Updates for Tuesday (9/23)

Todays Activity
Bought AMZN Jan 70P/80C - 1 contract @ 15.30
Entered limit sell for AMZN 70P/80C @ 17.00 (~10% profit after commissions)


Updates
AMZN continued lower today on slightly higher volume. It even closed slightly below my lower bollinger band. It did however move up high enough in opening trading to get me into the call option, so I now have a full long strangle on it. I'm not sure my 0.70 +/- move was a good choice though. That's 1.40 stock price delta between getting into the call and put, which puts me at higher cost and higher risk than I like. It was late last night when I put in my orders and I wasn't thinking too clearly :-/. Normally I allow a move ~10% of the 5-day Average Trading Range, but AMZN has been so volatile the last week, that the number was inflated. I'm not too worried about making a profit yet, but it might have been smarter to go with more like a 0.50 +/- move.

DRYS changed direction yesterday and strongly continued that move today on higher volume. Right now it's sitting roughly between the 10 day moving avg and my lower bollinger band, so it has some more room to move to the downside.

FDX continued to move lower today on lighter volume. It is now on sitting on a support line, so we will have to see if it will break through or bounce. At this point I am profitable enough on the put I could sell it and ride the call back up. However with the markets being so news driven back and forth lately I'm not sure I'm comfortable with that idea. I think I'll take the safe route and keep both legs of the strangle for now.

(The quality of this chart is lacking. I will try and find a better way for showing charts in the future)