******UPDATE 5/10 AFTER THE CLOSE******

TODAY ALL DAY WHILE IN JURY DUTY HAD MY ORDER SET TO BUY TO CLOSE @.25, WELL IT DIDNT HIT, BUT HAD I NOT BEEN IN JURY DUTY, I PROBABLY WOULD HAVE CLOSED THE SPREAD AT A SMALL LOSS INSTEAD.

I WAS HOPING TO HAVE THIS CLOSED TOMORROW (FRIDAY) @.25 BTC, BUT AFTER THE JPM TRAGEDY TONIGHT, MY FAS PLAY IS PRETTY MUCH BRAIN DEAD. I WONT BE ABLE TO MANAGE A ROLL DURING OPEN MARKET HOURS AS WILL BE BUSY WITH DUTY. THIS PLAY SEEING AS JPM AFTER HOURS HAS MOVED FAS FROM LOW 95RANGE TO MID 89RANGE IS ALL BUT DEAD. AS OF NOW THE ORIGINAL 2.00 COST SPREAD, THEN ROLLING FOR 2.25CREDIT, IS NOW MOST LIKELY GOING TO FACE A 1.75 TOTAL LOSS, AND TOTAL OF 87.5% LOSS ON THE SPREAD.

THIS EXTREME MOVE AFTER HOURS HAS MADE DANCING MY WAY OUT OF THIS OPTIONS BY ROLLING DAMN NEAR IMPOSSIBLE ANYWAY. THE SPREAD WILL BE SO FAR IN THE MONEY, IT WOULD BE HARD TO ROLL @FREE EVEN ROLL COST

THE ONLY COMFORTING MATTER IN THIS ISSUE, IS THAT ONLY HAD 2-3% OF PORTFOLIO IN THIS PLAY. YOU CANT WIN THEM ALL!

******UPDATE 5/9 AFTER THE CLOSE*****

MISTAKES HAPPEN, AND WE CANT ALWAYS BE RIGHT.

TODAY, WHILE ON JURY SELECTION LUNCH BREAK, I GAVE UP ON TRYING TO GET ANY PROFIT FROM MY FAS 95-97 BULL PUT SPREAD. I ROLLED INTO THAT SPREAD FROM THE MAY19 100-106 DEBIT CALL  SPREAD WHICH ROLLED OUT OF AT THAT TIME WHEN IT WAS DOWN 50%. I HAVE SET THE MAY11 95-97 BULL PUT SPREAD TO BUY TO CLOSE @.25 BREAKEVEN (WITHOUT COMMISSIONS)

BETTER TO TRY AND MOVE ON FOR ANOTHER DAY AT BREAKEVEN, BUT IF FOR SOME REASON FUTURES TURN NEGATIVE AGAIN TONIGHT, WILL MAYBE THINK ABOUT  ADJUSTING FOR LOSS TOMORROW TO PLAINLY EXIT THE TRADE AT A LOSS.

******UPDATE 5/8 AFTER THE CLOSE*****

THE ROLL UP PERFORMED QUITE WELL TODAY.  AFTER THE CLOSE THE COST TO BUY TO CLOSE THE ROLLED SPREAD IS .78 NOW MINUS THE .25CREDIT WE RECEIVED AND WILL KEEP NO MATTER WHAT. SO ESSENTIALLY THE ORIGINAL 2.00 COST SPREAD IS ONLY FACING A LOSS IF CLOSED OUT OF 2.00-.78+.25= 1.47 OR .53 LOSS NOW. YES I COULD HAVE LEFT THE MAY19 100-106 DEBIT CALL SPREAD ALONE TODAY AND WORTH 1.50 NOW, BUT HAVE LOST WHAT LITTLE BULLISH FAITH I HAD GOING LATER INTO MAY. I WOULD RATHER ROLL THE DICE HERE AND PUSH THE TIME TABLES UP TO TAKE SOME PROFIT EARLIER THAN LATER, AND IF THIS ROLL UP GOES BAD, I WILL JUST ROLL AGAIN, AND AGAIN, ETC.

