Buy
NKE via selling Apr 55 puts @59.7
Nike
higher on earnings. Chart pattern is a text book breakout from a
cup-and-handle base formation. Support is at the base at 55. If it
drifts down to the base, the plan is to roll out or perhaps even
double the position.
Buy
SPY via selling Apr 145 puts @155.3
I
add to my tiny long position in the S&P 500 ETF. SPY has about an
8% chance of being below 145 at April expiration. Yes, there is the
Monday Cyrus decision, but waiting until after that may mean smaller
premiums. So I add a bit today, and may add more if it the market
moves lower.
Buy
APC via selling strangles:
May 75 puts, May 100 calls @86.9
A
short strangle is a bet on a trading range. These strikes add to my
net long position. My interest in Anadarko Petroleum is mostly
because it is the biggest component of the oil fracking etf. There is
chart resistance right here at 87/88 and support at 77 and 75.
Why
all this activity today? I am flush with cash from 14 positions
expiring last week. With Monday and possible Cyprus news, even though
there is a rally today, premiums may go down after the news comes
out. There is always the risk of some explosive news, and I still
have plenty of dry powder after opening four positions.
Long
BA BRKB IWM LGF PG SPY
Net
long APC KORS
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