Good job Maestro Tough day, I'm done lots of work for nada! Really should have had my stop at 10225 and kept a little profit in my pocket today.
You did well not losing much money today! A lot of folks that I know got demolished today. Tomorrow will be a better day, I hope.
A lot of trend traders with tight stops got whipsawed that's all. I can see how it might happen. One friend of mine traded NQ today and had 5 losing (stopped out) trades in a row. Obviously, if you are counter trend trader then today is your day!
I'll play here... Short JCP May 45 Calls at 2.75. The underlying sold off from the high at the 40sma today again. I'll make it a covered call at b/e.
If I may comment. I thought that selling May 50 Calls would be a better play as the premiums after deducting the intrinsic values are virtually identical and 50 is a better physiological level. Delta is pretty good on 50 (0.27) . Theta is increasing rapidly so you might be making the same profit with a lot less risk. But its just a thought. I might be wrong here. Good luck to you.
Even though I'm flat and staying so till tomorrow side bet says we open at or above that pesky 10280 I wanted today just to spite me ... lol.
Hi Inandlong, I didn't read anything in the above quote except the first few words, but I defintely will. I think your idea is great. From now on, this is the only place I live on ET. I hope you're doing well, and am glad to see you back like this. Rubberbird