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Daily Stock Market Equity and Options Trading Commentary

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Wednesday, November 25, 2009

Update to RINO Call Spreads

I had the chance to double down my 30 strike call options yesterday for $80 a contract as RINO neared 26.50 a share. I am watching the chart very closely and think RINO could trade higher into close today. I am looking to lightening up on the 30 strike calls purchased yesterday, and keeping my vertical calls spreads open as I am still bullish on RINO. It is breaking up again today on BIG volume, so this is a good sign! As of now the spreads I wrote about on November 17 are profitable by 33% from the theoretical price indicated. However I opened my position the following day for roughly $110 per option contract, $20 less than the indicated price in that post. I will be taking profits, but keeping some RINO spreads on the table. Happy trading! Sphere: Related Content

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