CCMP/SNDK great gains.. SNDK 70 was our target we got 72.69, then the stock began to stall, you have to be very dim not to read the writing on the wall. Once again left 25% of the 70 calls on the table, but decided the heck with it we STRADDLE that position with 100% of the 64 or 70 puts for February and that did it! CCMP was a 'disaster waiting to happen' and we set it up perfectly albeit we had some downside in the puts. SNDK was a way to save those 25% of the 70 calls that didn't move up. Remember when a stock DOES NOT rally on its big day in front of earnings and we already got our 72.69 target, its not going anywhere.
Between SNDK and CCMP not really trading today only finding some longs we might like and of course a few more put plays through tonight. We were very lucky to get those January 60 calls into profitability and extremely fortunate to get a rather large position of the 70's into profitability and more than a double there. Here is where we saw we hit a brick wall. (Even QCOM had an intraday rally yesterday, where was the SNDK rally?) You need a plan, we had a plan with a target of 70 for SNDK and a target of 50 for CCMP. We got them both and a little extra!! <g> Draw conclusions folks when stocks that have hit resistance and target stall at new areas of breakout, it just ain't gonna make it! Give it up, immutability and trading do not mesh.
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