Finally we get the $10KP moving (and back to cash)!
AMGN should go well today, a very big relief as it was risky to ride it through earnings. I think the way we are going to play this is to sell into the initial excitement this morning and reposition our selves with $50s on a pull back ($50 is a rapidly falling 50 dma and should provide some resistance), probably turning that into a spread play.
Headlines on AMGN range from "Amgen Profit Up, 2008 Outlook Steady" to "Amgen sees its sales dip amid FDA scrutiny" so expect a wild ride but the fact is they grew 11% over last year, when they were trading at $80 and the forward p/e is 10.55 in a sector that averages 26.
The BUD trade may be dead but I’m going to move them to the BBP, where we can afford to wait out the recovery with 10 June $50s at $2. We’ll sell the Feb $50s against them, now .43 but hopefully for $1. Hopefully as well, BUD makes enough of a comeback for us to get more than .15 for our calls. DELL is making a little comeback but it’s a long way before we get our $1.20 back for the $30s.
Hopefully we got the right mix with SNDK but YHOO is already blowing our covers so we can afford to add 5 Mar $22.50s, now $1.55 as our Feb callers will absorb a loss and, if it keeps going, we can roll our Feb $20 callers to 2x the $22.50s to protect all of our gains.
Other than that, I am thrilled to have cash at the moment, it saves worrying about the weekend!
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Notes Stop Limits |
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AMQDW | Apr 47.5 CALL [AMGN @ $46.12 $1.37] | 10 | 12/17/2007 | (85) | $4,230.00 | $4.22 | $-1.67 | $2.55 | $0.40 | $-1,680.00 | -39.7% | $2,550.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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BUDCK | Mar 55 CALL [BUD @ $47.63 $-1.04] | 5 | 11/30/2007 | (57) | $760.00 | $1.50 | $-1.35 | $0.15 | $-0.15 | $-685.00 | -90.1% | $75.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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DLQBF | Feb 30 CALL [DELL @ $21.09 $0.97] | 10 | 11/29/2007 | (22) | $1,210.00 | $1.20 | $-1.20 | $0.00 | $-0.05 | $-1,210.00 | -100.0% | $0.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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SWQDY | Apr 27.5 CALL [SNDK @ $26.75 $1.30] | 2 | 1/24/2008 | (85) | $560.00 | $2.80 | $0.10 | $2.90 | $0.40 | $20.00 | 3.6% | $580.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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SWQDY | Apr 27.5 CALL [SNDK @ $26.75 $1.30] | 6 | 1/24/2008 | (85) | $1,690.00 | $2.80 | $0.10 | $2.90 | $0.40 | $50.00 | 3.0% | $1,740.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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SWQBY | Feb 27.5 CALL [SNDK @ $26.75 $1.30] | -6 | 1/24/2008 | (22) | $-1,190.00 | $2.00 | $0.05 | $2.05 | $0.55 | $-40.00 | -3.4% | $-1,230.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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YHQGD | Jul 20 CALL [YHOO @ $21.69 $1.68] | 5 | 1/24/2008 | (176) | $1,685.00 | $3.35 | $0.60 | $3.95 | $1.39 | $290.00 | 17.2% | $1,975.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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YHQBD | Feb 20 CALL [YHOO @ $21.69 $1.68] | -5 | 1/24/2008 | (22) | $-915.00 | $1.85 | $0.62 | $2.47 | $1.02 | $-320.00 | -35.0% | $-1,235.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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