I’m long Monsanto (MON), Adobe (ADBE) and Marathon Oil (MRO) in my IRA and taxable account. I’ve covered none with a call yet. I thought all were about to rebound from their trend lines, but looking back I see where I rushed into MON and could have timed the other two a little better.
MON has taken a beating today, down nearly 4%. Not to worry, MON has stopped its nose dive on its uptrending line of higher lows. I think this could be a really good time to get in MON. The only negative press I could find is that four of their patents were rejected. They say it’s not a big deal to their business. I’m hoping they’re telling the truth. It’s a win-win for me. If they are right I make money, if they are wrong we all have a better chance of having better foods that aren’t dominated by GMOs.
MRO was assigned to me from my naked puts and tends to bounce around a lot anyway. This made it good for premiums, but I should have gotten out on expiration day when I was ahead by a few hundred dollars. Just after expiration MRO broke through the trend line I was following, but today it found it’s footing and came back above its longer-term trend line that I was going to use as my exit line if it stayed below. If tomorrow continues in the right direction through the close, MRO could be a great buy. I’m staying long at least until I see how it reacts to its downward trending line of lower highs since mid-June. I’m not too worried about this line yet though.
ADBE is going in the right direction still, although slightly down from where I jumped in. I think ADBE will continue its uptrend. Keep an eye on it, it could keep climbing along its trend line for a while.
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