So far so good on my theory with the banks. The dip buying this morning gives me more confidence that these trades will turn a decent profit. Here are my current positions:
BAC
Bought Aug 30 Calls @ $1 w/ stock at $27+, currently bidding $3.65
Doubled position @ $2.05 w/ stock at $30.10, sold today @ $3.50 to lock in $1.45 profits
I'm going to sell the position if the stock gaps open and possibly roll to the Aug 32.5 Calls to manage my risk.
WB
Bought Aug 17.5 Calls @ $0.40 w/ stock at $13, currently bidding $1.40
Doubled position @ $0.40 w/ stock at $15, currently bidding $1.40
I'll be selling the position if the stock gaps open as I'm carrying too many calls on this one...not that I'm complaining so far.
WM
Bought Aug 8 Calls @ $0.26 w/ stock at $5.79, currently bidding $0.37
I'll be selling this position in the AM as well.
LEH
Bougth today Aug 17.5 Calls @ 4.15 w/ stock at 20.42, currently bidding $3.95
I'll take half off if this stock gap opens in the AM.
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4 comments:
how do u day day trade if you are full time employed..i like u r blog and do trade part time. I am also interested in options and do trade them.
i would rather try swing trades as i can only trade during lunch and early morning hrs.
thanks again
Bill
Oe, nice going on BAC & WB. r u closing out your WM calls only on a "gap up" in the am or regardless how it opens up/down? I think oil stocks might be ready to move up shortly (next two weeks) in similar fashion to Banks regardless of the price of the barrel. The bullish % index for energy stocks is below 30 (oversold). Sounds cray to be bullish on "oil stocks" and bearish on "oil", but this market tends to do things that don"t make sense. I'll be looking for oil oil stocks over the next couple sessions.
Bill, thanks for stopping by. My work is project-based and so it just happens that I've got some downtime and have been trading a bit more the past couple of weeks. What has helped me is using trailing stops and timed-stops. OptionsXpress allows me to set my stops to activate during certain hours. Most of my profits have been made swingtrading big trends so I don't daytrade/scalp much at all. I also notice that when I do daytrade, my winners occur during the first 2 hours before work and after 10:30AM PST. So, in between those hours, I'll rarely place a daytrade.
Hey Darwin, nice call on those airline stocks. I wish you had picked up CAL options, though! Yes, I'm only going to sell those WM calls on a gap up. I got them so cheap that I'm willing to let them expire worthless. I think the downside is limited. In terms of oil stocks, despite the ugly daily charts, I think they're going to post some monster earnings numbers. My favorite is CLR as they've been unhedged since 4/30. I'll be looking for some low-risk entries as well.
or UAUA &/or AMR! CLR was put on my shopping list-I like the looks of that one too. Which strike were you looking at? Keep us posted.
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