6/14 – Wild Ride

The markets are shooting all over the place. Up in the AM after a big day yesterday. This bull is a strong one. It is pretty amazing.
My put butterflies on the SPY were losers, but they were very small plays. I also have some June quarterly put strategies on. We will see.
EK – I closed my position on EK yesterday. It hit 27.02, which was my stop and I exit the remaining unit for .32. I was disappointed the stock ran to the upside, but the trade was a nice winner. When all was said and done, it earned 180% in 4 weeks.
CREE –
I am putting together a very interesting multi-strike position in CREE. This is speculative, but the Vol Skew has led to interesting options pricing. 11:1 reward/risk, but I am just playing it for a Double to Quad. This may take a month or two.
CREE Risk Graph with current position

4 units of Dec/Jan 25p @ .09 (Low .08)
2 units of Dec/Jan 22.5p @ .09
2 units Dec/Jan 30c @ .04
CREE chart

I am looking to double this position if the prices continue to move in. I still have many bullets left for this one.