Ouch, another completed hedged position. LEAP calls were taken out at $1.45 for a big loss, but that loss was hedged by the gains from SVU. Those SVU Jan. 35 puts are now at $4.00 as SVU has dropped a hefty -9.6% this morning. I also took a momentum position in AMZN. Technology (including internet stocks) have been beating down. Heck I liked AMZN 4 days ago at $95, but getting in at $89 was a beauty. I did buy options instead of the action stock though. I opted for 12 AMZN Jan. 90 calls this morning at $2.70 right off the open.
Sold 7 LEAP Jan. 40 puts at $1.45 for $1,000.05 with a loss of
($939.90).
Bought 12 AMZN Jan. 90 calls at $2.70 for
($3,248). I always set a stop loss on my options, and these AMZN calls include a
stop loss at $1.40.
I also decided that I can't hold onto my SVU puts any longer.....the profit is so big, that it has to be captured for tax purposes
.
Sold 7 SVU Jan. 35 puts at $5.80 for $4,045.05 with a gain of
$2,770.10.
So as it stands, I have about $3,780 in AMZN calls, and a cash position of
$7,042.40. My account total now stands at
$10,822.41 with 3 winners and 2 losers so far. It seems I am one step closer to my goal, but quite a long ways off. Hope everyone is also having a great trading day.