Sold 3 JPM Nov/Dec 41 Put Calendar Spread at 83 cents
JPM tanked to $42 today and our Calendar spread is making $
Sold 3 contracts of calendar spread at 83 cents
In other words, we sold 3 contracts of the Dec 41 put at $2.36, and covered 3 contracts of the Nov 41 put at $1.53
we still have 2 contracts remaining
booked profit of + $98
Oct 28, 2009 Trading Summary – 1 Trade on Estee Lauder NYSE: EL , Commentary on Marvel Technology Nasdaq: MRVL
There were no buyers at all.
Marvell Technology – Nasdaq: MRVL
Marvell Technology tanked 5% with good volumne after Goth Capital downgraded it from Buy to Hold. Technically speaking, its chart looks bearish as it broke all trendlines and moving averages.
We are still long 200 shs in MRVL with an unrealized loss of around $315. We will see how it reacts today since now there is a discrepency between different analyts where Citigroup has it under buy with TP of $21, and Goldman has it under Conviction Buy with TP $20. There is a possibility that it is over reacting to the downgrade.
Estee Lauder – NYSE : EL
We covered our short in the Nov $40 call at $1.65.. posting a P&L of + $215
we are now net long 2 Nov $45 call at 22.5 cents…. we decided not to close down the whole call spread because the $45 doesnt worth much anyways, we can bet on any potential upside rally
Made 3 trades today: MICC, FAZ, MRVL. Trade rationale is posted below.
Marvell Technology (Nasdaq: MRVL)
Bought 200 shares at $15.30 in the pre-market session.
Rationale: MRVL raised their guidance range fo FY3Q10 revuenes to $760-775 million from the original $680 – 730 million. This should act as a catalyst and if it would be very positive if it could stay above $15.30.
Target : $20
Stop Loss: $14.15
Millicom International Cellular S.A (Nasdaq: MICC )
Bought 50 shares at $69.00.
Rationale: Anticipating a double bottom as it had a huge uptick right at 9:30 am.
Sold 50 shares at $66.25
Rationale: Stop Loss at $66.25 was triggered as the Dollar rally causes the overall market to tank. MICC tankked from $69.50 down to the day low at 65.74 .
P&L -$137.50
Direxion Daily Financial Bear 3X (NYSE ARCA: FAZ)
Bought 100 shares at $20.24, sold at $20.34
Rationale: A scalp trade only based on daily pivots
P&L +$10
Sold 2 Estee Lauder (EL) $40/$45 Call Spread at $2.50
it broke out higher earlier this week above 61.8 fibo resistance at 41.40.volume is fading,
on daily chart, williams% is suggesting it is being overbought and it could be closed with a possible DOJI today.
Sold 2 contracts of the 40/45 Call Spread
essentially I am shorting 2 contracts at $40 and longing 2 contracts at $45 for a credit of $2.50
Premium credited +$500
maximum loss is also $500
1 for 1 bet is very attractive.
Sold 4 NTES Nov 39 Put at $3.30
stock legged down this morning… bouncing back a little..better lock up my profit before it bounces more.
P&L + 240
Sold 50 shs of Goldman Sachs GS @ 185.93
it went up earlier this morning.. but it has been weakening ever since.this trade doesnt seem to work so I better exit for minimal loss before losing more.
P&L – $6.00
Bought 50 shs of Goldman Sachs GS at 186.05
bounced off nicely from its intraday low right at the 20 days EMA.lets see if it can test its year high again ..
stop loss at 182
Covered 200 shs of Melco Crown MPEL @ 6.02
refuses to break below support @ 5.75 twice ..give up and get out…
P&L + 14
Bought 4 NTES Nov 39 Put at $2.70
Stock under pressure. Would love to short but don't have much $ in my ThinkOrSwim account. So bought a put instead.
Shorted 200 shs of Melco Crown MPEL @ 6.09
gapped down on the Macau restriction newsif it can close below $6 today, it could test somewhere near the 200 day moving avg … which is around $4.78..
I am targetting $5.00
stop loss at 6.40 (50 day moving average)
