Options, understandings and tacticsAlan – We open here a forum for discussing options. It might be helpful to open the discussion with a copy of the paragraphs that I wrote 4/24 about options. I don’t know how to cut-and-paste that material.
Before I opened this discussion forum, I noticed a question about choosing a stock that might perform well as an option. I’ve already briefly addressed the subject…and would appreciate knowing about the thinking of others.
I have years of experience, but could not pass myself off as an ”expert.” I prefer that this discussion forum be a gathering of investors with an interest in options…with all of those with greater experience contributing things that they have learned. Our goal is to benefit one another.
This is a discussion topic or guest posting submitted by a Stock Gumshoe reader. The content has not been edited or reviewed by Stock Gumshoe, and any opinions expressed are those of the author alone.
For seeking_that:
On the “Pain – Part 4” thread today, you posted that you “purchased JAN 20 2017 87.5 put @ 18.58.” Perhaps I missed something in trying to understand your investment strategy. Could you confirm your understanding that this put investment gives you the right to purchase 100 shares of GILD at a per share price of $87.50 ? That means that your breakeven point (at expiration) is $68.92. In order to realize a profit, the GILD share price (theoretically) would need to plunge below that level ($68.92). Is it possible that you intended to buy a Jan 2017 87.50 call instead, or am I missing something here?
Not sure how much experience you’ve had with options trading. If you bought the put by mistake, today would be a good time to close it out (“sell to close”). Hope this helps.
$CLDN
Hpothetical: X owns 200 shares of CLDN, but wants to avoid the risk of a substantial drop in SP if the Phase 2b trial results expected to be released in April 2015 are unfavorable. The obvious choices for X are to retain the shares (status quo) and take her chances with the binary event in April; or sell the shares – with the plan to buy back in later if the Phase 2b data are sufficiently favorable to move Mydicar forward to a one-time Phase 3 trial.
Here is an alternative that X is evaluating:
A. Write covered calls (June C20.00) on her remaining 200 shares of CLDN, and collect a total premium of approximately $6.30 per share – for a total credit of $1,250 (after commission). [Note: With CLDN SP down 1.5% this morning, the premium will most likely be less than 6.30 – but 6.00 may work].
2. and
B. Place a stop limit sell order on the 200 CLDN shares, with a STOP price of $15.00 and a LIMIT price of $14.00.
Expected alternative outcomes:
A. Trial results are favorable; SP rises above $20 and X’s shares are called away. Impact: X’s total gross receipts will be approximately $5,250 ($4,000 for the shares @$20 plus the previously received option premium of $1,250). X is happy – and expects to be able to reenter CLDN via share purchases at less than $26 per share and/or alternative or supplemental option plays to generate additional profits. Only downside: X has sold away the right to collect any excess profits from her current shares if the SP rises above $20. However, X is content knowing that she has effectively received approximately $26 per share in this scenario.
B. SP drops (either because of a substantial market “correction” or unfavorable Phase 2b trial results). If the Stop Limit order works as expected, the worst case scenario (near term) is that X’s gross receipts will be approximately $4,050 ($2,800 for the shares @$14 plus the previously received option premium of $1,250). Note: Although sale of the shares would leave X naked vis-à-vis the June $20 calls that she sold, she should be able to close out those calls at a substantially reduced price or re-buy 200 CLDN shares if the SP significantly moves north (closing in on $20) before June 19th.
X plans to adjust the STOP LIMIT order so as to keep the limit price about 15-to-20% below the current share price for protection in the event of a general market correction or slide. As we get closer to the CLDN binary event in April – if X still owns the shares – she will most likely re-set her limit to a much lower price in anticipation of a steep drop in SP caused by unfavorable Phase 2 trial results.
Caution: This strategy may or may not work for you. Do your own due diligence. Please advise if you see any flies in the ointment with X’s risk reduction plan.
I would say that for Outcome B (SP drops), the worst case scenario is that if the stock price falls rapidly, it may drop lower than the limit before the trade can be executed, and she is left with the decision of holding onto the shares in hopes the price will recover, or selling them at a greater loss than anticipated.
Your strategy of adjusting the stop limit order as the binary event approaches is really just the seller adjusting how much money they are willing to lose on the stock.
