That is why I am talking about the past. I do not trade like that any more, and I would not care about high returns in daytrading. Right, it is topic for longer discussion, but let me put here quote from my friend, former pit trader: "Both options and hard liquor work well for smart people only"
WOW! crazy morning for some of the positions I was looking to get into. SHLD up $16 on good earnings. PALM down on a downgrade after the split causing RIMM to rally. Just what I needed 2 days before expiry. LOL
Yep, this morning just reaffirms that fact. Even though it is boring, I would much rather be 2 stan. dev. OTM right now.
Well it didn't once the beige book came out it didn't look like SPY was going to come back down, so I had to bail out on the 130 short calls @ .5 for a measly $20 gain.
Today's Action BTC 4 SPY MAR 130c @ .5 Year to Date P/L Account Value: $10,298.00 YTD Gross P/L: 430.00 YTD Commiss: 132.00 YTD Net P/L: 298.00 YTD % P/L: 3.0% I was really wishing today that I had just gone with SPX instead of SPY. When I put on the position I couldn't get a good fill on SPX so I switched over. I didn't have the nerve to see if we would drop down below 130 before I got assigned given the dividend and all.
RIMM dropped down quick enough that I was able to roll the calls into APR for a credit, so I took the opportunity. I think they are about ready for a breather but expiry is only a day away. Figured I would lock in another months time to let them pull back a bit.
Glad I acted quick on that one, my 0.20 credit turned into a 0.45 debit in a hurry. I don't need anything decreasing my chances any further on this one.
Any experience with XSP? Seems that the fills would be just as good as SPY but are European style. They are more thinly traded though.