This was a very unusual week for the stock market here in the U.S. as we saw 2 days of weather-related closure to begin the week. A lot of jitters were present as we opened Wednesday but the market seemed to hold together rather well – all things considered.
The Fab 5 saw a nice surprise this week in the $PVH position as it announced some M&A news acquiring $WRC in a $2.9 Billion dollar deal. Investors seemed please as the stock quickly moved through the $100 Roll level to above the $110 level. It ended the week at $111.12 and completed Day #3 of the $100 Roll. This is #22 with a Complete status in the Fab 5. I had a trail stop on the long stock position but elected to pull it and move the November Call strike up to the $115 level (was done at a -$5.95 debit net but allowed me to capture the price move on the underlying).
I had 2 empty slots to fill and elected to enter a new long position in the candidate $COO as well as the pullback candidate $NKE on 10/31. The Cooper Companies was one that I have been watching for a while so it was nice to finally get a comfortable entry. $NKE has taken a lot of patience and is the position that I will be the most nervous about. I have initiated a November Collar on this new position.
Since $MTB continues to work sideways, and it has a November Collar on it, I will let it remain in the Fab 5 until closer to expiration.
Here is the Summary: