Equity option trading

Closed OVTI June 15 calls at $1.35 for loss of ($525.90)
Closed OVTI June 17.5 calls at $0.10 for loss of ($425.90)
Good thing the shares didn't fall too deep, but report was poor, surprisingly poor after 3 great ones the past 3 quarters. So we could see OVTI reverse lower towards $12 after a nice rally to the $16 level.

I bought 15 DAKT Jul. 20 calls at $1.15 (avg.) for cost of ($1743.75). Looking for DAKT to move higher after a reversal earning report. I could see DAKT easily hit $22 within days. Good luck all

Total account now at $1460.80. Have a great weekend.
 
Quote from optiontrader:

$20,000 starting account, I'd show the account like the p/l trader journal, but I suck in the actual cut, paste, and editing to keep my account number and all from showing up...
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Quote from optiontrader:

Total account now at $1460.80. Have a great weekend.
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Is there a typo in here somewhere? I hope so...
 
Sorry about that, just a pretty bad day for me lol; meant to say my gains have dropped to $1460.80. Down from above $2200 in a day Ouch.

Still have a great weekend and take on the market again next week.
 
Thanks Sorta,

Well, the market is off today and it's at an inflection point where calls and puts are at highest risk. I'm going to go light.

Bought 5 NCS June 30 puts at $1.60. Earnings are tonight and I think NCS will fall on earnings according to my research. Good luck to all and I will update later.
 
NCS was +4.25 A/H.

Reported b-t-e
0.76 actual
0.30 estimate
0.31 y.ago

I will probably get some calls near tomorrow's close. Looking for $1.00 per option pop.
 
Yeah, what a surprise, that's why I went light with 5 calls instead of usual 10-15 calls. This one is very tricky, just when you think its down it gives some life.

Still pretty surprising, they lowered FH 08 earnings in the last report, and then shoot the other this quarter. NCS was at a nice resistance point too with a falling 200-day just above, If NCS holds above $34, we will see this one hit $40, especially with the 3.15M shorts covering their losses now.

I post my loss tomorrow morning, I am hoping to get out at $0.30-$0.60 but shouldn't lose too much here.

Also took the opportunity today to buy calls on MRVL and DAKT. Both reported great earnings last week and are on pace to make a move in the next 3-6 weeks.

Bought 20 MRVL July 17.5 calls at $0.95. I think short interest coudl drop more as they cover another 2-3M shares. The shares could easily hit $20 which had been a resistance area since 2006.

Bought 15 DAKT July 20 calls for avg. price of $1.10. DAKT report strong earnings and short interest levels will need 14 days to cover. I can see another few short rallies before settling down. I think we'll see DAKT stop at $22 in 2 weeks, but I'm looking for $25 by July expiration.

Good luck to all.
 
Sold those 5 NCS June 30 puts at $0.30 yesterday morning, ouch, the loss was ($624.10)

Bought 10 MATK June 35 calls at $3.40
Bought 10 CMTL June 45 calls at $2.40

Still holding:
30 DAKT Jul. 20 calls avg. buy price was $1.125;
20 MRVL Jul. 17.5 calls bought at $0.95.
both positions are about 25% of my total account. quite high, but I feel good, lol.

I'll update on earnings tonight as MATK and CMTL will be reporting, should be fun. I actually like SFD calls too, but volume was 15, ouch, could get cheated out by market makers with that kind of volume.
 
Quote from VictorS:



I will probably get some calls near tomorrow's close. Looking for $1.00 per option pop.
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of course, I missed these calls as i have been tied up with some extremely important affairs. The i-t-m's closed+2.50, +1.50 above my target.
I also would have liked to get some IART(42.35) near today's close. the june40c closed @$3.10. Oh well, I'll be out again tomorrow also.

Good trading, Optiontrader. You've rekindled my use and watching of options. Gotta pull out the ol' Natenberg this weekend.
 
Sounds good, I thought if NCS could hold above its 200-day ma, it should have some energy to pull high....and I'd be looking at $40, and then possibly $44 for the next 6-8 weeks, we'll see though lol, its all predictions until that time is here.

I'm hoping to come out on top tomorrow with CMTL jumping higher, but MATK slowig down, actually down about 3% AH.

I also bought 10 SFD June 30 calls at $1.20 in the last hour of trading. Research says SFD should be higher tomorrow morning, but until it happens can't count my eggs too soon.

As for DAKT, creating a bull flag here just like I had hoped for, now we just need a confirmation from the flag by jumping above $20.30. As for MRVL, another 2-3% drop and I will probably stop out as such a drop will push MRVL into a potential gap covering.

Good luck Victor, and from my view NCS still has a lot of potential, I'd set up a stop loss on the options if NCS falls below $32 in the next 10 days, otherwise, you could see a big winner in the makings.
 
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