I'm walking to the rail. There are lots of people throwing up over the side of the boat. It is an enjoyable market for me to trade right now. I feel very fortunate to be growing the portfolio in this environment. Patience is very important, and staying within risk parameters is critical.
Trades -
CREE - I have finally exited my Dec/Jan 30c Calendar for .35. I purchased these @ .01 about 2 months ago. At my high mark, I owned 190 spreads of 3 different strikes. This was an excellent trade.
ONXX - I exited 1 unit of the 35c Dec/Jan for .30. I bought these for .05 on friday. VERY NICE. I still own 3 units of 25p Dec/Jan for an average credit of .01. This trade is now fully in profit. These are just lottery tickets for the Earnings report!
MATK - directional. Dec 20/30c for 5.25. I bought this theta positive and Vega negative @ 25.45. I like this trade with regards to it's trend break, bullish engulfment, retracement, Oscilator pullback and 50MA support. I will put another unit on at 50 day MA Support. I have chosen a slightly neg Vega and pos Theta strategy to work with the slightly high Volatility environment. My stop is below 24.33 low. Projected loss @ stop level is $127 per spread, projected gain @ profit stop is $433 per spread. I chose this over the 25c-30 spread, mainly due to the intrinsic value held within the 20-30c spread. The Risk/Rewards are the same in both spreads, as I do not intend on holding both spreads to expiration, or hold them to zero. The Breakevens are higher for the 25-30, and Theta and Vega are slightly against the trader.
JBLU - is down .08 from my purchase, but still above the 9.93 triple bottom support. Here is an interesting article on the price of oil and Airline stocks. I believe this is a worthwhile trade.
Cramer saying it like he sees it
The new Bruce Lee
Jefferson Krull is a nutjob. Pretty funny
