Watchlist 08/03/11

The following stocks have been removed from the watchlist (reason): $ACAS (closed below 9.50, lower BB and 63 EMA)

Today’s List:

$KO: I opened a call option position in $KO today, buying Sept 67.5 calls @ 1.57.  I’m happy with the end result today, but not so thrilled with the process.  As I have mentioned a few times, I don’t like when there is such a quick reversal from the bottom of the range.  Today’s action would be more constructive after 1-2 more days of constructive low volume basing.  Then again, these are unique times recently, so the usual playbook has to be modified for the current environment.  My target is still over 69…with an eye on 70.  Mental stop around 67.

KO 2011-08-03

$SLE: As I have mentioned many times over the past couple of days, 19 held once again.  Eventually the inability to move much higher than 19 is going to be more important than this price providing continual support, but for now it’s the line in the sand for a potential low risk trade.

SLE 2011-08-03

$D: I also entered a call option position in $D today, buying some Oct 50 calls for 0.70.  I think this can get back to 50, mental stop is around 47.5.

D 2011-08-03

$CVX: This guy is getting rowdy and is going to get bounced if he doesn’t get his act together soon.  I was watching 103, and while it wasn’t able to close above 103, I do like the way it rallied into the close from what could have been a horrendous session.  Like I said the other day, I could see this one going to 103 before 108…and it did…I’ll be keeping a close eye on this tomorrow and may enter a position on strength.

CVX 2011-08-03

$MCD: Good ol’ “McTeri’s” aka “McNeal’s” has held up pretty well during the recent selloff.  I’ve been watching this one closely the past few days and now that it has reached the sweet spot, I would be willing to open a position based on the price action tomorrow/the days that follow.  Target: 89, stop: 83.5

MCD 2011-08-03

It’s time for some dinner, I’ll be back with a few more later tonight.  Remember to follow me on Stocktwits so you don’t miss anything.

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