To use your example, suppose CLDN continues to trade between $15 and $17 as the binary event approaches. On Apr. 1, anticipating the binary event, our fictional seller changes her order to a stop price of $12 with a limit of $10. Or maybe $10 and $8. Depending on how low she reduces the two numbers, eventually she will be at the point where her shares sell at the “crash” point of the stock – i.e.. the binary event is negative, and the stock drops to $5.
I guess ultimately what I’m trying to say is that since stop limit orders aren’t guaranteed to be executed, the lower you set them, the more likely they are to be executed – the question is how low do you want to go?
Thanks, JerVic. I fully agree with your assessment regarding the limited effectiveness of Stop Limit orders in crash and burn scenarios. Nevertheless – imo – if there is perceived merit in retaining the stock (post-adverse event) at or above a specific SP (i.e., resurrection potential and/or salvage value), a Stop Limit order is preferable to a Stop Order, which – as you know – converts to a Market Order in the event that the Stop order is not executed at the stop price; and you can end up filling Bubba’s lowball stink bid. Although there are some monitoring and fine-tuning requirements inherent in this risk management strategy, I believe that the likely results attainable are preferrable to either selling the shares now, or retaining the shares (without covered calls) in hopes of a larger payout at the end of the rainbow in April.
Agreed, and I didn’t mean to sound too critical – I think it’s a good strategy, if carefully managed and people fully understand what is involved.
After all, you are talking about risk management and loss mitigation strategies, not risk avoidance. Risk avoidance means not buying biotech stocks. 🙂
Alan Harris – How is your experience with interactive broker. I remember once you told u have IB.
Any advice sir 🙂
Thanks Om
Hi Om,
While Alan may very well have had a different experience with Interactive Brokers (IB), I give them high marks overall. Pluses: (1) very reasonable commissions/fees on self-executed (online) trades; (2) the IB Web platform is easy to use; (3) IB offers excellent training webinars; (4) reasonable (marketwise) orders are executed quickly and efficiently; and (5) live chats work well to clear up any issues that arise [I prefer the typewritten chat to phone calls – but I imagine that you can address and resolve the same issues via telephone. Although I have noted some undercurrents of criticism online about IB providing less than optimal customer service, I don’t find that the criticism is warranted based on my experience during the past year. The biggest negative with IB is that they do not participate in IPOs; primarily for that reason, I maintain a secondary trading account with another brokerage firm. Hope this helps.
Thank you so much Lawrence.
That really helps me. I have account with scottrade but decided to move to IB as i have some margin lone and margin interest is low with IB.
I don’t use margin very often but until i pay off i need to pay interest so thought to get some feedback from you guys regarding IB. I am so thankful that you replied.
I will keep scottrade account anyways and i don’t need real time data, in that case do you think still IB will charge $30 per month ?
Thanks for your help.
om
Hi Om,
Unless you choose to subscribe to data services (unnecessary for my trading style), there are no charges for an IB Account (other than commissions, and very low fees/interest for margin account activity, short sales, and a 1- or 2-cent pass through charge for some order cancellations). If there is confusion about charges, call IB new account customer service and they will help get it resolved. Although I usually don’t need real-time data, I get it at no charge from my ET account. (You can also get free real time quotes, pre-market quotes, and after-market quotes on http://www.nasdaq.com/
While I have one computer, I spread the display over 3 side-by-side monitors. During the trading day, I usually have my IB account open on the middle screen, and my ET account (with real time quotes) open on my right screen. I use the third monitor for internet browsing (including GS, email, and various other online resources. It only cost about $300 to purchase and hook up the 2 extra monitors – and it is well worth it.
Hope this helps.
Lawrence and OM thanks for discussing your IB experiences with us. I have an IB account funded since late December but have not utilized it for trading. I have found the customer service excellent albeit the set up and approval process took weeks. Best2ALL!-Benjamin
For Om:
Caution re use of margin on IB accounts: Although I have never had a margin call, I have occasionally received cautionary notices during the trading day advising me that I was in the 5% zone – i.e., margin compliant but approaching the limit. As a practical matter, I very rarely carry a margin balance from one trading day to the next. I use margin infrequently – to enable me to execute an important buy order without waiting for execution of a pending sell order. If at all possible, I take action to ensure that the IB account balanced (with – 0 – margin balance) before the end of each trading day. Although I have not verified this, I have read that – in the event of a margin violation, IB acts quickly to sell off your equities until the margin balance is back within prescribe limits – without first giving the account holder the opportunity to wire funds into the account to resolve the margin compliance issue. Recognizing that reasonable minds may differ, my personal philosophy is that – in the current tumultuous international financial-political climate – it may be more prudent to take out a small credit union loan to pay off a margin balance than to carry an ongoing negative balance in a margin account. My intent here is not to provide advice on what any individual should do or refrain from doing, but to simply underscore the importance of financial risk management. I appreciate the fact that Frank and other gummies have shared similar views regarding margin accounts on these threads.
