Portfolio Update

It was only a moderately bullish day in the equity markets today. The precious metal commodities continued to slide in value and the treasuries followed also. This is an anomaly as the treasuries usually go up when gold and silver come down. As for me the, the following details show I did.

CPLP had a slightly bearish day. The price movement was only slightly down on light volume. It remains on the upper side of a very narrow channel. The momentum seems to be shifting down, but only slowly. It will need to have bigger moves on much higher volume to sway my current opinion on it.

CVX had a bounce off of it's 50-day moving average for a bullish day. This bounce, however, occurred after I got myself stopped out of the Call Option for a loss greater than 50%. The volume on this bull move was light and the price movement was modest. I don't believe it is reversing yet. I think this was only a small pull back.

EVEP had a very bullish day. It rose well above the upward trending resistance line of the channel it had been traveling in. The volume was above average and the secondary indicators are in agreement with the likelihood of more future growth. The only negative is the long upper shadow that was formed as the stock pulled back late in the trading day. Everything being considered, I believe it will probably be pulling back to test the support at the resistance line it just blew through. After that, I believe it most likely will continue to run.

FPL had a modest bull day. The movement was enough to get the bid and ask of my option on it to move higher, but it doesn't seem like anyone was interested in buying or selling. The official last price on the option was unchanged. I can't let myself get too comfortable with these option plays, so I tightened up the stop-limit order to match the increase in the bid and ask so far.

MU had a fractionally bearish day in the market. Strangely enough, it still affected the underlying Call Option I have Sold-To-Open against it. The volume has been weak the past few trading days and the secondary indicators have been gradually turning downward. I am finding it hard to believe that the stock is not in the process of a pull back to under the $8 strike price of my option. The questions I don't have an answer for is, how long will it take to get to that level and how long before it goes up again.

SLV had a bearish day in the market. However, I was half hoping for this continued pull back and for a bounce. It appears I may have gotten both. Today's candlestick pattern is a bearish body with a long lower shadow. This produced what I think are two good things for me. First, the long lower shadow dipped down low enough for my low ball purchase order to get executed. Second, a candlestick with a long lower shadow is usually a reversal indicator. It is possible that I just got in at the very bottom of this pull back of 10% so far.

As for my paper trades in the Options Market, I have mixed results. PCS pulled back just a little pit on light volume. The secondary indicators suggest that the channel it has been in may continue to be it's home for some time now. S, however, rose on strong volume. It officially started and stopped above the 200-day moving average. There is precedence that once a stock does this, the value starts to take off. Also, it has established itself in an upward trend that is more than steep enough to make money on every up turn.

Overall, I am almost done weaning myself off of Naked Calls. All that is left is FPL. Following that my use of Options will be to sell against stock that I do have, and collect the premiums. That is my opinion, you can take it or leave it.

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