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.
I am going to suggest you book your profit on the APA position.
This is because we will start to get into premium erosion next week.
My suggestion today is the following:
Sell to Close (8) July $40.00 call @ $3.35
Sell to Close (4) July $40.00 put @ $.98
Based on the fills above, your net will be 26% for one week. Cash return, assuming you traded the suggested position size will be $632.