Wednesday, March 28, 2012

UPDATE - closing the $CF trade entry from 3/28/2012

12APR - took profits this morning on this trade, stock is 5 points higher than when i entered plus some time decay. reached 83% of max profit. only .10 left in it, better to have that buying power available since a few on my watchlist are reporting in next 10 days. may be able to get into some May spreads.

Buyto close - Apr160/165 credit put spreads at .10x12 = $120 = $600 profit

28mar - the setup i posted on monday(see bottom) hit today.. dancing with 50day moving average again on the china on again off again saga. Same trade and strikes i made last week.

Sold the Apr 160/165 credit put spreads at .60 x 12 = $720 credit

Using the low from few weeks ago as support line to shoot against. 150day is right at short strike with 200 day slowly catching up. Trademonster shows this spread to be at 86% of max profit at time of entry. if it keeps going down will just ride it out to opex and adjust as necessary then. if it bounces strongly will take profits per my 40-50% rule. might see some movement thursday/friday because Beaks and the crop report.

setup from monday
26mar - pretty much looking for the same thing i was on previous trade. will be looking for a pullback to test the 50day again like it did thursday. will then use the low from 6mar as the support level to shoot against. likely be looking at the 160/165 credit put spreads first. Earnings last time i looked appear to be after Apr opex so that will not be a factor (but will mean i will not enter May spread until after earnings). If something happens to cause to drop right thru the 50 day will then probably  be looking for pullback all the way down to that 168ish low and reevaluate then. set alert at 182 to get it on radar