NFLX
In previous post (linked) noted what I thought looked like a profitable opportunity to short NFLX through put options, which I did at NFLX 299.80. I sold one of the two Sept 06 P282.5 contracts bought for a 100% gain on Friday, and am still holding the other. Now my eyes are trained on the trend line shown on the chart for tomorrow. If 286.50 breaks, then I will hold the put option because I believe NFLX will likely drop on to the 277-278 area and uptrend support. If 286.5 looks to hold tomorrow, I will let the final contract go. I currently have a my stop set at my entry price of 1.13, last price for it was 1.70. With the 100% profit from the other already locked in, I am playing on "house money" as it were, and so can afford to let it ride another day. There is always the possibility I may just roll it into a Sept 13th option instead, but I doubt it. I actually think I will own a call option by that time. we shall see. Happy hunting and GLTA!!
NFLX
In previous post (linked) noted what I thought looked like a profitable opportunity to short NFLX through put options, which I did at NFLX 299.80. I sold one of the two Sept 06 P282.5 contracts bought for a 100% gain on Friday, and am still holding the other. Now my eyes are trained on the trend line shown on the chart for tomorrow. If 286.50 breaks, then I will hold the put option because I believe NFLX will likely drop on to the 277-278 area and uptrend support. If 286.5 looks to hold tomorrow, I will let the final contract go. I currently have a my stop set at my entry price of 1.13, last price for it was 1.70. With the 100% profit from the other already locked in, I am playing on "house money" as it were, and so can afford to let it ride another day. There is always the possibility I may just roll it into a Sept 13th option instead, but I doubt it. I actually think I will own a call option by that time. we shall see. Happy hunting and GLTA!!