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Left out one play from part 2.

Covered call play on former acquisition.

NVLS (Novellus--$51.14; +0.13; optionable): Semiconductor
http://biz.yahoo.com/p/n/nvls.html
STATUS: A formerly covered favorite. Looking for a covered call opportunity as the stock appears ready to top out after the nice 2-day rally up from the 45 range. We can look for a move back down to the range of the January high (47), selling the April $45 calls for the play. Upon a hold at support, the calls can be bought back at a lower price. Volume lower at 12 million (avg. 7.5 million).
SELL POINT: 50.50 on, preferably, continued strong volume.
POSITION: April $45 calls to sell (NLQ DI). At the close of trading the bid was 8.00; on the 3-point move with a delta of 0.78, the calls can drop in value to around $5.65.

http://www.investmenthouse.com/cd/nvls.html

Good Investing!
Jon L. Johnson and The Daily Staff

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