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Strategies & Market Trends : The ultimate play:STRADDLES on earnings announcements.
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To: farouk a. hassieb who wrote (33)7/12/1996 12:41:00 AM
From: farouk a. hassieb   of 140
 
ON USRX:

USRX has broken support of 77-78 today and is now trading in "no man's land" around 74. I have not taken a position in USRX recently but may do so tommorow. The next support level for USRX is in the 64 range. If weakness in Nasdaq continues, it is highly likely USRX will come down to test this level. If this round of tech bashing is over, USRX will rebound nicely with the Nasdaq. The stock has a very high institutional following so expect the stock to rebound strongly if it comes down into the mid 60's. It actually traded in the high 60's intraday. Funds are still buying on dips. I am expecting USRX to beat earnings estimates, but after heavy damage done to Nasdaq, I am very wary of the stock returning into the 90's soon. It may take some time. I will look to establish an August straddle on USRX and will decide on the strikes tommorow after the open.

ON ASND:
Still holding my July 55 calls which I will look to sell tommorow for a decent profit (Hopefully!) on the straddle position.

ON FSCX:

As I expected, FSCX came down to the 11.75-12 support and rebounded nicely into lower 13 range. Was able to grab some at 12.5 on the way back up. I am looking to buy some oct 17.5 (FXQJW) calls tommorow.

ON IOMG: May look to sell July 30 puts for a healthy premium tommorow and buy them back at half-price. IOMG has built a beautiful base at 27 and I am still waiting for shares to make run up into the 30-31 range so that I can buy the JULY 30 Puts to complete July straddle position.

Anyone have thoughts on SUNW? Comments are appreciated.
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