Boy I sure picked the wrong time to get bearish on stocks like MO and bullish on ones like DDD and FB. I'm feeling the pain today!
MO continues to march higher! I'm completely caught in my May 38/39 credit call spread. I'm facing a max loss of $285! Right now I'm down about that much so I have no choice but to sit in this loser and HOPE it pulls back!
Continuing in my RED theme... I'm long shares of DDD and FB, both of which took a beating today. I'm committed to them, but the rotation AWAY from these names has never been more apparent. I mean MO is up 2% today, while FB was down 4% at one point! That right there says it all people!
Those aren't my only momentum plays getting smoked... I'm in a TWTR put too. I sold to open this June $47 put last month, and it's been red ever since. The bottom line people, I was wrong on this trade. I set it up to play a bounce that never came. So now I'm just waiting it out. If I have to I'll roll it out as we get closer to expiration I will.
Moving on to GM... I was encouraged how well it held up today. I've got a June 33/32 credit put spread on right now, and it's $70 in the green. When I set this play up on April 15th I collected a $420 premium on 10 contracts.
Man, the SPY was crazy today huh?! I mean this thing dipped all the way down to 185 at the 50 day moving average, and then bounced hard back up to 187. It's great for traders! You could have bought some puts on the way down, sold 'em at the bottom and bought calls for the ride up. I'm sure lots of folks out there can do that - I'm not one of them. I'm happy with my simply little ole credit call spreads.
I'm watching my May 188/189 call spread closely. I'm up $35, which is a small percentage of the original $255 premium I collected when I set this trade up on 4/4. At one point today I was green $110! I'd really like to pocket at least HALF of that premium, which comes out to $130 or so. We've got some market moving things coming up this week, so I'm keeping it on a short leash. There is nothing worse than watching a winner turn into a loser.
I play with a wide open hand, for better or for worse! Please feel free to look through my open positions, my winners, AND my losers. Any advice, thoughts, comments or helpful tips are welcomed at firstname.lastname@example.org.
I'm just a regular guy who has had a little success as an option trader looking to get better!