Opinions on option position in PCU

Discussion in 'Options' started by 11Blade, Feb 12, 2006.

  1. 11Blade


    I'm am a relative newcomer to option trading so perhaps Elitetrader is where I should not be, but I'd like to hear some options experts ideas on what they would have done.

    I had a pure bullish position on PCU purchasing a moderate position in June 06 60 calls

    by pure luck the stock skyrocketed and the calls became pretty deep in the money.

    Given the huge profit, I exited the position when PCU started to weaken. I'm a very happy with the trade but consider myself very very lucky since my base metals hunch could have easily done me in.

    I am mostly an equities trader, and reserve only 5-10% of my portfolio for options trades.

    What would you have done with the position at this point? other than book the profit?

  2. I would be happy w/ the booked profit, but the only way I would have hedged it to a degree would have been to sell a deep in the $ put, shorting the common could give u acid reflux.