Bank of America (BAC) - We did a bullish risk reversal on this just yesterday and the stock is already up almost 7% since then. The Aug 11/14 bull put spread has shrunk from $0.82 to $0.65, while Aug $17 calls have gone from $0.82 to $1.06. I don't think the run is over, but no one ever lost money by taking profits early! I am closing the full position for about 20% gain on the bull put spread and 30% gain the calls in just 24 hours. Love it!
Dendreon (DNDN) - We have May 30/40/50 butterfly spread that we bought for $2.35. The spread has expanded to $2.75 this morning. The stock broke out earlier in the week. I think there is further room to the upside here as well, but I am taking profits and closing the entire position for about 16% profit in 2 weeks.
Riverbed Tech (RVBD) - We did a June 25/30 bull call spread for $1.9 when the stock broke out from long consolidation. The spread has now expanded to $2.25. Again, I think there is more room here but this market has no memory from day to day. Taking profits and locking in approx 18% profit in one week.
There will be other times to get back into the names above again.
