8/27/2007 – Back in the saddle

Well I am back to the home office this morning. I did enter and exit several trades last Wednesday through Friday from the road.


Well I am back to the home office this morning. I did enter and exit several trades last Wednesday through Friday from the road. I was on the course getting fills both ways. I don’t like to bet direction while away from the office, especially in this environment. So when I get fills, it is a very nice event.

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Trades complete:
SPLS – I exited 1 unit today. This trade has not reacted very quickly, so I am on my way out.
AMED – Entered 3 units35p calendars at .03, sold 1 unit for .15. Entered 5 units of 40p for .02, I al looking for the position to spread wider.
IVN – 2 units of 10p exited on friday for a nice little profit.
ALD – sold 1 unit of 30p calendar for .20. That was a nice small trade.
IWM – Last thursday I was out of 1 unit of 85p-75p for 3.55. A .50 profit . I still am holding onto 1 unit. As I am earning theta decay and downward market exposure.
ONXX – I have exited the remainder of my 3 unit hedge. 25p calendar for .08. I purchased these for an ave of a .025 credit. With the underlying exploding to the upside, it is time to get out with a little profit on the hedge. My money was already made on the 30p and 35c calendar sides of this trade.
PDCO – On thursday, I exited this after earnings for .25. The current spread price was well above the expiration graph, which was an anomaly and a very good time to exit. The underlying dropped, and put it into risk of assignment. I was please with quick double. There is absolutely no need to hope for this to rise back within the risk graph. My horizon was earnings, earnings is done… I’m out.
Currently I have orders for 7 new entries. I would like to work a few if I get some hits.
The afternoon is a snoozer…
But my reading I came across this interesting article. You can check it against the platform on your open interest,
ARE YOU BEARISH??
THE SPX has 61,730 contracts of open interest. What is up? check out your broker’s options chain on SPX (September Calls – all strike prices) and you’ll see the rather curious amount of open interest at the $700 level. Although, after closer checking, I found approximately the same amount of Open interest in the Sept 1700 calls. The resembles a Box Spread HERE IS THE LINK TO THE STORY

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