Vertical Spreads for Aggressive Growth

what do you mean, thought you said u'd wait to see if it finds support?

 

I was thinking about a quick smash and grab on the aticipated bounce the next couple days. We'll see what tomorrow brings though.

 

Sorry, I wasn't able to make the time to post anything real time today. Overall not a great day to say the least.

I wasn't able to sell the SPX bull put spreads before Bernanke screwed things up for me, and my stop was hit on BAC. I let this one get out of hand a bit by lowering my stop. I'll readily admit that it was a mistake that I shouldn't have made. Overall loss for this journal account; $320.

I was able to make that quick trade on BRCM that I talked about yesterday, but unfortunately, when the underlying reversed just after 8:00, my trailstop was triggered. I bought the May 40 calls for 1.80 and the stop was hit at 2.20. I expected to be able to hold it for a day or two. Overall gain for this journal account; $120.

Total realized loss of $200 for the day because of stupid mistakes.



I'm not at my computer with my spreadsheets, so I will update the P/L tomorrow.

 

Thursday's Action

STC 2 BAC MAY 50 p @ 1.60
BTO 3 BRCM MAY 40 c @ 1.80
STC 3 BRCM MAY 40 c @ 2.20

Year to Date P/L

Account Value: $12,235.50

YTD Gross P/L: 2,525.00

YTD Commiss: 289.50

YTD Net P/L: 2,235.50

YTD % P/L: 22.4%

 

Did you join in the fun?

 

i was considering the call route also, glad you got something out of it too. you can send me my cut next month since you didnt do too well yesterday

 

Nope. Decided to sit this one out. How'd you do?

 

Thanks for allowing for deferred payment, given that I was net negative for the day.

 

I should rephrase that, I alread have a position in MRVL that I decided not to add to for the sake of diversification.

I missed the chance on AAPL and decided to stay away from BTU.

 

Not as well as I should have

BTU - Looks like I got into this one prematurely. Bought some May 60 puts near the close on 20/4/6. Closed for a small loss on yesterday's high wave candle, as the rally started before the close. Watching for possible re-entry.

MRVL - rolled down my LEAPS before the bounce.

AAPL - already in some diagonals, but out of buying power at the crucial moment! Priming for some potential position morphing as it approaches resistance.

Find I'm increasingly utilising credit spread swing trades to capture extra profit on my core positions.