Weekend Edition

The general market tanked on Friday.

I have closed my position in HOV. I did a credit spread Apr $45.00/$50.00. Though, my options are out-of-money, I am locking-in my profits and want to focus on other stocks. I sense that the market will be very active this 2 weeks.

My current position are:

• AAPL May 70 Call (sold it and buy it back at a lower price on Friday).
• XSNX (sold it and buy it back at a lower price on Friday)
• BZH Apr Bear Call Credit spreads. It is now -ve for me. (It was +ve before). I am still bearish on the overall housing market.
• QQQQ Jun $45 Put (Bought on Fri. Time value of only $0.10. This play was recommended by www.MrSwing.com. I looked at the charts, looks good. I am also bearish on the overall market. This is also a leap of faith play as I play b4 the confirmation candle. I am already slightly positive for this play). If you want to play this, plse wait for the confirmation candle.

Currently, I am bearish on the technology stocks (except AAPL). I am monitoring PALM, SNDK, STX for possible shorting play (either straight Put or Bear Call Credit spreads).

NEM and FCX charts also look good for shorting play. But for commodities, I like to play long for the moment. as such I would play them when the charts show they are reversing for a bull rally.

For breakouts play, I am now looking at JNPR and CEPH.

Having sharpened my technical analysis (TA) to a comfortable level (still have a lot to learn though) I am now working to trust my intuition. I think this will be a long process. While the TA provides me with the tools for the science of trading, I think the intuition will provide me with tools for the Art of Trading.

It is now 2 weeks before Expiration Friday. Have to remind myself not to play Apr options unless it is a credit spread.

Bye for now. Have Profitable Trades everyday.

- Persian Cat04.