CLOSED AT .04 CREDIT THIS MORNING, JUST NOW HAD THE CHANCE TO WRITE IT UP. BERNANKE AND QE3 SCREWED US IN THIS PLAY AND TOOK BP UP AND AWAY WITH YESTERDAYS EUPHORIC REACTION TO MORE DOPE BEING RELEASED MONTHLY INTO THE MARKET WITH QE3.

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THE TRADE EXECUTED TODAY AT OUR .22 DEBIT LIMIT, SO NOW WE JUST SIT BACK AND WAIT.

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CHANGED TO .22 DEBIT

THIS WAS WRITTEN UP PRETTY FAST AS SUPER BUSY TODAY, BUT HERE IS THE TRADE.

IT HASNT FILLED AS OF YET, BUT WILL LEAVE IT OPEN THE REST OF THE DAY.

THIS IS A NEUTRAL CALENDAR TRADE, THEORETICALLY IF BP STAYS CLOSE TO 42 WE WILL BUY TO CLOSE THE SEPT14 CALLS SOLD AGAINST OUR LONG SEPT22 42 CALLS AND SELL TO CLOSE OUR LONG CALLS AS WELL IN ONE TRANSACTION.

THE INITIAL DEBIT IS .21 PER SPREAD, BUT IF ALL GOES TO PLAN THE CLOSE SPREAD PRICE SHOULD BE ANYWHERE FROM .40 TO .60 CREDIT FOR A NEAR DOUBLE OR TRIPLE IN GAINS.

HERE IS A LINK TO FURTHER EDUCATE YOU ON NEUTRAL CALENDAR TRADES.

http://seekingalpha.com/article/439011-the-beauty-of-the-neutral-calendar-spread-using-weekly-options

Order Details

You have entered a spread.
Leg Action Contracts Option Description Price Duration
Leg 1 Buy to Open 30 BP Call BP Sep 22 2012 42.00 Call Debit 0.21 Day Order
Leg 2 Sell to Open 30 BP Call BP Sep 14 2012 42.00 Call Debit 0.21 Day Order
Quote BP   42.13   0.20 Bid 42.12 Ask 42.13 Volume 3,416,146
BP SEP 22 2012 42 CALL
BP SEP 14 2012 42 CALL
Bid 0.69 0.48
Ask 0.71 0.50
Last 0.72 0.49
Change 0.07 [10.77%] 0.06 [13.95%]
Volume 734 600
Delta 0.54 0.55
Open Int 5,117 1,838
Desc BP Sep 22 2012 42.00 Call BP Sep 14 2012 42.00 Call
Net Quote
Bid
0.19debit
Mid
0.21debit
Ask (natural)
0.23debit
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