VLO Valero Energy and MAR Marriott International called away on expiration, so there is a big pile of cash to be put to use.
Buy HPQ Hewlett Packard/Compaq, sell Aug 32.5 call
Buy ADM Archer Daniels Midland, sell Aug 40 call
Not the best timing of the day for my buys. However, waiting for perfection is a dream, not the reality of trading. It is usually BSers playing with fantasy money that always seem to buy at the low tick of the day, not real traders working with real money.
As an aside, precious metals continue lower. Anecdotal sentiment is poor with newbies looking to buy in and posting bold predictions of higher prices. Anecdotal stories can be powerful. XAU holding up relatively well this morning considering the drop in the gold spot price. I am tempted to nibble here, but gosh, gold looks lower to these eyes. $600 is minor support, but real support is at the recent lows (3-month-chart) around $550.
Oil stocks up despite a drop in crude.
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