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.
In my haste to get the alert out this morning, I inadvertantly had two errors.
I mentioned to sell this week's $15 call and then I mentioned? a few lines later, to sell the $14.
The intention was to Sell to Open this Friday's - $15 call against the long stock position.
So, you would be selling the January 29th- $15 call.
It was also pointed out to me that the January 29th - $15 calls were $.30 to $.34 at the time of the alert.
In my haste, I used the quotes for the $14.50 calls.
If you have sold the $14.50 calls, leave the position alone.
If you did not sell any calls, you can now sell the January 29th - $15 calls for $.42.
If you sold the $15 calls this morning and collected $.32, then the return if the calls are assigned will be 4.8% as opposed to the 7.4% I reported when I issued the alert.
Sorry for the confusion and thanks to those members who brought this to my attention.