Thank you Lawrence.
I will remember each and every word from this post. This is life saver and same time super useful for everyone in our team. I am willing to learn more and more from this threads and your posts.
I am so thankful to you Lawrence.
Om
Hi option gummies!
Been off line for a while and saw new posts on thread and made me think what I have said , but not clearly enough obviously. All derivatives are the same, futures, options, ETF’s CFD’s etc. They all are derivatives from underlining asset and behave like underline. The difference is leverage. Important point is we must take a account nominal value of the contract in order to control risk in order entry. In my opinion that is only way to control risk.
Stay small, short term trades must be traded only highly liquid underlying, keep eye on IV and particularly high IV rank when selling put’s and call’s.
Cheers
T
Hi option gummies,
In addition to Dr. KSS, there is another guru out there who, like Dr. KSS, is happy to reply to almost all your questions for free. Even better, you do not have to spend $49 to enjoy the benefits.
Take the opportunity to ask questions on Reel Ken’s options strategies before he is too old to help.
I strongly recommend articles by Reel Ken on options. You can begin with his first one.
http://seekingalpha.com/article/293497-options-unlike-stocks-are-all-about-probabilities-iwm-as-a-case-in-point
Then, the second, and so on. If you are very busy like me, you may want to skip some. I learn something from each one I read, and feel it a pity that I have too little time to read all he has written.
You will thank me for sharing this to you. Of course, we can share any of his strategies you think excellent here.
Thanks Yen 4 the link… 4 those who short maybe time to lqqk at ADXS again. Best2ALL!-Benjamin
$ADXS
Ben,
While I agree with you that ADXS is a good short candidate, I believe that a slower conservative approach may work best (i.e., increase profit and ease the anxiety load). ADXS saw a huge rise in SP yesterday after closing a secondary offering – but there is no substantive news that objectively supports a longlasting elevated share price. If ADXS follows its recent past pattern, don’t be surprised if the SP rises higher today and tomorrow in an attempt to squeeze short sellers who enter too early and exit too fast. Even though profit-taking sales will have a dampening effect, the price elevation effects of the squeeze should more than offset that. My thought is that the time to sell short is after the price has risen above 9.20. In that context, I placed a limit short sell order at 9.25 that may not fill for a few days – but hopefully will avoid the foreseeable squeeze.
IMO, the time is ripe to sell $ADXS short. Fortunately, I had cancelled my $9.25 limit sell (short) order a few days ago, and placed and filled a new sell (short) order at $9.62 this morning. There is no way that news released today that ADXS will participate in a European conference in March could possibly support an 8-to-10% SP rise this morning. The secondary offering that closed last week was at $7.50, and we know from Dr. KSS that the science relied upon by ADXS is not sound. I believe that the SP rise is largely attributable to a short squeeze on investors who sold short last week with the SP below $8.60. Looking ahead, I expect that the SP will drop back down below $9.00 (hopefully lower) by close of business tomorrow – especially as short-term retail investors take profits.
Short $ADXS
Correction: The conference is in Atlanta (not Europe).
Thanks.
SPAM alert(?) I haven’t paid attention to options, other than they will make money, so this got my attention. I just received this advert from snoopwire.com for their new options service ‘Turn Key’. Those that know options, does this look like it will work?
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Oopps the links didn’t paste. Here is the on for “Go Here to See How it’s Done!”
http://optionskaboom.com/
anything else?
Here are some well-reasoned and sobering thoughts regarding market direction that I received this morning from Tom Preston, tastytrade Quantitative (Options) Strategist:
“How much of a sell off do we need before we call it a crash? The SPY closed last night down 3.3% from its March 2 high. While that’s a good drop in about a week, it’s not that rare over the past year. The options certainly see more room on the downside, with not so much possibility of rallying back to the highs. The April SPY 212 calls are trading for .57, while the equally out-of-the-money (OTM) SPY198 puts are trading for 2.13. We haven’t seen the skew that steep in a while. And this is how the random walk behind all the option pricing models that assumes an equal probability of up moves and down moves handles market fear – the market jacks up the implied volatility of the OTM options where it thinks the market is headed. I’ll take that over any long-only fund manager or pay-for-play Wall Street analyst.”
