Thursday up or down?
Markets
... were ok yesterday. How they'll be today is something to be discovered. They were so good that my (virtual) position was not opened yesterday. Had my limit at 4.8 and the spread 4.7 to 5.0 per contract.
Found 2 entries for my watchlist
CHL - China Mobile and CTRP - Ctrip.com. Also, just figured that I can create a Java Watchlist within my Optionsxpress.com account. Great :)
Trade candidates sorting
Of course there was a huge amount of candidates poppin' up as it was a great day for the market. The initial pre-screening ditched some but still there was 10 left to gauge for the dance - ALB, AMG, AMX, BUCY, FMD, JEC, RS, PHI, plus today's newbies CHL and CTRP.
In the early trading session (around 10:00 A.M.) the market is not trending nicely at all. Most issues are declining.
ALB, CTRP and FMD made it to the Trade Candidate Final. I did the final roster based on a) IBD combined ratings both RS and EPS 90+ b) issue being in the positive after market close - YES I WAS LATE WITH PUTTING THIS TOGETHER, and c) high on volume both days. Later I took off FMD as it was quite away below it's buy point (as per CANSLIM method).
Finally, I put the whole candidate list away for the next day, maybe the market will pop in my direction finally.
Open positions report
I forgot to cancel the 'good till cancelled' order for 2 contracts of VIP 90 Apr Call. Ugly problem with the virtual trading platform of Optionsxpress.com! Should have made a 'good for the day' order, which is not existing.
Got to check both now open trades as markets where on the way down, to make sure there is a stop installed for both. Fortunately, both kept the big money in as they were trading lower on a lower then average volume.
DECK MAR 60 Call - I figured that the support is around $57. Now, the actual price $58,63 is roughly 2,8% above support. Now, taking the 0,4766 delta we will come to an option price -$.78, that rounds to a stop at $1.9.
VIP APR 90 Call - Short term support is at around $81,88. Actual price is $84,89. That translates to an option price stop at $2.7 (actual option price @ $4, delta 0.4266).
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