MCP dominated my trading today.
I was not able to get shares to short with IB so I shorted call options instead. I closed out a fair gain and tried to fade it further when it moved higher. Ended up taking some stoplosses and also started trading the stock side by side due to liquidity/spread issues with the options. When in the afternoon MCP started to fall I held out for some real gains instead of just breaking even and it moved against me again. I ended the day still short some Jan 55 calls and flatened out of the stock right at the close. I have bids at lower prices for MCP and if it falls in afterhours I should get hit. With one dollar moves in any given 10 minute time span trading it back and forth was not all that bad while at the same time providing some risk management. I will be looking to cover starting in premarket tomorrow via stock and then the options.
STEC was a William (B9) signal. I traded it heavy and scalped much of the gain. I had some bids near 19 that would just miss before it moved up again and then I shorted and repeated this game for much of the day. It was not until near the close that it finally broke down but I had covered much of the short by then. My gain however was larger than normal due to the amount of shares I put on the short.
MCP + 143
MCP Jan55c – 46
STEC + 769