Trade is going well on a strong up day! Except for BTE. And one of the best things is that I just saw a friend and Fraternity brother (TKE), Joe Vietri on CNBC. It looks like Joe is doing well for himself as VP of Product Development for Charles Schwab. He is a great outgoing guy, and a huge Dallas Cowboy fan. I will never forget a LA Raiders/Cowboy game we went to. I thought everybody in around us (LA Raider fans) were going to kill him. My Raider Jersey saved us.
Here is a brief interview with him in it.
A busy morning: I want to have all my longs hedged by S&P 1420.
WMT- Exited 2 units. Stock exited @ 57.16, and June 52.5/57.5c for 3.65, 3.69 @ 57.40.
UST - has been a peach. I am now fully rehedge. I hedged my July 55c by selling June 55c for .95 and 1.00. I made these hedges with the underlying @ 53.85 to 53.97. My initial purchase for the May/July 55c was .75. So this is in profit mode now. I am liking it.
BTE - I am out of this dog, and I took a beating June/July 25c. This Energy trust has been ramping and I didn't want to get assigned upon dividend date. Better just to call it a loss. There was a lesson in what not to do. I sold the remainder for -.10 credit.
MFE - has been breaking down this morning, and is now at a critical level of support 35.95. A break below this should take it down to about 35.30. That would be incredible for my May/June 35c Calendar
BJS - Exited 1/5 unit of my July 32.5c for 1.10. I will let the rest ride as planned. We are right at the S&P previous high of 1422.
SPY - I bought a MAY 138/140/142p butterfly. I like this little bearish bet with 2 days to go. I probably should have just bought the 142p, but I like this play.
IWM - Added 1 unit of June/Aug 71c for 1.13. I entered on the return to a IWM trend break. We have Touched the 50% retracement of the October high to the March low to the penny. This is a very worthy play. I think we see the SPY closing very close the high open interest strike @ 140.
The S&P @ 1415 my Greeks read:
Delta 203
Gamma -973
Theta 192
Vega 834
While it continues to snow in Colorado, this seems like a good option.
