Thirsty's options

I haven't had too much success in the past picking tops. Theres a good chance that the mm's continue to run it - I've witnessed first hand strong trending stocks continuing to run into expiry even though all reason and rationale said no way.

Good luck with the trade though. I've got a messy one on my hads as it is. The charts look awesome, the sell off (consolidation) on TXN has been on lower than normal volume. If we can get some volume, theres a good chance that TXN should break to the upside. I am looking for 36.5-37 on the stock, and looking to exit half at 1.4, and perhaps watching it goto 2.

I almost sound crazy for saying that, given the current bid is barely at .35
 
Tough luck on the TXN calls. $.20 mid as we speak... perhaps we'll see some upside vol after the Fed raise, but you're obviously married to the position at this point. Good luck.
 
This was a trade where I decided not to have any kind of a stop. So conceivably, I just lost 60% of my option gain for the year.
 
Quote from coolweb:

You bought 2000 calls?

Thats like 200,000 shares of txn?
More...

It's 14,000 share-equivalent right now, but that will rise to a max of 200,000 if TXN were to trade > $36.15. Current delta of 7.
 
If you're still bullish on TXN for intermediate term, you could try to roll your May 35 calls into June 37.5 calls. They're quoted for .15/.20 too. On an upswing you may do it for no loss or better.

Or you could stick to your original trading plan, if you considered the possibility of a pullback.
Quote from thirst:

This was a trade where I decided not to have any kind of a stop. So conceivably, I just lost 60% of my option gain for the year.
More...
 
yea, i was keeping an eye on that. I will make a move by Friday.

And novel, this is why I didn't want to post my size at the beginning.

But all is well, I will live to fight another day. Depending on it's action going into Friday, I may pony up the additional premium for the June 35's.
 

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