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.
BERY looks to be holding support after reporting last week.
As such, I am going to suggest you cover back the short $55 call.
This will free the long calls up for unlimited upside potential and put us back in a position to sell them again.
My suggestion today is the Buy to Close the September $55 Calls at $.15.
Based on a fill of $.15, you will net 25 cents per contract, or a total gain of $150 if you used the suggested 6 lot when the trade was initiated.