Here is a quick recap of trades that we initiated, closed, or debated in the week that was May 11th to May 15th:
Monday May 11th:
Name That Trade – $XRT: Retail Therapy
Considered short biased trades in the retail sector in front of upcoming earnings reports of large components in the sector in the coming weeks.
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Name That Trade – Cool as the Other Side of the $Z
We took a look at the trade set up into Q1 results and what seemed to be a very large implied move.
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Trade Update – Closing Short Call in $BBRY Spread
With renewed takeover chatter we thought it best to cover the short leg of the call spread.
Action: Buy to Close BBRY ($10.11) June 15 calls for .02 to close
New Position: Long BBRY June 11 calls for .77 (currently worth .23)
Tuesday May 12th:
New Trade – $SO: Change Gonna Come At Last?
The stock approaching 52 week lows looked like an attractive entry for a buy-write with an eye towards more than doubling the quarterly dividend yield.
New Trade: Long 100 shares of SO at $43.45 and short 1 Aug 45 call at .52
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Name That Trade – $CSCO: All Systems Go?
We took a look at the trade set up into the company’s fiscal Q3 results.
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Wednesday May 13th:
Name That Trade – $AMAT: Negative Electron
We took a look at the trade set up into the company’s fiscal Q2 results.
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Name That Trade – $QCOM: Debt Loading
The company tapped the debt markets to help fund their impending $10 billion share buyback and options traders took note with a flurry of call activity. We considered longer dated call spread risk reversal in place of a long stock position.
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Thursday May 14th:
Name That Trade – $MU Shoo
MU remains a target for us on the short side as momentum has been deteriorating for months in the stock, with the backdrop of poor fundamental results and even worse technicals.
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Name That Trade – Uptown Splunk $SPLK
We took a look at the technical set up as it appears the stock is at key technical resistance, and evaluated the implied move over the next two weeks which will include their fiscal Q1 results on May 28th.
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Friday May 15th:
New Trade – $TLT: Bond Villain
Trade: TLT ($121) Buy June 120/125/130 Call Fly for 1.25
Near term U.S. Treasuries look a tad oversold after a short term fairly extreme sentiment shift, it is our sense that bond yields could give back some of their recent gains into the FOMC’s June 17th meeting.
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Name That Trade – $TTWO: Take Two Tops
We took a look at the trade setup into Monday’s earnings.
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Trade Update $LULU: Closing May Puts For A Loss
Action: Sell to Close LULU May 65 puts at .20 for a 1.10 loss
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Chart of the Day – $URBN: What’s the Matter With Kids Today?
We took a look at the trade setup into Monday’s earnings.
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Trades Expiring:
Note: There is a natural survivorship bias in our expiring trades. We take all of our winners off prior to expiry since we don’t take delivery of stock, which leaves only losing trades to report on expiry. You can see all of our trades reported on the Recent Trades page.
Expired Worthless:
TRADE – XLY ($75.80) Buy to Open May 75 put for 90 cents to open
TRADE: XLP ($48.46) Bought May 48/46 Put Spread for .50
1:38 pm EST – February 27, 2015 By Dan
TRADE: QQQ ($109) Buy to Open May 108 / 98 Put Spread for 2.00
Trade: IWM ($122.85) Buy to open May 120/115/110 Put Butterfly for .55
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