Buy ALXN via selling Aug 75 puts @98.0
ALXN Alexion Pharmaceuticals breaking out from base pattern today. Support at 85, then 80. This is another CANSLIM kind of stock, with a high PE and fast growth.
I also sold BRKB Aug 70 puts @82.5. Story is the same on Berkshire, stock buyback and multiple chart support levels below. Not much premium on these puts, but with the ongoing buy back it seems like a low risk play.
I also placed an order to sell strangles on LGF Lions Gate LGF@14.6, sell Aug 13 puts and sell Aug 16 calls, but it is not filled yet. If filled, I would still be net long. Chart resistance at the old highs of 16.19.
Elsewhere, European stocks rallying today. The fear was so thick, it seemed an obvious play, though I only took the one small position in the German ETF EWG. Gold option premiums came in a little, pushing my short strangle into green numbers, but premiums are still relatively high because of possible Fed news on Wednesday.
Long ALXN, BRKB, EWG, LGF
Net long IWM, SPY
Net short GLD