Wow, crazy markets today huh?! I was busy most of the morning dealing ironically with putting in an offer on a house, and the 5% layoffs at my job. Guess I must be fairly confident in my position! I'm not too worried because I have made it a point to always put out quality work, and give 110% when the crunch is on. I have probably close to a month of uncompensated overtime (I'm and expempt employee) I put in last year, so I'm hoping that buys me some job security if nothing else.
I recently found Brian over at AlphaTrends who posts daily video technical analysis of the markets. Worth a look!
Potential Trades
OXY May 50P/55C ~14.00/contract
- Putting in my order triggers for a $0.30 move either direction on the stock. (Stock moves up I buy the call and/or stock moves down I buy the put)
Follow me on Twitter if you want to see live updates on how the trade goes.
- Putting in my order triggers for a $0.30 move either direction on the stock. (Stock moves up I buy the call and/or stock moves down I buy the put)
Follow me on Twitter if you want to see live updates on how the trade goes.
Updates
GS - Dropped a lot in morning trading today, but recovered most of it by close to create a nice big hammer candlestick. I'm going to leave my trigger for the call buy-back where it's at ($81.30) and not chase it. If it would have stayed lower today I might have adjusted.
SLB - I still have my Jan 65 call from the strangle I stopped out on in December, that will expire worthless tomorrow. Normally when I stop out of a strangle I dump both options, but it was already worthless then, so I held it just in case. Never hurts to try right :-)?
SPX - I was extremely tempted to bail on my SPX iron condor this morning as my bottom spread was is at 815/810. I held on though to see if support around 820 would hold, and thankfully it did. The fact that this was more of a hedging play helped me resist temptation. As I was losing on my iron condor, my GS position was just about compensating the entire loss. Plus I have two other strangles catching the volatility as well. So long as the S&P 500 doesn't gap down more than 28 points I will clear just over 60% net profit ... in only 8 trading days!! Not to shabby for an "insurance policy" :-).
SLB - I still have my Jan 65 call from the strangle I stopped out on in December, that will expire worthless tomorrow. Normally when I stop out of a strangle I dump both options, but it was already worthless then, so I held it just in case. Never hurts to try right :-)?
SPX - I was extremely tempted to bail on my SPX iron condor this morning as my bottom spread was is at 815/810. I held on though to see if support around 820 would hold, and thankfully it did. The fact that this was more of a hedging play helped me resist temptation. As I was losing on my iron condor, my GS position was just about compensating the entire loss. Plus I have two other strangles catching the volatility as well. So long as the S&P 500 doesn't gap down more than 28 points I will clear just over 60% net profit ... in only 8 trading days!! Not to shabby for an "insurance policy" :-).
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