I was greeted this morning with a substantial pop in my P/L numbers. Very nice. The market is moving up towards its 50day MA.
I have not been finding too many new trades this week. But I did find a couple, and they are looking very good right now.
UTHR – exited 2 units @ .35. That is a nice 200% for two days. I would have liked to have received many more, but it is working out. I will continue to hold the remainder for a few more days.
ACLI – Exited 4 units of 20p for .12. This was my hedge for the 25p calendar. I picked these up for .02 so they worked out ok.
IVN – 12.5p calendar for .17. This was a multi-strike calendar which has worked beautifully. I probably could have held this for much longer as the mining stocks are increasing in value. The increase in price would bring this into the sweet spot of the 12.5p strike.
As good as all the covers have been, NOTHING beats the original
ONT – I picked up a few hundred shares of this stock. The chart looks like we are finding a base here around 1.30. We will see. This stock exploded from $1 to 4 from Dec to Jun. It has pulled back hard. It looks like a low cost call option to me.
LEH – Oct 60/45 for 4.90 and a second level for 4.50 @ 57.69. Ave cost @ 4.70. I looks like could have done a little better. I am just trading 1 lots on direction until I start improving my ratio of winners. It pushed a little above a prior high. Same lesson as IWM last week.
BIIB- Jan 60/75c for 6.75. There was a huge jump in price this week. I picked up a unit of this Bull Call Spread @ the 61.8% retracement. 64.83. I paid 2.06 in premium for this January spread. At expiration prices above 66.75 turn this into profit.