OVTI and other portfolio updates

If you haven't taken profits on your OVTI position, this is a good time to do so.   The options purchases at 2.35 were bid at 4.80 and ask at 5.00 today.

I am looking for a slow DOW day tomorrow.  A strong up day will not be sustainable by the market and will end up in a pull back next week.  I would rather see the market have a slow sideways day tomorrow and that another nice rally next week.

We need Macy (M) to start makings its move soon or the option premium will start to erode at a rapid pace.  Daily indicators are not favorable yet the weekly chart still looks promising.  Unfortunately, the play I made was with Dec options, so the stock needs to move soon.  I may be moving my targeted sell price of $5 down to around 2 or so soon. 

IPG has started moving a bit.  If the stock can move another quarter or so, I may be tempted to get out.  The Dec 11 calls are bid at 0.20 and ask at 0.30 at present.

Logitech is trying to rally again.  If you look back a few days, you will realize that the stock jumped strongly and I closed out 1/2 the position at a 200% gain.  Then the stock continued up that day, and the options were up 400 percent.  But instead of closing the position, I decided to hold onto the rest of the options.  The stock then proceeded to give back all the gains and all my option gains evaporated.  The options are profitable again, and the chart is looking good.  But I think I will get out around 2.00 if the stock happens to hit the right price point.

The STEC calls are now at a 50% loss.  If the stock is going to rally, the time is now.  I will  be happy to break even at this point.  So still continuing to hold on to the position for now.

The Merck (MRK) options are pretty much worthless but that was a gamble I took with the expectation of losing the entire amount because the reward if the stock broke to the upside was huge.  MRK, however, disappointed with their earnings and outlook, and the result was a complete loss of option value.

The YHOO options were up 100% and I didn't take the profits (not even on half the position).  That cost me and now the options are 50% of what I paid.  Maybe someone will buy them out soon or at least spread the rumor that they will :-)

I think you can see the recurrent theme here.  You should always take profits if your options jump up 100% (even if it is on 1/2 of your position).  That way you at least guarantee preservation of capital and even a small profit.