FYI, if you are interested in options trading – no matter what your current level of expertise – there is no better place to increase your knowledge base than tastytrade.com. Basic services are free, and the quality of the training is excellent (especially if you select the more focused training that includes PP slides vs. the chatter-laced “talk show” presentations ).
HiP, Arch (or anyone) who knows about options: If you have some time could you look at this and tell me your thoughts. http://www.investingdaily.com/plp/43236/OFI-minutes.html?campaigncode=WB9419&cigx=d.kac,stid.64839,sid.847258,lid.47,mid.56876
Its about a call option service. I know little about options but Im sorely tempted. Others’ (non specific) experiences would be a great help.
Thanx
Alan, when it comes to options, I’m like the Scarecrow and Lion in the Wizard of OZ – I’m looking for a brain and some courage. 🙂 I have yet to buy or sell options, so I cannot offer any advice based on actual experience. However, I read through the article, and I will say, tritely, — If it sounds too good to be true – it usually is.
There is some sort of a money-back guarantee if the subscription is not satisfactory. What popped out at me is that “The average trade lasts 134 days”. If the opt-out time frame is less than that, one would not have time to actually evaluate the results.
There are a lot of online resources for reading about put-spread options. You might want to google it and read some of them if you are thinking about signing up.
I’m sorry that I cannot be of more help.
Alan,
It seems although options are mentioned in the article, the real issue is whether Jim Fink can time the market with his “Secret Sauce.” Options are good leverage tools if one can time the market. I am also tempted, but just do not want to spend time to try it. Maybe I should try, and I will then make a fortune.
For options used as a hedge for those, like me, who cannot time the market, please read #206 to get started.
Alan,
Here is a short answer reply for now: See my comment #7 in this thread, but use the following link for the Fink manual:
http://ki.nlh1.com/downloadablePremiums/OFI_OptionsManual.pdf
I will dig into this a little more tonight.
Hope this helps.
$RAD
Hi Ben,
I tracked down the original Botarelli Research article that reported on March 18th: “252,000 calls traded in RAD today, compared to the normal average of 11,000. One customer in particular bought 100,000 April 9 calls for $0.20 each.” For the reasons discussed on the main KSS thread, the expiration date cited in this report is clearly erroneous (since there are no calls that expire on April 9th. Also, it appears that you (and Frank) are on target with the April 17th as the correct expiration date for the large call trade discussed in the linked article – based on open interest count. I was on the wrong page (but at the right time – with no loss),
http://www.bottarelliresearch.com/trades/2015/03/18/someone-bought-100000-calls-small-drug-store
Here are my thoughts:
(a) I bought a few RAD weekly call options about 2 months ago, and exited at the break even point when it became apparent that a reasonably possible breakout was not in the cards prior to the expiration date (due primarily to market conditions).
(b) FWIW, TheStreet.com has been very positive on RAD in the past 2 months (based on fundamentals and SP movement – not acquisition rumors) – and issued a positive alert for RAD yesterday.
(c) WHO knows WHAT who actually knows about the speculated take-out of RAD by Walgren’s?? Certainly, the surge in call options does add “some” spice to the sauce. Objectively RAD looks like a pretty good match for Walgreen; and confirmation of actual acquisition talks in the next 2-3 weeks would almost certainly send RAD shares sharply upward.
(d) I will most likely follow the conservative path consisting of bidding for (without chasing) a small basket of shallow in the money April 17th calls – for the simple reason that there is reasonably good chance of realizing some profit even if the possible acquisition rumors prove unfounded (as opposed to almost no chance of profit in the next 30 days on the $9 calls without increased acquisition buzz).
What are your thoughts on RAD, Ben?
$RAD
Ben,
Have you been following Rite Aid developments? A week ago, I did make a small investment in weekly RAD call options (expiring 24 April). Although there has been no news of an acquisition in the works, the RAD SP keeps climbing steadily higher. In 7 days, I have a paper profit of over 50%, with 24 days left to run on the options. Thanks for the heads-up!
