Plays for Thursday (10/2)

Posted by TheNightTrader on Wednesday, October 1, 2008 at 11:29 PM

It's tempting to try and cram in a couple more strangles before the House vote tomorrow. The problem is everything may gap up with the Senate news, and then I'll end up paying a high premium for the calls. Then if the House votes it down again I'll be stuck.

I am going to do something a little unusual and cancel all my limit orders on the strangles I have open now. That way I don't get out when they hit 10% profit. The idea would be that whatever happens it's probably going to be a BIG move one way or the other, and I'd rather catch more than 10% if it happens.

Also, since I do work an office job where I can keep tabs some of the time, I will probably keep an eye on a couple of the financial stocks and maybe sneak in a last-minute strangle.

0 comments: