Well Puts

Sell to open WFR Feb 16 covered calls. WFR has a lot of supply at the area around $15 and I am anticipating some consolidation. $16 strike lets me participate in some more upward momentum as well as giving me an exit strategy. A pullback to the 50 day SMA and I will likely write more puts.

WFR Daily

I rolled the WFR (MEMC Electronic Materials Inc.) puts I sold back in September for a credit. I rolled them down to a 17 strike and out to November expiration. The DOW might have hit 10k today, but I’m still leery of that declining 50 day SMA on the WFR hourly chart.

WFR Hourly

I sold to open WFR October 17.50 puts. The 50 day SMA has flattened out and started to rise. A breakout this morning on higher volume prompted the trade. $17.50 is a good support level too. Plenty of room on the daily chart with $20.75 being the next major resistance.

WFR-Hourly

I’ve been pretty quiet this week. I just haven’t seen any setups I like. I’m watching the following today.

• CRS, TIE
• ENER, JASO, WFR – I sold some 12.50 Sep ENER puts in my taxable account earlier this week. I may sell some more in my Roth if the 38.2 retr holds.
• ANW, FTO, HAL, MDR, UNG
  USO is fighting the 200 DMA and looks like a total chopfest.
• ZUMZ – BEBE took off. I missed that one.

I’m still holding DRYS. Lots of volume this AM and all the MA’s are getting lined up nicely. Be nice to see this one get on a tear. Also watching TBSI and DSX.