AA Did not rally nor did we expect it to. SWING SHORT continues along with the puts. Market gave back all the tech gains as we expected it would still holding some puts (up to 10) while gains made in round trips NVLS, INTC (no round trip just stopped out and expected it with that explosion in NVLS above consolidation 33), SNDK 2 option call plays (a double and triple bagger straddle with some puts just in case) and of course YHOO intraday. Otherwise nothing has changed and market internals are not good. BULL TRAP as usual in these situations and still bullish security stocks and looking back to our original WITS, IDNX and CDCY while MAGS takes a rest (still have calls in TASR and will always have some there until earnings) MRKL tried today but 1 day does NOT make a trend.
YHOO as our strategy worked! the more YHOO pulled back intraday the more we figured it would be up after the report, the more calls we added. 50 calls soaring now after a 2 1/2 day pullback our strategy was to buy off the rising 20 on the 5-minute and the 47.50 or 50 call options, OFF SUPPORT and not hold through a 2 1/2 day pullback. Ironically it was the pullback that propelled the stock as much (reminscent of ADBE at the time) YHOO down from 50, we picked it off the 48.40 area
... any further downside in YHOO might be a case to BUY THE support off the 5-minute chart at the 20 ma, and call options ending with a strangle in front of the earnings report. April 47.50 or 50 call options to complement a morning short (began on Tuesday) Possible YHOO Strangle would be the April 47.50 STRANGLE by the time the trading is over Wednesday. It doesn't really matter if its the 47.50 calls or the 50, if YHOO rallies in the after hours, both will be up, if not both will be down so it can keep losses at a minimum to pick up the cheaper strike price.
Today was the first day we actually got the YHOO short and now traders will be surprised at the way we plan to strategize this play tomorrow and through the report. On Tuesday there was no reason to buy any calls or go long but just part I, the short/put play.
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