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.
With the $20 call expiring last Friday, we are free to sell more options against GOGO.
Here is my suggestion today.
Sell to Open (1) July 24th-$20 call for every 100 shares you own.
They are quoted at $.20 to $.30, so you should be able to sell them for $.25.
Buy to Open (1) July 24th $19 Put for every 100 shares you own.
They are quoted at $.15 to $.25, so you should be able buy them for $.20.
I am adding a hedge here because it traded under last week's low.