Wednesday, April 25, 2012

Buy AMGN and IWM (sell puts)

Buy AMGN via selling May 65 puts @70.0
Amgen up on earnings. Chart support levels at 68, 66 and 65, then 60. The 52-week high of 70 is resistance. Not much premium from selling these puts, but the market is moving too much for me to have a high confidence level on a higher strike.

Buy IWM via selling Jun 70 puts @81.0
This is a rebalancing move to get back to net long IWM. I was already short May 70 and 72 puts, short May 85 calls, long May 88 calls.

Elsewhere, Apple earnings, Fed news, and many other companies reporting earnings are making for big moves. LGF Lions Gate has a relief rally after a four week nose grinding decline.

Net long GLD IWM SPY

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