I have had a great first half of the year and now am stuck in a range. Fortunately not losing money, but breaking even or fluctuating plus/minus a few hundred bucks. Example I closed the DIA Puts yesterday only to have them in the money today. I am long a few things which continues my break even pattern. After trading APPLE twice in the last few weeks and although, profitable, 800% less than what was possible if I stuck to my own advice and plan.
So, what to do. Stay in cash until I can get some time to PLAN the next trades.
Some interesting Options action. The market makers have opened up APPLE August options. Tried to get the 270 calls today but had to low of a buy target. I like August since all we had were July and October and APPLE reports earnings a week after expiration Friday. August is a good way to play.
My PLAN for APPLE start buying contracts one a time over the next couple of weeks, target of 20 total and double/triple down on a significant pull-back. This is how I set-up my initial two trades except 10 contracts at a time. I had 260 July's at 8.75 and 7.55 respectively each time. Great set-ups if I held them till today. So trend is still holding just higher on the equity and with all the news on IPads sold, IPhones etc... and iminent earnings report I don't see room for a deep pullback. Given up over 3$ on a 140 point down day.
Citi is progressing, slowlllllllly, but progressing so hanging on to the Jan 4 Calls for at least a dollar return on premium. Limit order set and not changing it.
Happy Trading...
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