9/20 – a rest day prior to expiry

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Overnight there was a 6pt SP gap down. Although not much really happening. The market seems to be hanging around even or down slightly.


Overnight there was a 6pt SP gap down. Although not much really happening. The market seems to be hanging around even or down slightly. BSC is making a move as are the rest of the brokers.
Set your DVRs for this TV Documentary
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My plays on Thursday:
MEDX – after picking up 4 more units yesterday for .05, I exited 1 today for .15. Nice.
MER – The risk of 10 units of my first ratio backspread was too much to sleep on. I am uncertain of Volatility. It still doesn’t look low to me for this trade. I did keep 4 units on. I exited for a .05 loss, The risk reward for this 1/2 call ratio backspread looks good.
In the past two weeks the account is up slightly @ 1% net gain. OK I guess, I think I am a little greedy here, especially since I have been wrong on every directional play.
My plays on Friday:
MEDX – Bought 2 units @ .05. This is a nice quick reload. I would like to unload them early next week and see if I can keep scalping this spread. Very nice cashflow.
XOM – Bought the Oct 90p for 1.35, sold for 1.40. I didn’t want to hold these over the weekend. The volatility in these was really against me today. I bought these puts as XOM spiked @ 93.35, and I sold them @ 92.85. I should have chosen an ITM option rather than the OTM. The Deltas were not high enough in the OTM options to move properly to make money on a day trade.
PPCO – I added 5 units of this trade today. Dec/Jan 10p for .05. These should open more since we are 90 days from Dec expiration.
DGX – sold 1 1/2 units of the 55p calendar spread for .70. I am half out of this position for a 100% profit. I will continue to hold this spread as the price stays within the sideways trend for the underlying stock. It looks great as we are only 1/4 of max profit on this trade.
Thursday play:
This is an interesting play to me. I like the 50day and 200 day MA support to the downside. The company is still in the process of an acquisition of Applix. My hope is that it will take at least a month to digest this acquistion.
COGN Entry Nov/Oct 42.5p calendar
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I wonder how many ski instructors around the world purchased this book upon release. I just started it tonight.

The Age of Turbulence: Adventures in a New World
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