Portfolio Update

Today was a weak day in the market with relatively small loses and the result for me was mixed.

CPLP had an up day. The end result was a profit for me. From my analysis, there is plenty of potential for some dramatic gains, so I will continue to hold on to it.

CVX had a down day, and this brought down the value of my Call Option. As it stands, CVX closed at the first of two of it's most consistent trend lines of support. Although past behavior is not indicative of future results, it does, suggest the most likely action to take place. And since bouncing up after hitting this support line is the most common reaction, it is likely that it will go up tomorrow. Now, if it breaks down further, then I will begin to consider protecting what's left of the principal.

EVEP had a down day. The end result is that I am a little bit in the red with it. The current overall trend is bullish while the stock is going toward the supporting trend line of it's channel. Due to the secondary indicators that I watch, I have the opinion that the stock may be in the process of pulling back. Since my position in it is small, and it pays a large dividend, I am going to wait this out.

FPL had a down day. Since I a Call Option on the stock, the value of my position also lost value. The price movement of the day, however, did not drop below the resistance level that it broke through the day before. Although the secondary indicators suggest the stock is becoming overbought, I am positive about future potential for upward gains. It could just be defining a new resistance trend line for a bullish trend. I still have time left on my option and plenty of value before my stop-limit order get triggered, so I will let it ride until the stop-limit order gets triggered or I get more reason to sell.

MU almost had a really up day, but pulled back before the close to result in a very long upper wick. The wick is actually longer than the body of the candle stick. This could mean that the stock has exhausted the number of bulls currently in the market place. And since the general direction of the stock for the past month has been up, it is likely that the stock is going to perform a pull back to it's supporting trend line before moving up. If it breaks below that supporting trend line, then this could be the signal that indicates the end off it's run. I personally don't see it breaking below that supporting trend line. It may not even fall below $7.75. Neither direction means anything to me as I am looking forward to getting the non-dividend paying stock called away from me for a little capital gain or to sell another call option against it if it drops below the strike price of the current Call Option before and through expiration.

SLV had a down day. It's price movement resulted in a doji star below the previous day. Since it has currently been in an up trend, such candle sticks carry little influence by themselves. However, secondary indicators suggest that the current run could be due for a pull back. Such a pull back doesn't seem to be all that drastic of a move. It will probably be no more than a $1 per share. Anything more than that should be considered seriously.

As for my paper trading in the options market, both stocks that I am watching for that have pulled back today.

PCS pulled back only a few cents so there is still some strength behind it according to the secondary indicators. The option value didn't move any so I am leaving it in place.

S, on the other hand, still continues to pulled back. Even though it started out making some gains, S ended the day down. When it topped out two weeks ago, it created a slightly declining resistance trend line. At this point I could revise my contingency price lower by 5 cents. But because it is such a shallow descent, I am leaving the contingency price as is. I will wait for it to break $3.95 on the stock before the option get bough. I should be in this position within the next 5 to 10 days. That is my opinion, you can take it or leave it.

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