Sonny,
Sorry I couldn't reply sooner, had alot of work to do. If you still have the MOT and INTC puts, HOLD ON. I have some of them myself, as well as puts on the SOX and NWX(Networking Index) that I talked about earlier on this thread. The NWX index are relatively new with the index opening on its first day around 6 months ago(I am pretty sure) at an inflated 234. Stocks such as SUNW, ASND, FORE, CSCC, NN, CSCO and several others are included in this index. When the index was first put together, these stocks already had run up near 52 week highs. A break of the "52-Low" of 234 several days ago, was a bearish signal for the whole sector. This combined with the SOX breaking support was certain ugliness. My next play is USRX for a longer term straddle. I see the down side around 50 and the upside around 75, depending on the overall market conditions of course. USRX will probably report excellent earnings but I don't think it will matter much, it may get pummeled. I did do well in IOMG. I sold the stock, kept my naked short call position, and sold my puts for a nice profit. I picked up some AUG 20 puts on the day of the earnings announcement and I intend to sell them soon. I believe that Margin calls are hammering this stock at the moment and longer term investors are being forced to sell due to lack of funds. The bad news put out by IMPX did not help also. The company still has excellent fundamentals and great future. It may be bouncing off and retesting current support at 16 for a while. For the most part, I am building a cash position for the way back up. Gotta go.
Regards |
