Bulls and bears both make money, pigs get slaughtered... today I was a bull and took much off the table. I opened two positions and closed three today, netting roughly $500. Let's recap the trades in order.
I opened the day by setting a limit for AAJU, oct 37.50 option for Alcoa at 1.90 a contract. This was coincidentally the low in the day. I put a sell in at 2.40...which it blew past to close at 2.80. Alcoa proceeded to miss earnings, so I'm glad I was able to pull in about $85 on 385 investment.
I opened a position today in BBW, OCT 17.50 BBWJW, at 1.40 a contract. The stock continued to drop at the end of the day, and I've lost about .30 a contract probably on them. This stock is heavily shorted, and I expect many shorts to cover prior to earnings report. They report next thursday, and I hope to drop two of them before earnings and play with the house's money on the last option.
I sold my EMC shares. Although I didn't want to do this as I believe EMC will continue to rise due to its stake in VMW, I need the money for the downpayment on the house and I still own a DITM call for march on EMC, EMCDC, which is up nearly 40 percent.
I also sold my AUY shares at close. I had a sell in for AUY at 12.25, but changed it to 12.15 at 3.59 pm. The sell hit and I netted nearly $180. I didn't want to sell this either, but again need funds for the house payment.
Watch for PEP reporting thur and GE reporting friday. I'm going to research options for these and offer insight into their earnings tomorrow.
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