Lots going on in the Market. Volatile. I like it. I would like to order a sell off in the indexes (8:30 MTN).
EK just hit it’s downward resistance line 25.90. And with the upcoming 3 day weekend. There is 3 days of time decay on the calendars and the AIG vertical.
The CIEN calendar trade is progressing well. closer to 30, the better.
I’m also seeing an nice bounce in my JADE straddle. I have a significant positive delta in this trade. I sold off the extra puts in the straddle yesterday to take advantage of the price downdraft. Now, I am biased to the upside on this stock. My price target is $14.02.
SPF took a beating this morning, but the married put strategy worked well. Now SPF is up for the position, and remains in an upward pattern. Nice.
AVY remains with a downward bias. I’d like to see a big drop. 63.25 and below puts me in a positive time decay situation. The target for the stock is the 59.65.
I took half the position off, and took a little profit. I will be reallocating it to other trades. I made an adjustment to my plan (not what I advocate), but I wanted to lighten up on my downside trades (which are substantial).
I exited TLAB this morning. I am not betting on it going down. So I just exited. I bought the 10p calendar for .05. And sold my remaining June positions back for .05. lost commission. It is only the second penny calendar I have purchased in the past year which I did not make money on. I can live with 20 and 2 for a win loss record on these types of trades.
Exited PDCO calendar @ .32 for a 100% profit in two days. That was the plan, and I am pleased. It looks like PDCO may keep moving up as it crossed a previous resistance. No need to risk it, when I have met my objectives.
potential new positions
I am trying to enter a VOD, NAL, PRX, DELL, ABI, and BBBY, Calendars right now.
I am also looking long on BLUD and HLEX
I just put on an August 47-50c for 1.13. I bought 1 unit at the bottom of the channel, I purchase when the breath began to improve. However, a very nasty selloff occurred, and the price sunk below my entry. At the time of this writing the Q components are 9:1 negative. I have my exits set @ .55 for the spread, and will buy a second unit when/if it crosses it’s 47.41 high. Until then, no problem. I am enjoying this sell off. It is helping my portfolio as a whole.