote |
Chart |
News |
PowerRating) are now a loosely
formed cup and handle. Look for a buying opportunity in calls and call spreads
here.
Oil
service
(
$OSX.X |
Quote |
Chart |
News |
PowerRating) and major oils
(
$XOI.X |
Quote |
Chart |
News |
PowerRating), both mentioned
recently, continue to rally out of deep pullbacks. Continue to look for buying opportunities in calls and call spreads here.
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Looking
Ahead
Technology, in general, is way oversold. There may be shorting
opportunities here if it can stage a relief rally over the next few days.
Best
of luck with your trading on Thursday!
P.S. Reminder:
Protective stops on every trade!