Wednesday, April 11, 2012

TBT WEEKLY OPTIONS

Hi Folks,

Just a quick update. I bought TBT April 19 calls at .16 on Tuesday and sold them today for 0.26. I had 2 targets in the stock; 19.10 then 19.45. I sold half at .26 early in the day when the stock was trading 19.10 then when we broke out above 19.10 I moved my stop up to .26 on the other half of the position and got stopped out shortly thereafter. Maybe a little aggressive on that but I was nervous about the market rolling over as it did later in the day so I kept it tight.

Thanks and Good Trading,

Tim

Tuesday, April 10, 2012

TRADING THIS MARKET

Hi Folks,

The SPY traded below the long term trend line today for the first time since the October 4th lows. We didn't break the line considerably so it is permissible for it to regain the trend as long as it does it quickly. The next level lower in SPY is around 134.10 or roughly 2 points lower than today's close. My feeling is that we will more than likely get there. However, I did buy calls today in TBT because my trading rules said that I should. I had multiple positions that I was looking at but only chose to do one of them since I feel we can still go a little lower.

Thanks and Good Trading,

Tim