Today I traded for about 20 minutes, the first 20 minutes of the session and made some great gains on overnight positions. Glad to have closed out since I was slammed at work from about 30 minutes after the open till well after the close. Had some time during lunch to tweet the trades, but that was about it. Was very tempted to attempt a trade but just decided to hold out till tomorrow. Glad I did, less to think about during work, potential profit or not.
CRUS-one of the positions I’m still holding. The idea on this one is on my Mon night and last night’s blog post. Worked nicely today with the markets gapping and this one actually ripped after the gap. Some tough resistance around the 16.75 area, but it was pulling some higher lows throughout the day. I’m thinking it goes over 16.75 tomorrow, hopefully a weak open and a r/g move. What I’m scared of is this thing filling the gap back down to 16.30 before it tests 17 again. Will have to see how it plays out…may consider selling out since my calls have a pretty nice profit so far. In at 2.60, current spread 2.95x3.10.
GS-Man talk about back from the dead…and a good example of how volatile weekly options are. At one point yesterday these calls were trading at 3.40 (I bought them at 4.90 on Tue). Today’s plan was to get rid of these before work: 1. Because I was in such a hole with them 2. Because I was hoping to break even at the open 3. Because these would lose a ton of value at expiry tomorrow…regardless of the underlying’s gain today. Chart looked good for a comeback yesterday so I held. With the help of the markets, it came back strong. Closed ½ my calls at 5.40 and the rest at 5.60…yup, actually profited on these things.
MS-my other side pain from Tue. These calls had a better timeframe (AUG) so I wasn’t as concerned about closing them out before work started. Another one that came back from the dead because of the pop. Sold ½ at 2.25 from 2.63. I wanted to reduce my risk on these so I took the hit. At lunch it looked like it was putting in some higher lows, so I decided to hold on to the rest. Chart looks good at the close, I think it starts over 23 tomorrow and stays…pending any bad news that is.
NFLX-man oh man, did I want to do the happy dance with this thing. Chart looked to set up for a gap yesterday, and…well, thank you markets for that extra push! Coming into today I had 75% of my original position. Yesterday the swings in these weekly calls made me sick, but they closed up nicely…the plan was to close out at the open so I put in my “working” order expecting this to not fill (but if it did I’d be elated, the limit I put, if filled, would’ve been over 100% gain) just as a way to be quicker on the draw (I was trading on my iphone). I bought these weekly calls yesterday morning in anticipation of a red/green move ala @investorslive style at 9.74. About 5 minutes after the open the contracts were trading at 17.00! I closed out ½ of the original position at 14.80 and the remaining ¼ at 16.90.
Eyeballing RENN-So this touched 11.99 then came back down…but not out. I’m thinking it gets to 12 a little over then that’s it. Chart looks like it still has more ups in it, maybe weak open tomorrow, finds support off today’s low or fills the gap then…? Bounce maybe? Looking for short plays since this market is gonna pull hard, just don’t know when. I'll be using puts to short...unfortunately the implied volitility is insane and the deltas are crap, well see what happens.
Follow the rules: Cut losses quickly; Don't overtrade; Take profits/sell into strength; Don't chase, watch for the pullback; Have a plan and stick to it
View my other posts/give me some advice at http://part-timepennystocktrader.blogspot.com/. Follow me on twitter @BNGESG.
CRUS-one of the positions I’m still holding. The idea on this one is on my Mon night and last night’s blog post. Worked nicely today with the markets gapping and this one actually ripped after the gap. Some tough resistance around the 16.75 area, but it was pulling some higher lows throughout the day. I’m thinking it goes over 16.75 tomorrow, hopefully a weak open and a r/g move. What I’m scared of is this thing filling the gap back down to 16.30 before it tests 17 again. Will have to see how it plays out…may consider selling out since my calls have a pretty nice profit so far. In at 2.60, current spread 2.95x3.10.
GS-Man talk about back from the dead…and a good example of how volatile weekly options are. At one point yesterday these calls were trading at 3.40 (I bought them at 4.90 on Tue). Today’s plan was to get rid of these before work: 1. Because I was in such a hole with them 2. Because I was hoping to break even at the open 3. Because these would lose a ton of value at expiry tomorrow…regardless of the underlying’s gain today. Chart looked good for a comeback yesterday so I held. With the help of the markets, it came back strong. Closed ½ my calls at 5.40 and the rest at 5.60…yup, actually profited on these things.
MS-my other side pain from Tue. These calls had a better timeframe (AUG) so I wasn’t as concerned about closing them out before work started. Another one that came back from the dead because of the pop. Sold ½ at 2.25 from 2.63. I wanted to reduce my risk on these so I took the hit. At lunch it looked like it was putting in some higher lows, so I decided to hold on to the rest. Chart looks good at the close, I think it starts over 23 tomorrow and stays…pending any bad news that is.
NFLX-man oh man, did I want to do the happy dance with this thing. Chart looked to set up for a gap yesterday, and…well, thank you markets for that extra push! Coming into today I had 75% of my original position. Yesterday the swings in these weekly calls made me sick, but they closed up nicely…the plan was to close out at the open so I put in my “working” order expecting this to not fill (but if it did I’d be elated, the limit I put, if filled, would’ve been over 100% gain) just as a way to be quicker on the draw (I was trading on my iphone). I bought these weekly calls yesterday morning in anticipation of a red/green move ala @investorslive style at 9.74. About 5 minutes after the open the contracts were trading at 17.00! I closed out ½ of the original position at 14.80 and the remaining ¼ at 16.90.
Eyeballing RENN-So this touched 11.99 then came back down…but not out. I’m thinking it gets to 12 a little over then that’s it. Chart looks like it still has more ups in it, maybe weak open tomorrow, finds support off today’s low or fills the gap then…? Bounce maybe? Looking for short plays since this market is gonna pull hard, just don’t know when. I'll be using puts to short...unfortunately the implied volitility is insane and the deltas are crap, well see what happens.
Follow the rules: Cut losses quickly; Don't overtrade; Take profits/sell into strength; Don't chase, watch for the pullback; Have a plan and stick to it
View my other posts/give me some advice at http://part-timepennystocktrader.blogspot.com/. Follow me on twitter @BNGESG.
