Straddles: HPQ, SRNA, BEAS and WFII (locking in all the stock and 75% of the call options in HPQ and WFII) HPQ and WFII barely has any call options left and bias to puts, and we opted to lock in most of the gains which were quite nice on both. We follow through with a very strong tracking in the morning and NEVER call a LONG trend before we get our 10:00 reversal period and the price holds.
Of course there are notable exceptions in earnings plays. AMAT, KLIC, TXN, INTC tanked at the gap up, followed soon by LEN and TGT, and INTU, PNRA and CBRL were shorts. The worst that happened today was that some expected triggers to upside never triggered, but we invalidate those and ignore them, and search those that do trigger of chasing losers or getting stopped out of multiple entries 'to finally get it right'. SNDK was disappointing in its failure to thrive but we won't take active action in a short unless this continues. A NFLX call option is not doing well but that's a heck of lot less damage than what folks who were overbought today suffered when the market tanked.
We're already 'set up' with some straddles for next week and will follow them through tomorrow and of course Monday. You can't have unreasonable expectations in this market especially if you are responsible for other traders and not just making your own mistakes.
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