Afternoon All,
Last Friday 60 of my weekly options expired worthless... Total loss of $1,600.00 ... Not a good trade... chased it all the way up,looking for some kind of correction... but there was none. Actually, I was looking for a Head & Shoulders Pattern and once it broke that pattern, my options were toast...
I still have 2 viable options, however 1 expires this Friday and it's a 155 that I bought for $30.00 ...
I checked my June 155 Put and it is down only $70 from my entry point, however this is all I got for trading the SPY, so unless something happens... This side of the house is tapped out... I may close the acct and transfer the balance to the futures options side of the house and resume tracking my beloved corn...
Last night I considered buy a July 650 Put for 21 cents, but currently am low on courage... I did not check the last traded price, but the underlying contract was down 10 cents, so you could figure a $500 move on a $1k investment... The questions is, does it continue down...
So, here's the plan... take some time off... get some homework down... track corn and prepare for the planting/growing season...
I must alert you though, Tomorrow is May and farmers still haven't put down any corn in some areas... gonna make for some interesting trading this year... Lets hope we catch it right and make a ton... May The Force Be With You...
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