Buy AMGN via selling Aug 50 puts, stock at 62.65. Amgen was up on earnings yesterday. Support at 57 gap. In an odd twist, put premiums increase this morning, despite a slight bump up in the stock. Might be due to some option broker recommending some of those options, or spreads using those strikes.
Stock market had a relatively sleepy Monday and Tuesday. Bias is still to the upside. There is so much upward momentum, it will take more time, or more news to roll it over. For the intermediate term investor, I am thinking late August may be a time to lighten up. Again, these are just idle thoughts, not intended to be advice.
Long INTC, IWM, XLE, MTB, CELG, AMGN
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