Hi “Main Street beats Wall Street” readers! As you probably know I was on a motorcycle run to Kew West Fla. We had a great time; everyones home safe and I’m back in my office in NYC. Life cannot only be stuck in an office making money. Once in a while you must have some fun and spend some the cash in the mattress. Well, that mission was accomplished and now back to work. The next time I dip into the mattress for a trip is June 3rd when I leave to Italy. I’ll be spending a week on the Amalfi Coast in Positano and 5 days in Rome. I love the center of Rome near the Trevi Fountain and that’s where I’ll be.
When I’m away I don’t do much trading. Now that I’m home I’m having trouble finding deals I like. We are in the middle of earnings season and many of the stocks I watch have earnings reports due soon. I don’t like being involved in companies when news in imminent and earnings is the ultimate news item. Right now I own 5000 shares of AK Steel (AKS). Their earnings were reported this morning before the opening and they beat the street. As I write the stock is up $.10 but it was up $.40 earlier. I would like to see it get up to $4.95 before the close because U.S. Steel reports after the close and I afraid their report will not be so good. If not it will drag AKS down with it. I’ll be watching closely at the close.
I also own 1000 shares of Facebook (FB) which reports tomorrow after the close. I owned FB for a while now and have been selling Calls but never got assigned. I’m hoping for a great report from FB. FB is down $1.30 today.
If I find a trade I’ll post it immediately. Apple reports after the close today. This can be a market mover!
Steve
The Options Coach