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.
GOGO has dropped a bit more since earnings, but it is oversold on the shorter term timeframes.
I am going to suggest you unravel the put spread.
Buy to Close the August 7th- $18 calls for $1.40
And Sell to Close the August 21 - $18.50 call for $2.20
Based on these fills, you should down about $.75 on the front week put and up about $1.05 on the August 21st put.
The net is $.30 or a small loss of $.20.
Also, the August 7th call will expire this afternoon for a net of $.25.
The ideal situation for the spread was if GOGO settled above $18, which did not happen.
I will look to adjust this position next week.
