Matt's Trade Log - 8/8/08

Two trades today:

• Buy 2 UA AUG08 22.5/25 put spread
• Sell 2 GME SEP08 40/45 put spread

The first trade was to exit my final UA position as UA continues its upward trend. These options are expiring next week and were nearly worthless so there was no point in holding on for a tiny amount of additional premium, especially when thinkorswim doesn't charge commissions for five-cent trades. The UA trade was initially sold for $.55 and bought back for $.05 making a nice $.50 profit.

The second trade is to enter a new position for GME. GME seems to be bouncing off of a pretty firm resistance line at about $40. I sold this spread for $2.25. We'll watch how it does and see if we're right about the resistance line.