The earnings season just started with Alcoa. It would be interesting to watch how the market unfold over the next few weeks with the bulls and the bears fighting for dominance. For the moment, I think the bears wants to give way, take a rest and let the bulls takes over.
As such, I have closed all my positions yesterday to lock-in whatever profits I can salvage. I do not need to wait for my stop loss to kick-in. All my positions are all Bear Call Spreads:
- BSC - Jan 75/80 Call @$1.60. Profit 6.3% over 2 days.
- COH - Jan 30/32.5 Call @$0.22. Profit 39.0% over 5 days.
- CTX - Jan 20/22.5 Call @$0.45. Profit 13.9% over 2 days.
- MER - Jan 50/55 Call @$1.50. Profit 7.7% over 4 days.
- QCOM - Jan 37.5/40 Call @$0.88. Profit 8.0% over 5 days.
I have been monitoring AAPL since last week, looking for the opportune time to enter in preparation for the MacWorld (starting 15 Jan) and its earnings on 22 Jan. Steve Jobs have got the knack of introducing an interesting product during MacWorld and I am bullish about AAPL sales last quarter. Actually, the best time to buy a Call was yesterday (assuming the the market is going to be bullish over the next few days). Anyway, I am considering either a Bull Put Spread, Bull Call Spread or a straight Call. I would need to check the option prices tonite.
At the moment, I am still bearish over the Financials, Retails and Housing. I will wait for a better time to short the stocks in the 3 sectors again.
Take note that semiconductors are also showing signs of weakness.
- PersianCat04 (Millionaire-in-progress)
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