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.
I suggested selling the in the call on SNAP as a bit of a hedge as the market turned down.
As I said this morning, SNAP seemed to be the only stock not dropping during this selloff.
Which tells me I do want to add to this position on a decent entry.
But, today close the short call.
Buy to Close May 3rd - $10.50 call for 95 cents,
This will result in a loss of 27 cents per share.
Keep the long 11.50 call for now.