While the Diary of a Mad Hedge Fund Trader focuses on investment over a one week to the 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.
I do want to make one more suggestion today. And that is on the RIG position.
My suggestion will be to close the short $9.50 call on RIG.
Buy to Close the May 3rd - $9.50 call for 10 cents.
This will result in a profit of $.32 per option or 76% of the amount they were sold for.
This will allow you to sell more calls on a bounce.
This alert only applies to you if own the stock and sold the calls.
I inadvertently reported the wrong gain on the CNC calls.
The overall gain was $480 on a 6 lot and not $450 as I had in the alert. Sorry for any confusion.
