Futures Looking Strong... Stock Pre-Market Check August 19, 2009

As of now the futures look very strong. The DOW is up 45 points, NASDAQ higher by 7.25 points, and the S&P 500 up by 5.90 points. This is a very strong indicator for another big day, but it is still very early yet. The Asians markets are very strong right now, The Nikkei 225 and Hang Seng indices are higher by about 2%. One stock which I'll be looking to trade out of is Suntech Power Holdings Co. (NYSE:STP). I got in today around $15.30 a share and it rallied to $16. I figured it was better safe than sorry and wrote a quarter of my shares out for the August 17 call option for $60 per contract and a quarter of my shares out for the August 18 call options for $30 per contract. The short interest on this stock is extremely high, so a good report and I think it could get to $20 a share in a week, with the help of the overall market. I also opened a 2 day straddle on the Direxion Financial Bull (NYSE:FAS) at the 68 strike going into close. I think it should pay my premium back in the next two trading days with increased volatility going into options expiration. I am also looking to open a 1 day buy/write on the Direxion Small Cap 3X Bull (NYSE:TNA) for the 37 strike, or sell put options on weakness for the 32 strike (both for the August options expiration). Happy trading! Sphere: Related Content