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Thursday, August 21, 2008
Matt's Trade Log - 8/21/08
Today was a busy day, as it appeared to be a good day to enter some new positions. I did four trades:
The trade for GME was an adjustment more than anything. GME fell for some reason on a strong earnings report today and fell to a support line of about $40. Selling the 35/40 adjusted a previous 40/45 put spread to be 35/45 with a breakeven near the apparent support. This spread was sold for $1.37.
I sold the USO spread based on the turn of the price of oil. All of my other oil-related stocks are also going up, but USO appeared to have the most room to run and hence the most safety in the trade. The USO spread was sold for $.65.
GOOG appears to have taken a turn at a downward-sloping resistance line. I sold the call spread at $2.35 to hopefully profit from the downturn.
- Buy 200 SLV
- Sell 2 GME SEP08 35/40 vertical put spread
- Sell 2 USO SEP08 91/93 vertical put spread
- Sell 1 GOOG SEP08 510/520 vertical call spread
The trade for GME was an adjustment more than anything. GME fell for some reason on a strong earnings report today and fell to a support line of about $40. Selling the 35/40 adjusted a previous 40/45 put spread to be 35/45 with a breakeven near the apparent support. This spread was sold for $1.37.
I sold the USO spread based on the turn of the price of oil. All of my other oil-related stocks are also going up, but USO appeared to have the most room to run and hence the most safety in the trade. The USO spread was sold for $.65.
GOOG appears to have taken a turn at a downward-sloping resistance line. I sold the call spread at $2.35 to hopefully profit from the downturn.
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