8/5/2007- Getting ready for the trading week

Rolling this morning financials and housing getting the smackdown.


I’m not going to trade much today. I was in Aspen today, and the SPY bounced on the 38.2% retracement of the Secondary trendline. It is up 34 on the day.
SPY%2038.2.gif
Happily I exited the remainder of my housing calendars:
SPF- I still have 200 shares with 2 Aug 17.5p. I am at max loss there. This morning I exited 3 units of the 15p Dec/Jan calendars for .20, and the 12.5p Dec/Jan for .25. Very nice. This entire trade is now well up. Happy days. Housing TANKED today, then rebounded.
ONXX – 2 units 30p Dec/Jan bought for .05 credit on friday, sold 1 unit for .15 and the second for .20 today. Very Nice. I continue to hold 25p (4units) and 35c (1 unit) through earnings tomorrow.
JBLU is interesting, I picked up shares @ 9.21. It is approaching a triple bottom. I am looking at this trade as an oil play.
RACK – I have exited the Dec/Jan 12.5p calendar @ .45. That was a 350% gainer. Excellent.
I have 8 of 11 trades well up at this point. I am just being patient with the rest.
ABI – Up, and the spread is widening very well. Although, it looks as though we may see resistence at the 200 day MA. It is in a very interesting trend.
ABI%20bounce.gif
SPLS – Widening slightly as the price moves up toward it’s 50 dayMA, and approaches the backside of the trendline.
spls%20bounce.gif
Cramer and Erin

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