Written by Pat McCubbin
Good Afternoon,
Traders were dancing around the ring today throwing harmless jabs waiting for an opening to land the big blow. The opening is coming by way of earnings this week. There was very little movement in either direction but this is most likely a precursor to a very volatile week ahead.
We were unable to find anything compelling enough today to make a move on. With the portfolio still balanced on the long and short side any play without adequate market movement would have been simply a guess. The catalyst of earnings is going to dictate market direction for now and even if the charts look appealing the overall market will move together in one direction or another. As reports start to roll out this week we will see more clearly a definitive direction and we will take action.
In the portfolio today we had some positive moves. Annaly Capital Management (NLY) posted a moderate move but is within striking distance of our $18.25 price target. With the way it has been moving we should surpass that shortly.
Synel, Inc. (SYNT) also had a nice gain of 2.25% and has gotten itself back in the money with a very strong move over the last few sessions.
Adtran Inc. (ADTN) had a move to the downside today and is well within range of getting us back in the money on tomorrow’s session.
Schnitzer Steel Industries Inc (SCHN) also had a positive move down for us and with a week left still has the potential of recovering some earlier losses.
Our other position that is near the money is Cephalon (CEPH). This stock has been rising rapidly and with a little luck we can still make up lost ground.
The new positions we open this week will be combined with options that will be expiring in August. With less than a week left until expiration is doesn’t make sense to play the July’s.
Have a great evening and we’ll see you in the morning!
TEN Exclusive: Portfolio Update – 7/12/10 is an article from: 
