CLF

CLF - Cliffs Natural Resources Inc $24.80 9:56am

I opened a long stock position on CLF at $24.70. They had a secondary offering and I am looking for a $1-$2 gain on the stock price.

You can also sell some cash-secured puts JUN20 (CLFRD) or JUN21 (CLFRM) PUTS for a longer term play. I will open half position today. I will update when I open the put position.

SUN

Sold my SUN position for a healthy $2/share profit.

I am not done with it though. I will enter again.

MS

MS - Morgan Stanley is pricing a 146 million share secondary offering at $24. If you can buy MS at the low $24's, I think it is a buy. Sell when you are happy or sell some calls after the rise. Don't chase it though.

This post is contrary to the post I made several days ago on MS. Situations change. You as a trader should be fluid and dynamic with the market. I was looking for a short position on MS several days ago and now I am going long?!? Sometimes things change.

For the time being, the government is backing all the 19 stress test banks.

I will post if I get the chance to open a position.

SUN

I just want to give a little rationale why I purchased SUN...I think commodities and commodity related stocks will rise into summer. The trend is on my side and I would like to run with it. I think the market is taking a little breather today which gives me a perfect entry point for this one. I bought the puts just in case I am wrong. As you can see from previous blog posts, I have been neutral to slightly bearish on the markets. So buying puts for protection on any long position is the smart thing to do.