IRA Investing > LEAP Options	In association with
By Mark Phillips
This could be a Slick investment

GLM - Global Marine $16.60

Things were looking grim for shares of the Oil Service companies, including GLM a little over a week ago, as we watched the price continue to deteriorate. By midweek, GLM was looking a little better though, after numerous bounces from just above $15. Then came the American Gas Association (AGA) report Wednesday afternoon, showing a much greater decline in Natural Gas inventories than expected, launching all the energy-related sectors higher. Gains in the Oil Services index (OSX.X) propelled shares of GLM through $16 and as high we saw a bit of follow-through on Thursday morning as Morgan Stanley upgraded the stock to Strong Buy. It looks like it was a bit too much, too soon though, and GLM pulled back for the remainder of the day, ending just above the $16 level. This provided a better entry point for those that missed the rally on Wednesday. This play won't rocket higher from here, but we are looking for GLM to work back up to the $18 resistance level in the days ahead. Nimble traders can consider taking some short term profits near that level, but I'm looking for a bit more upside before considering taking profits. Look for GLM to advance to the $19.50-20.00 area before the profit taking starts in earnest. For now, we are placing our stop at $14, just below major support, last tested in late 1999.

BUY LEAP JAN-2003 $20.00 OML-AD $3.30 BUY LEAP JAN-2004 $20.00 KLW-AD $4.70