Resistance???

Just when the market turns down from resistance, we get a day like today. Yesterday the Dow closed down about 80-some points, today it has earned it all back. Yes, it's early in the day, but lets see how the trades are looking...

CLF Dec 95 Calls- $4.50, paid $2.70 (nice!)
UNH Dec 60- $1.55, paid $1.30
THE Dec 45- $0.90, paid $1.60 (ouch!)
PD Dec 135- $7.50, paid $2.1o (congrats!)
LLY Dec 50- $0.35, paid $0.80 (Hmmm...)
GCI Dec 65- $3.90, paid $2.00

Our cost basis (premium wise) totaled $10.50 per share to get into these options, as of now our cost basis is totaling $18.60. Lets update our sell strategy....

I only have three concerns, LLY, GCI, and THE. THE found a recent support and bounced today at roughly $41...if it breaks $41 we will exit. LLY we will exit today on a bullish breakout. I will put in a limit order to sell at $0.40 and see if I can exit at a 50% loss. Last one...GCI. It appears to be about done. I am watching the candle patterns for a signal, or any strength in the stock for an excuse to exit with nearly double our initial investment. As far as the other trades are concerned....LET YOUR PROFITS RUN!

...I'M AN OPTION ADDICT...I'M AN OPTION ADDICT...I'M AN OPTION ADDICT... ...I'M AN OPTION ADDICT...I'M AN OPTION ADDICT...I'M AN OPTION ADDICT...

About me

  • I'm Option Addict
  • From Saratoga Springs, Utah, United States
  • I am a professional trader and an instructor for Investools. I've had relations with the markets for 9 years. Born in Concord, CA, but reside in Saratoga Springs, Utah. Father of THREE, Husband of one.
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