CNX BLPS
I got into a July 100/95 CNX bull put spread for a credit of 1.27 yesterday.
New Month, New Focus
July options month has started and I am excited about having a new focus and fresh start. The last two months have been filled with trades that didn’t exactly fill my comfort and more importantly that I do not have the experience to manage. Risk management is everything! I think finding the right profitable trades is easy. What happens if they don’t go the way you expect? Then what? From now on, I will be focused more on naked puts, calendars, butterflies, bull put spreads and bear call spreads. I also have a new spreadsheet, which will do a better job of accounting for my real time results. I have slacked off a bit the past two months on results and that hasn’t made me too comfortable.
CNX +12%
I exited my vulture bull put spread on Console Energy for a debit of .63. That gives me a profit of .47 / 3.90 = 12% in a day!
06.20.08
USO +78%
USO retraced quite nicely this morning and we closed our BLPS side for a debit of .08. Our entire USO trade has been closed for a total credit of .39 / .50 = 78% in a day!
06.19.08
CNX BLPS
Here is another speculative trade I have placed, so size accordingly.
Symbol: CNX
June 110/105 BLPS for a credit of 1.10.
Adjust USO
I just added a bear call spread on USO for the June 111/112 Calls for a credit of .20. As USO was going down, I bought back the debit for .03. No additional margin, so this can only help my position. Getting pretty crazy!
USO BLPS
I can’t get enough of oil. I entered a vulture bull put spread today. Here are the details:
BLPS June 107/106 – Credit of .30.
I will look to put a topside to bring in additional credit and not increase margin requirements.
S -66.67%
A lot of lessons this month on what type of trades to enter and be in. This was one of them that wasn’t too favorable. I closed the bull call spread on Sprint for a credit of .20. That gives me a loss of -.40 / .60 = -66.6%!
06.17.08
JPM Butterfly
I am attempting to backtest a volatility trade where there are no earnings announcements, but purely on the vol skew relative to the stock. Here is what I placed today:
Trade: Butterfly
Strike Prices:
July 45 Puts
July 40 Puts
July 35 Puts
Debit of 1.79
