Just placed trade 1....
Sell RIMM Jan 62.50 CALL / Buy RIMM Jan 70.00 CALL
The spread was already down to 0.31 upon opening of the market...so my proceeds were $620.00.
I feel good about that trade though.
With both my Bull PUT credit spread and my Bear CALL credit spread...I have a total margin requirement of $27,000...
My proceeds are $1968.00. Expiration is Jan 22nd, 2011.
That gives me a total of maximum return of 7.2% for the 3+ weeks. That may not be "pennystock-like" returns of 10-20 baggers...but when was the last time I had one of those anyway? Unfortunately, I have no position in CDCH or MDMN.
As long as RIMM stays between $55.00 - $62.50...then I will capture all of the proceeds.
I could have been more aggressive on the CALL side with a $60.00 strike, but I didn't want too much upside exposure.
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