Symantec Corp. (SYMC)
Update 6/4/07

Taking an updated look at SYMC, and assuming it can finally get past the 20-area resistance that's held it in check for most of May, we would ideally see the stock move towards highs at 22.19 to 23.79.  Options would be a good way to leverage even small gains.  

The advance pattern is now probably more likely a Wave C rally, which would target highs at 22.19 or 23.79, assuming either a 78.6 or 100 percent relationship between Waves A and C.  Any move that significantly exceeds the 23.79 area either indicates a larger Wave C pattern, or the possibility of a Wave 3 advance.  For the moment, we're still looking at the more modest retracements first.

Our original option play, the July 2007 $17.50 Call (symbol SYQGW) is selling about $1.00 higher from the original $1.90 price.  With the contract expiring next month, though, you may want to look at the October 2007 $20 Call (symbol SYQJD) which has a current Delta of .59.

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