Monday, July 24, 2006

Phelps Dodge (PD) Option Trade is Closed

Purchased the Oct 75 Puts @ 4.30. Thanks, in part, to the mild copper selling panic in China overnight, I sold my puts for 5.30. That is a 23% gain. If there is a pop due to positive earnings tomorrow, maybe I'll bet against PD again. Looks like another short covering rally today. Here are some possible shorts after this rally dries up.

  • Sirf is up 10%

  • Akamai Tech is up 6%

  • Titanium Metals is up 6%

I got to tell you, the Sirf chart looks attrocious!  They report earnings tomorrow, too.  The Aug 25 Puts looks pretty good if there is a rally off of a good report. 

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