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Today’s Transactions:
a). Sold DFS at $26.58
Reason: Spinned-off from Morgan Stanley, Discover will increase its marketing expense in the second half of this year and as a result, will most likely reduce its short-term earnings. In addition, the earning picture and the competition with MasterCard and Visa create too much uncertainty. Will reconsider this stock after 1 or 2 quarters.
b). Sold FRO Aug 50 Put at $2.55
Reason: it has breached my stop-loss of $48. So close the position and move on.
c). Bought NUE Oct 80 Put at $20.60 Stop when the stock closes above $64
Reason: Steel prices have weakened noticeably recently in both North America and Asian markets.
Today’s Return: 0.42%
Return since inception(June 05, 2007): 14.78%
S&P 500 Return since June 05, 2007: -0.90%
Leverage: 1.33
My positions:
Long:
GRMN Oct 07 40 Call
GRMN Jan 08 50 Call
PG
CROX Jan 08 20 Call
UTSI Jan 09 10 Call
WMT Dec 07 40 Call
MS
MU
Short:
XHB Dec 07 40 Put
NUE Oct 07 80 Put
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