Last Trade: Buy July 130 SPY calls @ 0.88. Closed @ 1.12.
Rate of Return today: 27.27%
Profit Today (Unrealized): $2,454.30
Portfolio Balance: $11,908.20
Performance Year to Date: 19.08%
Objective: 100% by November 21, 2011
Time: 1:00 p.m. (PST), Monday, June 27, 2011
Assessment: Market in strong short-term up trend. No reason to sell calls in a rising market. Time exit is July 1, 2011, depending upon conditions.
Twyman Asset Management
June 27, 2011
Dear Terry:
Today we had a good day.
When the opening 15-minute trading range was broken to the up side, we committed heavily to the long side with calls. This up wave should take us through Friday. I am confident that we will best Bridgewater Associates by Friday (What do you get for $60 billion anyway these days?/smile)Support lies at the 13-day moving average or 1278. Overhead resistance @ the 50-day moving average will take us out of the trade.
Regards,
Wink
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very good day
ReplyDeleteI need to learn more about this put/call thing.
T
Smile. To quote Jerry McGuire, we had a good day today. A very good day.
ReplyDeleteNow that the trade is going our way, we want to concentrate on the exit strategy. Nothing lasts forever, particularly in the world of trading and double in the world of options. I give it 3 days. Control greed and be quick to realize profits.
Inside days are relevant to our strategy. I will post tonight on inside days.
By the way, good call on Thursday. You were right, just a day early. Happens to everyone.
Wink