cache, given the current economic situation, i rather short wmt on rallies than try to catch a rally. i dont have much experience with retail stocks though as i said i dont like the way they move.
I usually prefer ITM also. This choice had more to do with an adjustment that I'm considering if I'm correct about the underlying.
Over the weekend I re-evaluated my WMT position. Given the ER coming up I decided to stick with my usual guidelines, so I've entered a pretty tight trailstop on the long calls. It might continue to go higher today, but I'm up 60% on the position which is good enough for one day.
Today's Action STC 4 WMT JUN 47.5 c @ 0.85 Year to Date P/L Account Value: $12,369.50 YTD Gross P/L: 2,695.00 YTD Commiss: 325.50 YTD Net P/L: 2,369.50 YTD % P/L: 23.7% Trailstop was triggered.
Unfortunately support didn't hold and my stop was triggered on MRVL. I'm leaving the long 70 calls just in case there is a miracle jump after the ER. Overall loss on the position was $100 + commission. Today's Action Cont. BTC 4 MRVL MAY 67.50 c @ 0.05 BTC 4 MRVL MAY 52.5/55 p @ 1.60 Year to Date P/L Account Value: $12,251.50 YTD Gross P/L: 2,595.00 YTD Commiss: 343.50 YTD Net P/L: 2,251.50 YTD % P/L: 22.5%
I had considered opening some JUN SPX bull puts today, but I'm not in a hurry to get JUN positions. Also, I think the big moves are going to come after the PPI/CPI reports. I'll be looking to open index positions ofter the CPI.
Might not be the best timing but I opened a long call position in QQQQ. I had a order in for a bull put on PAAS but it gapped this morning and I wasn't willing to chase it.
Today's Action BTO 3 QQQQ JUN 40 c @ 0.95 STO 4 PAAS JUN 17.5/20 p @ 1.00 Year to Date P/L Account Value: $12,235.00 YTD Gross P/L: 2,595.00 YTD Commiss: 360.00 YTD Net P/L: 2,235.00 YTD % P/L: 22.4%