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Mon: Top Buys CMOS DOW WWY Top Sells SPY IWM OIH

Primary Trades:

Jun options expire in two weeks and Jul options expire in seven weeks. SPY is 129 and IWM is 73 1/4. If SPX rises into the low 1,290s, SPY Jul 131 puts and IWM Jul 75 puts may be best. If SPX rises inot the high 1,290s, SPY Jun 132 or 133 puts and IWM Jun 76 or 77 puts may be best.

Secondary Trades:

CMOS is 4 1/2 and the Aug 5 calls are a buy at 0.30. DOW is above 40 3/4 and doesn't have good calls, i.e. there are no 42 1/2 strike prices. Consequently, DOW Jan '07 40 calls are buys at 3.40 or less. WYE is 45 1/2 and there are Sep 44 calls. The WYE Sep 44 calls are buys at 3. OIH is above 155 1/4 and Jun 160 puts are buys in the high 150s.

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Primary Trade: An intermediate or long term trade. Timing can be off substantially. Volatility not a factor. Risk is low to moderate. Potential return is often moderate.

Secondary Trade: A short term trade. Timing must be accurate or volatility must be high. Risk is high. Potential return is high.

Secondary Trades should be generally avoided, although considered. Note: If Secondary Trades are taken, they may affect Primary Trades.