*****UPDATE***** 6/13/12 10:49AM

WENT ON AHEAD AND CLOSED THIS SMALL RISKY TRADE. WE ARE LIGHTENING UP ON ALL OUR ACTIVE SHORT TERM SHORTS HERE.

WE OPTED TO TAKE A LOSS OF 30.77% HERE, AND RUN. OUR SUCCESSFUL VXX TRADE STILL PUTS OUR TWO SHORT TRADES ON AVERAGA A GAIN FOR THE WEEK.

TOTAL LOSS ON OUR 20 CONTRACT SPREAD HERE WAS $8 X 20 = $160

THIS WAS A VERY MANAGEABLE LOSS AND LOSSES ARE A PART OF TRADING ALL.

***********************************************************************************************************************************************************************************************************************************

*****UPDATE***** 6/13/12

ORDER IN TO CLOSE THE $SSO TRADE AT .26 BREAKEVEN. THE MARKET IS TURNING AND MAY BE HEADING FOR A POP HERE. PRESERVATION OF CAPITAL IS A MUST, NO MATTER HOW LITTLE IS EVER AT RISK.

You have entered a spread.
Leg Action Contracts Option Description Price Duration
Leg 1 Buy to Close 20 SSO Put SSO Jun 16 2012 50.00 Put Credit 0.26 Good Til Cancel
Leg 2 Sell to Close 20 SSO Put SSO Jun 16 2012 51.00 Put
Quote SSO   51.52   -0.16 Bid 51.52 Ask 51.53 Volume 1,790,720
SSO JUN 16 2012 50.00 PUT
SSO JUN 16 2012 51.00 PUT
Bid 0.23 0.47
Ask 0.25 0.49
Last 0.25 0.48
Change -0.01 [-3.85%] N/A [N/A]
Volume 115 245
Delta -0.23 -0.40
Open Int 5,381 4,718
Desc SSO Jun 16 2012 50.00 Put SSO Jun 16 2012 51.00 Put
Net Quote
Bid (natural)
0.22credit
Mid
0.24credit
Ask
0.26credit

***********************************************************************************************************************************************************************************************************************************

6/11/12 12:42PM

THIS IS A RISKY PLAY HERE, BUT YET A VERY CHEAP ONE AS WELL.

NO MORE THAN 3% ALLOCATED TOWARD THIS TRADE

MARKET STILL FEELS OVERBOUGHT HERE, AND THE RALLY FAILED TODAY.

I AM INITIATING A NEW TRADE WITH GAINS POTENTIAL OF 270.37% IF $SSO BELOW 50 BY END OF THIS OPEX TRICKERY WEEK.

PLEASE IF YOU CANNOT BEAR THE THE THOUGHT OF LOSING MONEY ON A RISKY TRADE DO NOT ENTER THIS TRADE.

                         You have entered a spread.
Leg Action Contracts Option Description Price Duration
Leg 1 Buy to Open 20 SSO Put SSO Jun 16 2012 51.00 Put Debit 0.26 Day Order
Leg 2 Sell to Open 20 SSO Put SSO Jun 16 2012 50.00 Put Debit 0.26 Day Order
Quote SSO   51.60   -0.22 Bid 51.59 Ask 51.60 Volume 6,279,222
SSO JUN 16 2012 51.00 PUT
SSO JUN 16 2012 50.00 PUT
Bid 0.64 0.38
Ask 0.67 0.40
Last 0.68 0.44
Change 0.01 [1.49%] 0.02 [4.76%]
Volume 418 685
Delta -0.40 -0.27
Open Int 4,117 5,939
Desc SSO Jun 16 2012 51.00 Put SSO Jun 16 2012 50.00 Put
Net Quote
Bid
0.24debit
Mid
0.27debit
Ask (natural)
0.29debit
Advertisements