Adjustments and Comments on Open Trades
Note: The trades closed today bring us to 17 straight wins!
SALT – Sold 10 Jun $5 puts for a net credit of $500. Move stop loss at $5.88. Quote now is $.25 x .50 so place GTC limit to close at $.25/share for 50% max profit.
CPLP – Purchased stock $3.63. Targets low $5 and $6.25. Move stop loss to $3.34.
MOS:
- Sold 10 March $30 puts for average basis of $650.
- We rolled down the March $30 puts to the March $29 puts for $300 (lowering our maximum gain on the trade to $350).
- Sold Feb $29.5 puts for $260 to bring in additional premium (increasing our maximum gain on the trade to $610). Buy to close at $.01/share to book $250 profit.
- Move stop loss $32.48. Acting well with bullish engulfing, negating earnings gap down. Volatility crush made this trade profitable (cost to close now is $.27, which would be $340 gain).
AG – Purchased 10 April 7 calls and sold Feb 10 calls for $3,050 (a bullish diagonal). Rolled the Feb 10 calls to the March $11 strike calls for no cost. Move stop loss to $9.98. Stopped for gain of $250.
FB – Sold 10 Mar 140/150 bear call spread for $720. It held support in the $130 range so sold 10 Mar 125/120 bull put spread for $650 to convert to a short iron condor and increasing our Max Gain to 1,370. Closing both spreads now would lock in $550 gain, so move stop loss to break even. Notice how time decay and adding the short put spread was a great trade “adjustment” to turn the trade more profitable.
DOW – Sold 10 Mar (3/24 weekly) $56 puts for $500. Closed at $.05/share for $450 gain.
MS – Sold 10 Mar $41 puts for $440. Closed at $.12 x .13 so close at $.13 to book $310 gain.
DO – Sold 10 Mar $15 puts for $400. Closed at $.12 x .13 so have over 50% Mas Profit. Move stop loss to $17.18.
SPY – Purchased 10 Mar $225 calls for $7.45/share (30-Min. high). Sold for $9.10/share for $1,650 gain (22% ROI four 4-day swing trade).
TRV – Sold 10 Mar $115/110 bull put spread for $610. Close at mid-point to close $.30/share to book $310 gain since market is overbought.
EA – Sold 10 Mar $80/75 bull put spread for $370. Mid-point to close is $.23/share so move stop break even.
IBM – Sold 10 Mar $170/165 bull put spread for $370. Mid-point to close is $.21/share so close here for $160 gain since market is overbought.
Trade #2: Sold 10 Mar $165 naked puts for $390. Mid-point to close is $.22/share so close here for $170 gain since market is overbought.
VRX – Sold 10 Apr $12.5/7.5 bull put spread for $.470. Note: Holding over 2/28 earnings is higher risk. Stop Loss: $12.88.
CSX – Under $47.40, we recommend selling 10 Mar 50/55 bear call spread at mid-point credit (current closing mid-point is $.67/share). Stop Loss: $50.12. Gapped under entry and did not trigger under 30-Min. low. Cancel trade.
Happy trading! If you have any questions or comments, please e-mail Greg Capra at Greg@mastertrader.com or Dan Gibby at Dan@mastertrader.com
All the best,
Greg Capra
Managing Director and Pristine Founder
Dan Gibby
Chief Options Strategist
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