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[Jhoe]

As much as I'm bearish medium to longer term, my only two open positions as of the close today are NEM and JPM. NEM was opened last Wednesday with the stock around $23.70. Medium term double bottom on the daily chart with a price target of $28.50-29.00. Been trading this one long every time it dips below $24, starting with the .618 fib retracement of its monster move from below $20.78 to nearly $26.50 during the month of February. That .618 rally was so sharp and precise that it's been my number one "BTFD" (buy the dip) candidate for the last 4 weeks. Rode that first rally to the low 25s, and got out. Early last week the stock came back below $24 and double tapped the same Fib fan line it rallied off of in late March, so I got long again last Wednesday...this time with a very risky short term naked options trade...March $26 calls @ 22 cents. Put myself into a bit of a jam though because after drifting sideways into April op-ex, the WSJ came to my rescue with a positive spin on the recycled Barrick/Newmont merger hypothesis, that sent NEM soaring $2 into the open Monday morning. You're probably wondering..."whats the dilema?" well as I said before, I really believe NEM has legs at least another 10-15% from here, but I had a massive gain on my hands at 9:31 this morning, so took off half the position for 55 cents each. Not sure what to do with the rest, want to participate in the rest of this move that I'm very certain is coming, but May options obviously have about 4 weeks until expiry. Probably will write some calls against the remaining options or sell the rest and roll up into a later expiration. As if I wasnt already playing with fire being Long NEM in a sector of stocks that have redefined ugly no matter what time period you're using recently, linked to a commodity that looks even worse, I decided to try JPM today for a long trade. This one is extremely short term, May 2 weekly $56 call options (naked naturally, haha) @ 32 cents late Monday afternoon. JPM is resting just above the 2.618 Fib extension in my daily wave count. Looks to be a pretty nasty 5 wave pattern down (was short this thing with puts above $61 if anyone recalls), wave 3 has extended massively down to below $54.50, above mentioned 2.618 fib extension of wave 1. Not looking for any long term reversal, or rally to new highs. But short term trends/waves rarely extend beyond this massive 2.618 fib extended wave, so this is an extremely high percentage exhaustion point for the selling short term. With the calls expiring next week, I'm obviously looking for a move to at least $56.32 before next Friday 5/2. Resistance level 1 is $55.96--a move there in the next day or so probably doubles the price of my position. Resistance level 2 is $57, which is the move I'm holding out for by next Friday. G/L trading to all

[Jhoe]

Well that was fast, the may 2nd jpm weekly calls were en fuego tuesday as the broader tape dragged a lot of index components aimlessly higher at a painstakingly dull pace. JPM got thru my first resistance level of $55.90ish and i dumped all 20 of my $26 strike calls all at once for 62 cents. Newmont didnt do much but closed at the highs and had s nice reversal at yet another 61.8% fib retracement on strong volume. So out of jpm in under 24 hours with over a 90% gain, and still holding half my NEM may calls as i'm still convinced the BO to 27-29 is coming extremely soon