Pre-Market Thoughts for September 23

VIX is trading very close to its lowest level in over a year. This is a positive for the market.

The casino stocks continue their strong run (especially WYNN). We are considering selling our puts in MGM and buying the stock back. We may also buy Las Vegas Sands (LVS) again.

The covered write on the CME is working well. The stock is up $4.10 since we took the position, and the calls are $1.20 a contract against us.

Other things we are considering today:
1) Buying Western Union (WU). The stock broke out of a trading range yesterday on good volume.

2) Teck Rsources (TCK) locates and produces gold, zinc, lead, coal and copper. We have made no decision on this stock, but we are considering a buy.

3) MEMC Electronics (WFR) is a stock we would buy on a pullback.

4) We would like to buy Palm, but the stock is up a fair amount in the pre-market ($0.84).

5) We are also considering covered writes in Symantec (SYMC). Thanks to my friends in the New Jersey Options Group for this idea.