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TEN Exclusive: Portfolio Update – 6/24/10

|Includes: Nike Inc. (NKE)

The analysts support levels of today are the resistance levels of tomorrow, and vice-versa. There are as many ways to spin the markets movements as there are talking heads on the financial cable networks. You could go crazy listening to all the different opinions out there. Fortunately enough, if you set up the correct trades, the directions of the markets are less worrisome and more profitable.

We aren’t sure whether these markets are going to keep selling off, so we decided to make a couple of plays today with the pullback. If you don’t take advantage of the movements in the market you’re going to miss a lot of opportunities.

The first play we made today was on Nike Inc. (NYSE:NKE).This trade was only made a couple of days ago, but we don’t care. If early profits present themselves we are going to take advantage for our members. We shorted this stock on Tuesday at $73.61. In our opinion, both this stock and the overall markets in the short-term were overbought. We also liked the idea that earnings were coming out the next day. We felt that the low risk we took on the trade would allow us to take a chance before they reported. Although the report wasn’t dismal, the stock sold off anyway. We covered our position today for a $361 profit. Better yet, we still have a July 75 call option we can cash in on if the stock makes another move up.


To continue reading: http://topequitynews.com/portfolio-update-62410/



Disclosure: No positions