RAD,KRFT,WU was all given by Botarelli: Lawrence, I was chasing WU What happened is alert came out stating FB announced their global payment system which drove the SP and options down even further…I have been following RAD and follow, may play….Glenn gave us KRFT…Thanks to ALL! “Live long and prosper” as JP shall say 😉 Best-Ben
CLDN-Options provided by Josh Jacobs: http://www.stockgumshoe.com/2015/03/the-great-gallic-foie-gras-hack/#comment-4410977 For those of you who have a lower basis in $CLDN you may consider either writing a covered call expiring in May or executing a collar — buying a put with a strike around $20 and writing a call with a strike of $35 or $40. Finally you could sell your stock at $25, keep 40% to return principal, and invest the remainder in either a strangle (simultaneous purchase of a call and a put near the money, profits should the stock move more than the total premium paid) or just buy as many calls as you can (about 1.5-2 out of the money calls for each share of stock you now hold). Good luck!! Thanks Josh Best2ALL!-Benjamin
I apologise for being off topic but cant see where else to ask this
1. Are Benitec and Antisense still being held?
2. We had a spread sheet last year on biotechs .. cant find it, if it still is around can someone provide link please?
thank you
Janet I think most have dumped Beni,,,here is a link that may help you,,,check tabs along bottom esp.links…
https://docs.google.com/spreadsheets/d/1tyFFLmr6QymjbC5JS95V4wqdQl-Sw11nIGEuf0u_sjs/edit#gid=1118321821
Thanks arch1 … fun while it lasted.
AAPL-How One Professional is Betting on the Apple Watch By Bottarelli Research
Published Tuesday, March 31, 2015
The world has been awaiting the fabled Apple Watch for quite some time, and on April 24 the curtain will finally be pulled up. There’s been crazy speculation among tech fans about how this new product will be received, and some of this speculation has spilled over into the options markets.
One big trader thinks it will be a boon for Apple AAPL – NASDAQ, and is approaching this with a very interesting strategy. Earlier today this customer bought 7,000 125 strike calls and simultaneously sold 14,000 131 strike calls in the May 1 expiry cycle.Bottarelli Research Translation: This type of trade (referred to by option professionals as a “1×2”) is a bullish strategy. This customer paid $5.00 for each 125 strike call bought, and collected $2.43 for each 131 strike call sold. Do the math and he’s outlaying $0.14 for each 1×2 spread. That comes to $98,000 total in option premium.
There are a number of possibilities for this trade. If AAPL trades lower from current levels, then he’s simply out the $98k. If it moves higher though, then things get very interesting…
This trade has a break-even price at $125.14, which is just a 0.5% move from the current price. Above the $125 strike this customer is long 700,000 shares of AAPL up until the time the stock hits his short strike at $131 — 5.3% higher. A move to $131 at expiration is the Goldilocks scenario here. The long 125 calls would expire worth $6, and the short 131 calls would expire worthless. In this dream situation, this trade would profit $4.1 million.
But above $131, our customer becomes short 700,000 shares of AAPL but won’t start losing money until $136.86 — 10% higher. Anything more than that, and it can get ugly in a hurry as he’ll be losing $700,000 for every additional $1.00 AAPL rallies. Still, the risk-to-reward here doesn’t look bad — lose $98k if the stock drops, or potentially make millions on any up-move of less than 10%.
Apple’s next earnings announcement is scheduled for April 27. If we see a slow grind higher as it approaches, plus the Apple Watch unveiling, then this could prove to be a sound trading strategy.
We’re on a Hot Streak: Bottarelli Research LEAPS is on a hot streak, locking in profits on eight consecutive trades. And right now you can enter our two newest picks and get positioned to profit no matter if the markets move up or down. Best of all, you don’t need to act fast to profit with LEAPS. Trades are issued every Saturday morning, with an average holding time of a few weeks. If you think this stress-free profit system might be a good fit for you, we invite you to learn more about LEAPS. Enjoy Alan 😉 Best-Ben
CBS-Betting Big on a TV Titan CBS Corp (CBS – NYSE) By Bottarelli Research
Published Wednesday, April 01, 2015 The calendar has turned to April, and for the major TV networks that means we’re approaching the end of their regular season. There’s seemingly new channels popping up everyday, but one network manages to still reign supreme above them all — CBS Corp CBS – NYSE. Many of CBS’s programs are lowly rated by critics, but who cares what the critics think when you’re the most-watched network by far. CBS boasts both the most-watched comedy with “The Big Bang Theory” and the most-watched drama with “NCIS.” Now one big options trader is betting that this continued success with the public will lead to big profits in the stock market. Earlier today this trader bought 10,000 CBS June 67.5 calls for $0.75 each. Bottarelli Research Translation: CBS looks to have some decent technical support at it’s current levels at the top of the earnings gap from February, and also the upward sloping 50-day moving average. This trader will need more than a technical bounce though for this trade to really make a lot of money.
