Bought 3 blocks of HOV at 30.73 and sold 300 june 30 calls at 1.40/contract. The stock is oversold on the 30 min chart.
Originally Posted by Jack Haddad, 5/26/06 10:54AM http://www.stockta.com/cgi-bin/analy...nd=&mode=stock The above 6-month chart on TSO is very interesting. Note the inverse head-and-shoulder pattern which spanned from Feb 15 to March 8. This has cuased the stock to propel to a a 52 week high of 75. Thereafter, the stock has recently trended down to test the intermediate term support of 65, but was noty successful in breaching the 6 months support of 60.75. At this hour, the stock has gained strength on the hourly...and since horizontal support stands a good support at 62.50, I did the following: Purchased shares at 65.40, and wrote the June 65 strike calls for 2.85/contract. I feel this strategy provides a good hedge for the time being. I will update all changes/executions later. ----------------------------------------------------------------------------------- Sold 3 blocks of TSO at 70.54, and bought back 300 June 65.00 calls at 6.10 for a gain of 1.85 points. I could have held until epiration. However, TSO has a habit of retreating close to its strike price 10-14 days before expiration day. Also, I needed to free some capital for other plays.
For those who wish to play this stock for a trade: If you want your shares unhedged, buy above the pivatol mark of of 31.10 and look for the resistance of 32.50. However, current support is at 30. I bought 3 blocks at 30.54, and wrote the June 30 calls at 1.15/contract. Energy stocks shall do great in the months to come. http://www.stockta.com/cgi-bin/analysis.pl?symb=PTEN&num1=13&cobrand=&mode=stock
Bought 5 blocks at 27.30-27.40, and wrote 100 july 30 calls for .65/contract, and 400 july 25 for 3.10/contract. I believe in this stock more than ever.