I am back from Las Vegas. Not much sleep to be had out there. Amazing happenings with PrePaid Legal Services (PPD). A big event on television will be taking place on Sept 29th, and hosted by former Attorney General of Mississippi Mike Moore. I will blog more about this soon.
Shadow Trader weekly:
I put one trade on friday:
IWM- 1 unit 80/74p for 2.45 (77.55). I sold it during this mornings selloff for 3.04 (@ 76.15). Quick Money. I am not convinced of this selloff will push to new lows, nor am I a believer that we will test new highs anytime soon. I still like the OCT 70/72p 83/85c short Iron condor I own. I think that is a real winner in this market.
CY – exited my last unit of the 25p calendar for .17. This has been an excellent trade. 200% on 8 units in about a month.
IVN – exited a 2 units of the 10p calendar for .17. I am still holding the 12.5p calendar.
SPY – Sept 145/147/149c butterfly. I wanted to take advantage of high Volatility and range between the 200ma and the 50ma (145 and 149 respectively). I purchase a unit of this trade for .28. There is a 7:1 reward to risk for this 11 day trade. My breakevens (after commission) are SPY 145.34 and 148.66.
UTHR – This is a very interesting trade. I found it last thursday, but I was finally filled with 2 units today.
There is huge Volatility in this trade. The cost of the Jan option is $14.40 with $1.77 intrinsic value. Tons of premium. I bought the spread, Feb/Jan 70p, for .10. The Reward; Risk is pretty ridiculous ($6000 of reward for every $100 of risk), and it is an ATM calendar. Very Nice.
This is how I feel when I trade some of these mini calendars on top of huge volatility.