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« Could this be Bigger Than Watergate? | Main | Cameco Corporation looks ripe for a short »

Cameco PUTS wait for it

Today we thought we would be buying some PUTS on Cameco Corporation (CCJ) however the market took off with the DOW adding 214 points or 2.61% on optimism for the banks. Our tiny sector took off too, with Denison Mines, for example adding $0.47 or 23.62%. In turn Cameco also gained adding $0.75 or 3.07% by the close in New York.

We are still of the opinion that it is good for a short however timing the entry into such a position is critical to the success of the trade. If we look at the JUN-09 $25.00 PUT (CCJRE) as it was one of the most actively traded we can see that it closed slightly lower at a $1.95 when compared with the previous days close of $1.99. If this stock continues to gain then the likely hood of a correction becomes more of a possibility and the cost of buying the PUTS becomes cheaper. For now we will watch the action closely and try and determine a suitable entry point.

Have a good one.

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