Equities rallied hard just as expected..
Nice move in SPG . I did a trade with options as well as stocks on this but I’ll just mention the stock trade since the option trade didn’t really work out.
I bought 200 shares @ $50.90 in my IRA with a stop at $50.12 relatively low risk trade since it was smack in between the 50/200 moving averages. I exited the trade @ $53.93 for nice profit.
After being long in URE since the beginning of this month it finally paid off. Bought 3000 shares in my IRA at $3.15 with a stop @ $2.75. It topped out at $4.05 which was my inital target, but I ended up trailing my stop from there. Exited the trade @ $3.98 with a 30% profit.
ZLC is another IRA trade and one stock I’ve done pretty well on. It’s been trading in a range between $3-$5 for awhile now. I got long a little early just to make sure I wouldn’t miss it. Bought 1000 shares @ $3.10 with a stop @ $2.80 with a Target of $5. I almost got out of this trade on Wednesday but decided to move my stop up to $3.90 instead. Boy was that a good call. It hit my target of $5 and then some. It will probably trade higher but I’m not a pig. I might try going long on some pullback down at $4.40 or so.
I rode this thing up from $13.80 to around $22 few months back. My wife has a bunch of handbags from COH so I’m always going into Coach Stores. If anyone has been to the Coach Outlet here in Cabazon, So. Cal. you definitely would have been long this stock. The place is madhouse. The counter to pay has about 7 registers and the line wraps around inside the store like Disneyland. Aside from that, through the years, I’ve noticed the prices on their bags edging higher and higher. Everytime I go into one with my wife, she always picks out something and I ALWAYS go.. “How much”. $500 seems to be the top end of their brand. They’ve also started opening a bunch of stores inside many of the “mid-range” malls. Seems to me they are the dominant mid-range luxury brand for handbags. If I could go long Louis Vuitton LVMH I would since she’s got more LV bags than anything else none under $1000.
Nothing much to say about this trade. Made about $1 on the short side. If the rally continues this thing should trade lower.
I just bought a new 17″ mac book pro to replace my aging 15″ mbp. Along with it I bought a ipod touch which would cost me $70 after the $220 rebate. My buddy Dawgnabitt bought one last week while my other pal latidude said he bought a new iphone. Now I knew that AAPL could not sustain the $130 level on iphone sales alone. They really need to show some numbers on hardware to go higher. Since WWDC back at the end of June, they have been aggressively cutting the price of their laptops to around $200 lower. They got rid of the “MacBook” line and turned them into a “Mac Book Pro”. They are basically the same thing but with a “pro” slapped on it, they were able to charge $40 more for it.
Anyways I sold a in the money 145/140 put spread on it when aapl was trading around the $136-$140 level. I also sold 130 puts on it just because I was just that positive. Mind you This would be my second and third AAPL trade ever. Well just as I thought, AAPL ripped to the upsde and hit my target of $154 where I bought back the 145 puts that I was short. From here I expected this thing to pullback to 146 or so where I would sell the 140 puts which I was long. By now the puts were worth something like $1.50, far lower than what I paid for them. Well you know what happens next. This thing rips up to 160 which further obliterates the puts that I’m long. So now I don’t know if I should take the loss or hold out.
If anyone could give me suggestions I’d love to hear them.
I’m still short the 130 puts that I sold for $5.35 and are worth almost nothing at this point, just going to let them expire worthless.
Almost forgot. I bought some 12 strike upside calls on BAC at the close for $0.48. Not much more I can say about it.. Just look at the chart.
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