Friday, April 26, 2013

JNJ Finishes Up 17th Consecutive Week

I really don't have to say much here, as many of you that have been following the blog know I am short JNJ with conviction. We made another new high this week and closed up for the 17th straight week in a row. Call me crazy but I am sticking with my bet that this thing is going to have a down week. And I honestly feel that the higher this thing goes the harder it is going to fall. My first target is $80/share and as low as $76/share.

I had previously mentioned that I was going to roll my $85 puts out a month if I did not get the move lower I was looking for, but after watching the price action the last few days of this week. I decided to keep the May puts in place with 21 days to go until expiration.

We will see what happens next week.

Good Luck Trading!

In The Money Trades

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  1. JNJ still having a hard time going down. So today I decided with two days to go I would sell a few $85 weeklys effectively putting me in a 2:1 ratio to offset some of the theta decay. On Friday I will look to do the same thing for next weeks expiration.

  2. Correction: should be a 3:1 ratio.

    JNJ is positioned to possibly close its 18th consecutive week higher. We will see what tomorrow brings.

    Hopefully downside :)

  3. What happened to the trend is your friend? I might have to play a weekly bull call spread just because its free money right?

  4. It is your friend, until it turns around and bitch slaps you...LOL.

    You should do a weekly call spread. Someone should make money in JNJ.

    Its so funny how bullish I was...and now I can't help but be bearish.