Friday Trades

FRI [This coming week it is important to start clearing off options with DEC expiration]

IN
JNJ – Resting on the 200 ema so an entry here seems well timed.  Believe the news is already in the market.
10 Dec 2010 10:54 EDT [JNJ] CRXL CEO: There have been no other discussion with other suitors since JNJ formalized offer this week
8 Dec 2010 3:45 EDT [JNJ] JNJ makes a formal offer to buy Dutch Crucell
24 Nov 2010 11:38 EDT [JNJ] Recalling over 9M units of Tylenol cold products due to labeling issue – CNBC

OUT
ARG (ALL) – Took profit.

Portfolio

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High Probability Setups – Week of 12/13/10

LVS

  1. Trend line retracement
  2. Convergence with the 50 ema
  3. Oversold stochastics

Will look at adding to my position at the intersecting point of the TL and 50 ema.

SHLD

  1. Falling wedge
  2. Holding the 20 ema with strength

Mental stop set below support levels of around 63.

WLP

Nice trending channel.  Will continue to watch this trade play out.  Looking for a break up to 60.