C Update

Closed C options Tuesday for 200%.  I know the plan was to keep until earnings but it's 200%. 

For those of you who got into C options Monday we did well.  We then bought the 5 Jun Calls to take advantage of some time and volatility premium left on the option.  We are currently down .04 and I should have known to try and get in lower in the day but it-is-what-it-is.

The markets have been experiencing some short coverign lately driving the market a little higher.  Friday is options expiration Friday and it is possible that some short-covering may drive C higher.

I would recommend closing these out if you aren't playing on profits from Mondays trade at the purchase price, possiblly .01-.02 higher to cover commission.  If you are trading on profits the push up towards earnings could drive some volatility our way and allow another double at .30.  Achieving implicit value is a stretch at this point in time.

Happy Trading...

Airlines, driving and trading ideas

 My partner and I were out of town on business this week. Upon arriving at the airport Friday we found out our flight was cancelled.  Nothing new here, lots of weather in Atlanta.  However, we were told that there were no flights out until Wednesday morning, 5 Days after our cancelled flight.  How is this even possible, how could someone just hang out, pay for a hotel and do nothing for 5-days with no recourse from the airline (AirTran in this case).  To add to this, Spring Break was just starting and there were no flights out from any of the surrounding cities within 300 miles.

We decided to rent a car and drive, 1600 miles.  Now I don't know what was crazier the decision to drive or the fact that it didn't really bother us that we were about to drive 1600 miles because airlines can schedule flights appropriately and the entire airline sector has been climbing.

Long story short, and there are many twists and turns to our story is 30-hours later we arrived home, oh yeah we had a passenger that was trying to get back to the East Coast as well.  Would you just ask two guys if you can drive across the country with them?

So now for the trading idea...  Potash (POT) jumped on higher guidance Friday, guided earnings higher for the first quarter. Potash Corp. stated earnings would be in the range of $1.30-$1.50, well above the initial guidance of $0.70-$1.00 per share. The stock soared almost 7% on the day.


This brought Intrepid Potash (IPI) along with it.  Acutally IPI jumped 3% higher than POT.  With no extra news or guidance from IPI I am looking at ATM puts for April.  IPI 31.53 IPI 32 PUTS 2.03 down 1.98 Friday open.  Suggest looking when IPI announces next see if this is a good trade set-up for you.

Happy Trading...

ITMN!!!!!!!!!! Citigroup (C)

Held and sold this evening after the announcements for 153% profit!

Picked up 100 contracts of Jun 4 Calls this morning, already up 80%, holding till just before earnings!

Happy Trading...

ITMN Scores! APPL Jumps on IPAD news...

Hope you got in, either buying calls or the equity outright!!!

Now what to do, sell at 60% profit, or wait until Tuesdays Meeting and see what the outcome is.

I am currently holding a $1 trailing stop to lock in most of today's gain...

On another note have you seen APPL.  The Jan 11 20  Calls are making us some serious money.

Happy trading....

AAPL 2011 200 Call Update + Others

Apple is breaking 209 today and the 2011 200 Calls are now hitting the 31 mark.  This was a great swing trade or for those of you with much more patience and less ADD then myself hang and buy me dinner next New Years.... in Italy!

Sold out of CROX for a quick return, I like it when I actually stick to my rules and actually make a few bucks.

ITMN broke 16 today, pull back may not be coming, welcome to the world of volatility!  15 Calls approaching 5.  Open interest on far out of the money is growing!

Happy Trading