ONCE THE SPREAD IS .25 OR LESS TO BUY TO CLOSE, I WILL BE AT BREAKEVEN ON THE ORIGINAL 2.00 SPENT ROLLED UP FOR 2.25CREDIT AND THEREFORE LEAVES MAX LOSS AT 1.75, BUT IF WE BUY TO CLOSE THE 97 MAY11 PUTS @.05 OR LESS EARLY, THAT WILL HAVE GIVEN TOTAL PROFIT OF .20 ON 2.00 MAX RISK FOR 10% GAIN. ANOTHER NOTE, IF WE CLOSE THE 97 MAY11 PUTS EARLY IT WILL LEAVE US WITH FREE LONG 95 MAY11 PUTS TO BOOT. KEEP IN MIND AT ROLL TIME TODAY THE ORIGINAL 100-106 CALL SPREAD POSITION WAS FACING ALMOST 50%LOSS AT THAT TIME; THIS IS HOW ROLLING WORKS PEOPLE. IT IS A STRATEGY THAT REQUIRES OPTION DANCING SKILLS, AND IN OPTIONS YOU CAN DANCE YOUR WAY OUT OF ALMOST ANY SITUATION IF YOU DO IT IN A TIMELY MANNER.

******UPDATE 5/8********

MARKET WEAKNESS HAS CAUSED ME TO CHANGE AND ROLL UP, YES I SAID ROLL UP! ORIGINAL COST WAS 2.00 , I DECIDED TO ROLL UP IN THIS MASS PANIC INTO A MAY11 97-95 BULL PUT CREDIT SPREAD @2.25  CREDIT SPREAD ON A SPREAD THAT IS MAX LOSS 2.00 SO NO MATTER WHAT THE MARKET DOES WILL STILL GET TO KEEP .25 CENTS OF ORIGINAL 2.00 SPREAD MAY19 106-100 DEBIT CALL SPREAD BOUGHT.

I DID THIS ROLL BECAUSE I FEEL 97 FAS WILL BE EASILY ATTAINED BY THE CLOSE OF THE WEEK, AND IF IT DOES WILL STILL HAVE RECEIVED MY 2.25 FOR A 2.00 ORIGINAL DEBIT FOR A WEEKLY GAIN OF 12.5%

FF 3/ 3/ 3/ 3 FAS DIREXION SHS ETF TR Credit $2.25 Credit
2.17
Credit
2.42
Day 05/08/12 11:24 AM ET $2.25
Change BOT to Close 3 FAS Call FAS May 19 2012 106.00 Call 0.61 0.65
Change SLD to Close 3 FAS Call FAS May 19 2012 100.00 Call 1.87 1.92
Change SLD to Open 3 FAS Put FAS May 11 2012 97.00 Put 3.40 3.50
Change BOT to Open 3 FAS Put FAS May 11 2012 95.00 Put 2.39 2.45

******UPDATE 5/6*****

The markets are tanking hard tonight with bad news coming from everywhere. I should note this trade was opened in May19 calls specifically for the reason to have a little extra time if the worst happened. Well so far it happened, but believe it or not this was a pure odds play and willing to lose quite a bit on this very small trade before jumping ship. I say this because, FAS moves quickly and could easily get back to 102 on a sustained rebound where the breakeven would be at 102. I say 102 breakeven because they cost 2.00 each for the 100-106 spread, and 102 level would have 2.00 intrinsic value.

******UPDATE 5/4*****

IT GOT FILLED SHORTLY AFTER 10AM BUT DIDNT REALIZE THE POST DIDNT POST UNTIL NOW. MY INTERNET HAS BEEN HAVING PROBLEMS SO REPOSTED THIS AGAIN SUCCESSFULLY THIS TIME.

I WAS A LITTLE TOO EARLY INTO THE TRADE BUT THATS WHY I BOUGHT THE MAY19 JUST INCASE. STILL CONFIDENT IN THE TRADE, AND MAY AVERAGE IN A HALF POSITION MORE IF WE SELL OFF FURTHER TODAY.

Heres what im looking at, order getting ready to be submitted. FAS may19 100-106 debit call spread. limit 2.00 or lower.

Order Details

Leg Action Contracts Option Description Price Duration
Leg 1 Buy to Open 3 FAS Call FAS May 19 2012 100.00 Call Debit 2.00 Day Order
Leg 2 Sell to Open 3 FAS Call FAS May 19 2012 106.00 Call
Net Quote
Bid
1.99debit
Mid
2.06debit
Ask (natural)
2.13debit
Quote FAS   98.23   -3.18 Bid 98.21 Ask 98.26 Volume 1,132,793
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