Day trade, I’m already mentally on vacation – just want to see how we handle 13,500 this morning. But I am getting back into the same oil puts we picked up over the last 2 days if they run up nicely. XXX
Casinos down again, possibly just a holiday terror worry. We can watch airlines to see if thy have simiilar concerns..
OIH is tops on my list for more puts as OPEC just said, no increased output. We picked up the July $160 puts for $2.70 yesterday, now $4.60 but I’m offering $3 for more, just in case. XXX
IPhone out 6/20 is looking confirmed! I’m in doubt so buiying out 1/2 my $110 caller at $4.65 and scaling back my Oct puts too. Adding Oct $125s for $5.55 to sell against on some crazy spike that may come but just a small hunch bet that I will roll down if Apple drops. XXX
PTR back in the June $125 puts at $1.75 XXX
I’m very big on my BTU and CHK puts.
Our pals at BIIB are moving again, taking a chance with some $50s for .85 as they were great last time but still stopping 1/2 at $1.15 XXX
Let’s make that BIIB a $10KP move with 10 contracts. XXX
SNE moving but not in a good spot for calls.
BIIB note – when I say $1.15 I mean at about $1.15 get 1/2 out if it even slows down but that doesn’t mean ask 1.15 as it’s trending up strong. The day trading aspects of this require a series of seminars we should do one day. XXX
BIIB – wow, on the button. I got $1.20 as I was a little greedy at $1.25 but hopefully that was a good example. Now my basis on 5 is .50 so I’m up .80 and I set a .15 T stop ($1) which I will raise to .20 if it crosses back over $1.25 and another nickel per .25 advance (but this is where it topped out last time so I expect to be done here). XXX
RIMM – at this level it would cost me $1.60 to roll to the $160 puts which I will do but my next move will be to spend another $4 to move to the Jul $160s and sell June $165 puts if it continues to run up on me but only if things are going real bad but the roll up buying $5 in position for $1.60 is the best play here. XXX
BIIB – now we’re getting somewhere! I still have the $55s at .50 from the last run and I’ll be selling those this time and holding the $50s under those stops. XXX
As to timing on trades. I used to not discuss day trades but then people would get mad at me for not telling them so I do but that is the problem with them. A lot of them are for the quick and the dead and if you’re going to go around thinking (mrn) then it’s hard to catch them. My overall decision was that it’s good to share and perhaps by following you will get a good idea of the rythm of the thing so in the future you will be able to do it yourself.
Case in point, all out of BIIB at $1.25 as I don’t like the top here. XXX
TIE – rumor on Russian Titanum production flooding the market. We did a sell on the June $35s so fine by me but I think I believe this information about as much as I believe that 6 Nigerain rebels with an outboard motorboat overpowered a 700 ton oil platform (what, are there just 2 guys working there?). $35s still $1.02, just down .40 from yesterday’s play but still pretty expensive at $1.50 out of the money inidcating lots of people arent buying this…
SHLD selling June $180 puts for $4.50 and June $180 calls for $4.50 // Buying July $185s for $4.50 and July $175 puts for $4.25. Risk is probably about $3 in losses on a big pop (earnings 5/31) where one side gets wiped out and you and caller/putter are both deep in the money but very nice possible reward if we are in the range (best case is $180 finish and July puts and calls retain perhaps $3 in value each. XXX
ANF another winner being pulled off the table. SBUX will be serving coffee in Hell if the stock goes any lower.
BIDU giving us that confirming move!
5 YHOO Oct $30s for $2.30 in $10KP, selling 4 July $30s for $2.35 (this will still tie up $1K in margin due to the spread!). XXX prices don’t matter as long as you net 0 on the spread – you get earnings and they don’t so this plays in both virtual portfolios….
SHLD selling June $180 puts for $4.50 and June $180 calls for $4.50 // Buying July $185s for $4.50 and July $175 puts for $4.25. Risk is probably about $3 in losses on a big pop (earnings 5/31) where one side gets wiped out and you and caller/putter are both deep in the money but very nice possible reward if we are in the range (best case is $180 finish and July puts and calls retain perhaps $3 in value each. XXX
5 YHOO Oct $30s for $2.30 in $10KP, selling 4 July $30s for $2.35 (this will still tie up $1K in margin due to the spread!). XXX prices don’t matter as long as you net 0 on the spread – you get earnings and they don’t so this plays in both virtual portfolios….
Sorry that’s July $27.50s that we’re selling!
TSO – I was half yesterday leaving me with a REALLY low basis so my DD today was a no brainer but I have the $115 puts, now $2.45 and the Aug $110 puts, now $4.90.
Wow, $10KP just filled my 8 FIZ Oct $15s for $1.45 – had that bid out for ages!
DIS July $37.50s for .50 – didn’t want to do this until after the weekend but don’t want to miss them again (Weds they were .75) XXX
FIZ – yes but its a thin trade and I will kill it if I run into trouble selling the June calls on the next run up.
TSO – I don’t like to force plays. The play we took on TSO was at a real top of $124 on Tuesday, which we were waiting and hoping for as that’s where it topped out on 5/2 – entering here, at $120 is arbitrary but it is possible this will firm up as a “lower high” next week. The position a stock has between the strikes and the prices are also very important when you enter a positions and right now TSO is in a very bad spot.
With the stock’s volatility we could do a play like SHLD earlier by selling the $120 puts and calls for $8.50 and buying the July $125 calls for $5.25 and the July $115 puts for $4.75 for a $1.50 net as, for all it’s gyrations, this stock has been between $115 and $120 for a whole month. XXX
