HNP is forming a triangle here. Which direction will it resolve to? The prevailing trend is down, but it’s been in oversold condition for a month, so I think it will move up from here. How far can it go? I’m not sure. The resistences are at 32 and 34. I may open a small call position on HNP Jan or Feb 30 Calls. Yesterday, the quote for Feb 30 Call was 1.3 x 1.5.
Updated:
JANSX continued to move up after a little dip. I actually closed my JANSX position (+6.13%) at that dip as I thought that it had reversed and didn’t want to wait for another confirmation. It has a major resistence at 24.
PMCGX is at 52-week high right now. I closed it at the same time when I closed JANSX. Bad move! The next resistence is at 25.
As we approach the 2004 year end, my current 401(k) has 75% in a stable value fund (earning a little over 4%) and 25% in international funds with exposure to Europe and Asia Pacific. I have always maintained at least 25% cash in this account.
The overall return is YTD 9.6%, compared to JANSX 1.75%, PMCGX 14.13%, TEMFX 13.18%, AEPGX 14.43%, S&P 500 about 6%, QQQ about 8%, RUT about 14% and INDU about 1%.
Opened a straddle position on MSFT. Long MSFT Dec 30 @0.65 and MSFT Dec 30 Put @0.7 for a debt of 1.35.
Opened a straddle position on MSFT. Long MSFT Dec 30 @0.65 and MSFT Dec 30 Put @0.7 for a debt of 1.35.
SOHU was downgraded, big gap down. Obviously someone already knew it yesterday:-). Will open a small Dec Call position. Expecting the support around 16.