The S&P 500 broke through a key resistance level of 1,340 yesterday, closing at 1,347. This bodes well for further upside in the U.S. market in the weeks ahead.
Your holding in Joy Global (JOYG) also jumped 2.42% yesterday.
As you may know, the general rule of thumb in Bull Market Alert is to book your first round of option profits by selling half of your options when they hit 50% gains or so. With your July $100 call options now up 52.5%, sell half of your options here to lock in your gains. That’s not a bad gain for an option position that we entered on April 11.
In addition, your June $30 calls in Nabors Industries Ltd. (NBR) are up 92.3%. Since you’ve already sold half of your options to lock in 71.51% gains, I’m still looking for triple-digit percentage gains before I recommend that you close out this position.
So, keep your eye out for an upcoming Special Alert in the coming days.
The Bull Market Alert that you normally receive today will be sent tomorrow, Tuesday, Jan. 21, since the market is closed today in recognition of Martin Luther King, Jr. Day. Enjoy the holiday and watch for my latest update to reach you tomorrow.
Jim Woods has over 20 years of experience in the markets from working as a stockbroker,
financial journalist, and money manager. As well as a book author and regular contributor to
numerous investment websites, Jim is the editor of:
Bob Carlson provides independent, objective research covering all the financial issues of retirement and retirement planning. In addition, Bob serves as Chairman of the Board of Trustees of the Fairfax County (VA) Employees’ Retirement System, which has over $2.8 billion in assets.
Jon Johnson's philosophy in investing and trading is to take what the market gives you regardless if that is to the upside or downside. For the past 21 years, Jon has helped thousands of clients gain success in the financial markets through his newsletters and education services: