• Vertical Spread
    Everybody writing bout X.. I am short NOV 21 Calls, long JAN 20 Calls for a diagonal strategy.
    Reply (5)
    • John R. Conway: when x goes up best time to go short. Steel production/capacity have been down. I see 18.50 (around that) as a bottom
    • Vertical Spread: That could be my buy-back level for the November $21 Calls. Perhaps January effect, fiscal cliff resolve will take it on up for 2013
    • John R. Conway: The option strategy you have listed prob one of the better ways to play X due to its high beta and the stock can move extremely fast
    • Vertical Spread: Has not put in a new low, but broken a lower trend line I watch. Payoff on the short position is eminent, then short the JAN 21's.
    • Vertical Spread: Bought back my X shorts yesterday. Paid 50 cents for the NOV 21's. Now thinking about reshorting on today's 4% rally.