Thursday, March 28, 2013

Profitable trades and New Trades

I am a little bit long coming into the three day weekend, and I can't wait for next week. In reality, I am about flat P/L wise this week because of the recent market action. The tape is telling me that shorter term traders really want to short the /ES,but the bigger players still seem to be long. Something that does look interesting is a bond short, maybe a position in TBT. For example, I am thinking shorting the 66/67 call spread, but maybe a debit spread would be better into this low vol. As for the $19 strike price covered call in CLF it turned out well today. I was able to buy it on the move lower during the open, and it shot up. If anyone actually did the trade I would recommend taking it off, or you might get the stock called away from you. I also put on a downside trade in XRT and maybe XLF. Along with that, I somehow want to get short YHOO. Maybe a covered put position might work especiallyy if you want a good deal of positive time decay and want to hedge up some delta (I have put on 2 covered stock positions in 2 days). Just remember, it is the strategy that matters not the direction.

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