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In the beginning there was thought
  • Derivatives/Options Trading 0 comments
    Apr 4, 2011 4:51 PM | about stocks: WHR, DNDN, GM, OVTI, RVBD, BA, CCJ, BBRY

    Ok, so good day in the market after a weekend of sweating it out on my first options trade ever.  Of course not looking at risk levels I bought naked puts, probably will not do that for a overnight hold again.  I took WHR Apr 11 $85 puts at $1.66 per last week and sold them today at $1.82 for a net profit to my portfolio of 7%  I started paper trading a few options today to see if I am any good at picking based on intraday action and chart analysis.  I am definitely more comfortable with an options day trade then holding it overnight, especially in the current market environment.  That being said I held my portfolio in cash tonight to setup a couple day trade verticals to continue practicing over the next few days.
      Paper trades today:(some these were higher but this is paper so i'll do the bid at close)
      DNDN Apr 11 $38 PUT @ $1.25 -> cover at close $1.56 (up almost 25%)
      GM Apr 11 $33 CALL @ $0.45 -> cover at close $0.40 (down 8.8%)
      OVTI Apr 11 $33 CALL @ $1.45 -> cover at close $1.70 (up 17.2%)
      RVBD Apr 11 $34 CALL @ $1.20 -> cover at close $1.25 (up 4.1%)

    Three out of Four isn't bad, and I should know better on the GM, stay away from companies with bad books.  All positions were taken at the time I first looked at them and normally would have decided to get into them.

    The Next three I will be tracking based on some longer signals, so far all three are dogs.
      BA May 11 $75 CALL @ $1.80 -> 
      CCJ May 11 $31 CALL @ $1.95 -> 
      RIMM May 11 $52.5 PUT @ $1.76 ->

    That's it for today.  Happy Hunting.

    Stocks: WHR, DNDN, GM, OVTI, RVBD, BA, CCJ, BBRY
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