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.
GRUB has not reacted the way I expected at all. And because of this, I am going to suggest you close the position.
Part of the reason is that I suggested short-dated options and you need the stock to move in your direction right from the beginning of the trade.
I would rather preserve some capital as opposed to run the risk of losing the whole position.
Here is how to close the trade:
Sell to Close May 4th $66 call for $0.90
Buy to Close May 4th $70 call for $0.10
The net credit will be $0.80 per spread. This will result in a loss of $0.40 per spread or $200 if you traded the suggested 5 lot.