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.
In this morning's alert on SNAP, I suggested you close out the short $10.50 call that expires today and hold the long $11.50 call.
SNAP is trading at $11.75 as I write this and I am going to suggest you close the long $11.50 call.
Sell to Close May 3rd - $11.50 call for $0.30.
This will result in a small gain and reduce the loss of the short call.
