Updates for Wednesday (10/1)

SLB almost gave a me a good opportunity to show why I "leg in" on my strangles. But I'll explain it anyways. The stock dropped, triggering my put order, but it never rose high enough to trigger my call order. After picking up the put the stock dropped almost $5, and since I only had the put I was at a pretty good profit. The problem was that since the whole idea here is to trade stocks while working a day job, I didn't touch it. By the time the markets closed the stock had risen back up to only a $1.22 drop. If I had been watching it I probably could have gotten a 15-20% 1 day return. We'll just have to see what happens tomorrow.

What I'm going to do is enter an OCO (Order Cancels Order) order with an identical call order from last night, and then a limit sell on the put if it reaches ~20% profit. Whichever order executes first will cancel the other order. That way if the stock drops again tomorrow I can snag a quick profit, and if not I will still pick up the call and have a full strangle.

Today's Activities
Bought SLB Jan 75P - 1 contract for $7.50
Entered OCO order for SLB (described above)


Updates
AMZN dropped back down again today. It's all over the map, so it's a game of wait-and-see.

FDX seems to have gotten the bounce today. If the markets bounce as well in the next couple days this one should get a nice boost :-).

MGM has just been moving laterally, not really committing to any direction.