Matt's Trade Log - 9/25/08

Two trades today, both on UA:

• Sell 1 UA APR08 25 call
• Sell 2 UA NOV08 35/40 vertical call spread

The sell of the one call was to exit a position. I had a buy signal going in, but it turned to a sell quickly; this is happening a lot in today's market. Originally I bought 2 calls, and I sold a diagonal on one of them, so I'm keeping that position and getting out of the other while UA falls. Purchase price was $14, sold today for $9.90 for a $4.10 loss.

With UA going down, however, it seemed reasonable to sell premium against it on the way. I sold this 35/40 vertical call spread for $1.55. UA has a fairly strong resistance at about 37 so hopefully we'll be okay on this one.