At expiration this trade has a break-even price of $68.25, requiring a 14% move higher. The position has three months to work, but that’s still a pretty sizable move. 10,000 options at $0.75 a piece comes to $750,000. If CBS can’t get on it’s horse and make new 52-week highs, our customer here could lose all of that premium. Currently at .82 Best-Ben
Ben,
I’ve been following the SG biotechnology thread for sometime and always appreciate your comments there. I’ve now started following this thread and will begin an options trading course in 2 weeks. Time has been difficult to come by but am shooting for retirement in September at which time I hope to become more active on both threads.
Thanks for your many contributions on both threads.
Tom, thank you for your kind words. There are many free courses and tools available online that I am more unfamiliar with than I desire. I have seriously considered Adam Mesh’s service and few others. I am very interested in your experiences trading options and looking forward to sharing with you and others here. Last September or October I began trading options, and have limited myself to buying calls only for at least twelve months. May you enjoy your retirement and the grand camaraderie here that IS stockgumshoe.com Best2ALL!-Ben
One Trader’s “Boring” $4.1 Million Bet Metlife (MET – NYSE) By Bottarelli Research
Published Thursday, April 02, 2015 People love hearing about huge bets on whichever newfangled tech stock the market is in love with. Sometimes though, it’s the old-guard, boring stocks where you can make the most money.
There’s not much more boring than health/life insurance. But one trader is betting huge on the long-term future of Metlife MET – NYSE. Earlier today, this trader bought 10,000 January 2017 55 strike calls for $4.15 apiece. Bottarelli Research Translation: This is a very large bet, and it has a very long time in which to payoff as these options don’t expire for another 22 months. At $4.15 per contract, this trader is putting up a whopping $4.15 million in pure option premium.
At expiration, this trade has a break-even price of $59.15, requiring a rally of some 16%. That move is actually pretty large for a stock like MET that isn’t very volatile. But clearly, there’s plenty of time for this pan out. MET isn’t likely to make a crazy gap next week, but if you’re looking for a stock to stick in your long-term portfolio, then we might suggest you “get MET, it pays.” On the other hand, if you want much faster profits (even at the barber shop of all places), then check this out…
I Love Getting Paid While My Hair is Being Cut
Yes, an iPhone (or iPad) will more than pay for itself on HOW trades. I traded today’s alert from the Barber Shop on my iPhone. I got the open within 45 seconds of the alert. I missed the exit by about one minute, I was still in the chair when it came through but still banked a 21% profit including commissions. I made more than enough to pay for the haircut and almost enough to pay for an iPhone. I like getting paid while my hair is being cut! Member J.P.
May peace love and light be in Gummyville these Easter holidays and beyond! Best2ALL!-Benjamin
CVRR-http://investorplace.com/2015/04/oil-trade-of-the-day-cvr-refining-lp-cvrr/?sid=20150406TOTD&cp=TOTD&ct=20150406&cc=eletter&en=4742881?cpp=TOTD&enn=4742881#.VSKNVNzF8Qc 175% potential? Best2ALL!-Benjamin
ATNM-Another way to play this is by using options…The Aug 2.50 calls are up +42% today. If I were not sworn off (self-imposed) using puts I’d probably be a happier camper. We could learn so much from you gays an gals if you would be willing to share PLEASE… LONG SGS, ATNM, KPTI, TGTX, ACHN, ESPR, JUNO, BLCM, HALO. CLDN … Best2ALL!-Benjamin
CLDN- Re-posting, editing from current biotech thread in anticipation of binary event: Michael Boehe says: April 6, 2015 at 11:10 am #cldn
just bought a cldn may 12,5 call and sold a may 40 call for a net debit of 500 $
upside is 2750 $ break even is at 17,5
if data is bad obviously a total loss but i like the 5 to 1 odds
i held the stock for a longer time before i sold it at 22
i feel this is the best way to play the april 30 date
hopefully it will be good news, sentiment seems rather to be negative right now
Thanks Michael and Josh (post 212 above) – Best2ALL!-Benjamin