I wanted to get in on the MCD trade that Mark put on. But it never reached my entry price, Mark actually got filled pennies above my price. So instead of chasing it I simulated it in my account, a cool feature that trademonster has. It allows you to simulate trades along with your real trades all in the same account.
But I did put on a small position on MFE, it reports on the 30th. I bought 5 Sep 09 $45 calls for $1.60. This stock has been on a tear and has just recently made all time highs. I am looking for a break out, with earnings being the catalyst to propel this baby higher. I will look to add another 5 contracts on a pull back, using my descretion. My stop loss on this is $1. I am not exactly sure what my reward is as there are no other levels on the chart to refer back to but I think it is at least a couple points.
I also bought the 26/28 call spread in WFC as a earnings speculation for about $.80. Looking for WFC to head to its secondary offering price into earnings. Stop loss $.40
I closed out of my WFC call spread as I hit my stop loss price of .40. Actually was only able to sell them for .25, That was a $550 ripper. I also closed my MFE calls out for a profit. I bought them at $1.60 and sold them for $1.85.
ReplyDeleteGood on MFE. Couldn't have forseen the MS situation.
ReplyDeleteYeah choppy markets here. I've settled for the safe small rips rather than wait for larger gains... looking back left a lot of money on the table but like we keep reiterating stuck to my plan.