I did a hard reset this morning. Closed out all the trades taking losses on $PVH ($120) and $WDAY ($136) while locking a small gain on $SQ puts at $202. I'll take a second look at $VMW, but I have a feeling the Nasdaq is going to fall again today. If I'm wrong, then I'll look for an entry into $VMW and take back some of that loss.
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My trades
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I'm late to the bank trade, but $GS is just breaking out of its range of $234/$246. I'm looking for a run on the breakout here up to $250-$255 ($GS 52 week high is $255). I would have preferred to trade $JPM, but that one's just about done with that run up the past 2 days. So I'm taking $GS Dec week 2 250 call instead using about 10% of my account.
*I went from a VMW Dec 130 call all the way down to the VMW Dec week 1 120 call today. The Nasdaq should hold here, and VMW's 5% drop was big yesterday on a so called rotation move out. If the report is strong today, then it should gain those losses back. That's all I'm looking for.
*I went from a VMW Dec 130 call all the way down to the VMW Dec week 1 120 call today. The Nasdaq should hold here, and VMW's 5% drop was big yesterday on a so called rotation move out. If the report is strong today, then it should gain those losses back. That's all I'm looking for.
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Damn, volatility has to be jumping back into the market. The DJIA is just roaring higher. At the time I took my $GS call position the Dow was only up 165-175. I come back to check the market and here we are at +300 already. Looks like tax is expected to be a done deal then. What else is there to buy at this point?
Going to load up on $JPM this morning. I didn't catch the close yesterday, but price action this morning seems to be giving me another crack at a short term target. This will be a weekly trade into early next week ahead of the FOMC meeting coming up in 2 weeks. I think traders looking past the tax reform will start to look at the FOMC meeting.
*Also added $AET 182.5 calls this morning. It looks like the merger announcement should occur this weekend. I don't expect $AET to hit $200 because there's going to be anti-trust reviews on this merger. It could takes months before a completion. Still, $AET could jump from $180 to $190 on such a confirmation news depending on the actual price target. The price is north of $200 and looks more like $205. $CVS isn't falling any lower, so that should keep the price steady.
*Also added $AET 182.5 calls this morning. It looks like the merger announcement should occur this weekend. I don't expect $AET to hit $200 because there's going to be anti-trust reviews on this merger. It could takes months before a completion. Still, $AET could jump from $180 to $190 on such a confirmation news depending on the actual price target. The price is north of $200 and looks more like $205. $CVS isn't falling any lower, so that should keep the price steady.
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News filled day. Closed out $GS and $VMW calls. Also closed out the $JPM trade I just took on for a day trade. Holding $AET calls. Looks like Trump is catching heat today.
It looked like I had everything setup for the following week, but the one uncertainty I didn't see was that Flynn was ready to name a senior Trump admin in news reports that were out yesterday. I expected a late inning tax reform vote as well as a plea deal/guilty plea for Flynn, but news that Flynn was about to name someone so soon caught me off guard (probably caught the market off guard too). $VMW was an exit for me once it finally hit that $125 target, but I wanted to hold $GS and $JPM into next week. Instead, I felt it was safer to stay in cash through the weekend and see how fast or slow this Flynn news plays out or allow time for the market to really digest the news. So, the only thing I'm holding now is the $AET call (added another call at the end of the day after the market calmed down) where I know there's a high probability of confirmation from $CVS and $AET about the merger.
Lots of divergence this morning with techs lower and sp500 higher. I think tech is going to lead a small correction, got into jpm puts at 1.22.
Adding BABA Dec 8 72.5 call and NVDA Dec 8 195 calls today. BABA just flashed a high volume bullish reversal this morning that should hold. On the NVDA side, that drop from 215 to 188 was big and most likely over done. I'm looking for a bounce to $198-$200 by end of week.
Had closed out the NVDA calls for a loss, and then it rebounds. Still, the BABA and FB calls are holding up well with both rallying back towards last week's highs. I also added RH after it broke $105 yesterday using RH Dec week 2 $110 calls. The options are below right now, but my target of $110-$113 still stands by tomorrow.
Went on a buying spree today adding ADBE ahead of its earnings next week. Also added a position on LRCX (one that I have been following since it's base at $175 a couple of months ago) using LRCX Dec 190 calls. It looks like tech is holding up well here. I'd give this sideways move another 1-2 weeks before the market will look to add that Santa Claus rally. If large funds are window dressing, they should do it here when techs were struggling the most.
Went on a buying spree today adding ADBE ahead of its earnings next week. Also added a position on LRCX (one that I have been following since it's base at $175 a couple of months ago) using LRCX Dec 190 calls. It looks like tech is holding up well here. I'd give this sideways move another 1-2 weeks before the market will look to add that Santa Claus rally. If large funds are window dressing, they should do it here when techs were struggling the most.
Techs are back and leading. I was able to get out of the BABA weeklys today at 5.95. This trade alone gained $1,151 for me this week putting up to 6K. After hitting 5500 from that AMZN call 2 weeks ago, my did drop back to 4100, but those tech stocks I added this week has helped. FB calls are also doing very well even after a pullback today. I added GS Dec 250 call @ 2.44 today ahead of FOMC next week. If we get news that there could be more than 2 rate increases next week, banks should benefit and I'd expect GS to hit $255.