Since downside risk is limited, we won't roll these options into April.
We will trim Macy's and Nike and add to Express Scripts, Celgene and Procter & Gamble.
We're initiating a fresh position in Express Scripts -- and selling half our stake in Vale.
Taking gains in JPMorgan, building up Goldman Sachs, and watching US Bancorp.
We're starting a position in Celgene and closing out of Linn Energy.
The market has a positive bias through mid-March, but an equal tendency toward volatility, so wide-range price swings could shake out logical stops.
Linn's results have been volatile, and we prefer Anadarko's strong management.
Implied volatility is high as the stock approaches a multi-year low.
We will sell some shares of three retailers and are also watching Vale and Goldman.
The stock is riding high, and a put-option hedge is cheap right now.