My options in DNA are still worthless although the stock has rebounded $4 from its lows. I still have till January for DNA to get back up near my $90 strike price, but looking at the chart I have a feeling I am S-O-L.

We are also still holding onto our 300 shares of SDS ahead of the FED meeting tomorrow. It’s not looking too good for the PnL on this short if the FOMC does cut like everyone expects, but we should be able to make up any losses in SDS by going long a basket of other stocks.

We initiated a long in SYNA after getting a signal from Blocks on our primary scan. We had a nice touch on the 20-SMA with a relatively low MFI reading. Today we were up a little over $400 at one point but SYNA pulled back a bit before the close. We would have added to the position if it weren’t for the FED meeting tomorrow. We’ll see how things go tomorrow afternoon and maybe double down when things settle a little. Here’s the setup…

I opened a long in RIMM today that is currently kicking me in the balls. I had tried to start this position Thursday but it moved nicely and I got out looking for better entries. Well I got in this AM at $104.50 and I’m currently losing $500 after only being in the trade 1 day. I still like the trade long term (that being a relative term) so I’m not too flustered.

Another swing trade of note is our short in DNB. Our short system works pretty much inversely to our long strategy. We look for down trending stocks that are showing short-term strength and pushing up near the 20-SMA. A high MFI on this setup is an added bonus, but not necessarily required for a trade. We looked at DNB for a short around $97 in early Nov but didn’t get in. This is another good setup that should yield similar results. As you can see there have been three great places to short this stock on the way down. Of note, is the fact that we are shorting after a nice break above the 20-SMA which we don’t normally do. For your viewing pleasure…

I bought some Jan $90 call options on DNA yesterday ahead of the FDA meeting hoping for approval of Avastin to be used to treat breast cancer. Basically just a lottery ticket trade. I got 10 contracts at .15 (small position I know). Well, the FDA didn’t like the cost/benefit ratio and the stock was sold hard.

Patients on Avastin and chemotherapy survived on average 26.5 months, compared with 24.8 months for patients taking just chemotherapy. FDA said the difference was not significant.

Here’s the chart of DNA. I will probably continue to hold these until expiry.