7/17 ONXX Swing Trade Update

I booked some profits on ONXX at 42.50, sold half my position of Jul 40 Calls. The stock is still trading above the 15-SMA (blue line) and volume increased at the close. I will close these out at the open if the stock gaps up as the options expire tomorrow afternoon.

7/18 UPDATE: Sold remaing calls @ 42.00

7/16 Day/Swing Trades

Today was an excellent day to take advantage of options expiration on Friday. As expiration nears, option premiums dry up resulting in a lot of low-risk set-ups. The big news today was Wells Fargo beating earnings estimates and RAISING the dividend. Given the fear and weakness in the financials lately, I instantly knew that this could lead to some serious short-covering in the financials...the theory being maybe the capital markets aren't as bad as everyone thinks. That's the theory. I personally think things will be getting worse but that won't prevent me from taking advantage of the market fear and greed. In addition to the trades below, I'm holding LEH 17.5 Calls, FNM 10 Calls, WFC 27.5 Calls and BAC 22.5 Calls. These are all overnight holds in case the short-covering in financials spills into the AM.

WFC
WFC I pulled up the option chain at the open and saw the July 25's asking $0.45. Would I risk $0.45 for WFC to get to $25.45 by Friday...hell yeah! I'm in. Again, this takes advantage of the low premium prior to expiration. Worst case, I lose $0.45 per call, well within my usual $1.00 stop parameter.

Bought Jul 25 Calls w/ stock at $24.50
Stop @ $0
Sold @ 27.00
Profit - $1.75 on Calls
Still holding Jul 27.5 Calls for further short squeeze

BIDU
I should have placed a more liberal stop. I got stopped out before it ran...

Bought @ 291.00 w/ Jul 240 Calls

Stop @ $289.90, moved to $292.90

Sold @ 292.90

Profit - $1.30 on Calls

OIH

Unsuccessfully chased drop in oil...

Bought @ 197.80 w/ Jul 210 Puts

Stop @ 198.50, moved to 198.30

Sold @ 198.30

Loss - $0.50 on Puts

ONXX Swingtrade
As I mentioned in a previous post, biotech has been the hot sector. ONXX had resistance at $40.00 which it broke today. I'm not thrilled with the volume today but it held up fine into the close so I'll keep evaluating my stop levels over the next couple of days.

Bought @ 40.88
Stop @ 40.50

Still holding...