While the Diary of a Mad Hedge Fund Trader focuses on investment over a one week to six-month time frame, Mad Day Trader, provided by Bill Davis, will exploit money-making opportunities over a brief ten minute to three day window. It is ideally suited for day traders, but can also be used by long-term investors to improve market timing for entry and exit points.
With this market sell off, GOGO broke under the $19 strike.
The $20 call will most certainly expire worthless.
The $19 put is now slightly in the money.
As I write this, GOGO is trading around $18.75
My suggestion is to place an order to Sell to Close the July 24th-$19 put at $.35.
If it drops another 10 cents, you should be filled.
Next week, I will add another hedge and look to sell more calls.
