Although I don’t offer trading advice, I note that the “Wild-ass trade” that I described and entered into last Thursday is now solidly in the money. I took profits early, but still made a few bucks on the turn. I’ve been on the phone, what can I say.
As of posting time Tuesday (about 3:05 PM EDT) here’s how the trade worked out:
Entry: Thu Oct 03 11:52:12 2013 Buy FAZ Oct 19 ’13 $33 Call Executed @ $0.53 ($53 per contract)
Exit: Tue Oct 08 11:47:34 2013 Sell FAZ Oct 19 ’13 $33 Call Executed @ $0.61 ($61 per contract)
Any reader stupid enough to try and shadow trade me hopefully has noticed that the price has been as high at $0.70 ($70/contract) and will have out-performed me on the sell to close side – I should not answers the damn phone, lol.
The reason I elected to exist is that the expected geopolitical situation did not develop over the weekend and even though the trade worked out, I’ll take some money any time… More in tomorrow’s Peoplenomics, but we continue to expect 1,650 to 1,640 in the S&P and 1,540 is not off the table longer term. Which will make a lot more sense after you read tomorrow’s report…
THIS IS NOT FINANCIAL ADVICE, JUST FOLLOW UP TO LOOKING OVER MY SHOULDER ON A CRAZY-MAN OPTION TRADE IN HIGH VOLATILITY MARKETS.