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By phil
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What a nasty turn from yesterday!

Clearly we are not hedged enough here and I can see how it is easy to get lost on the Applefly trade once it gets off the template.  The short answer is that once we complete a round (both legs filled) with a good price, we are not obligated to complete the next round with the same strikes as the 2 spreads can function independently of each other.  While this is obvious to me I realize it is not necessarily obvious to you so I apologize for getting annoyed with all the Apple questions yesterday.

Hopefully Sage will have some time to do an article on this trade and the strategies around it as he explains these things much better than I do.  For today, I would suggest taking some January DIA puts, perhaps 10 $129 puts for $4 to hedge against a catastrophic drop but we are 90% in cash so I’m not too concerned.

Description Type Cost Basis Opened Sale Price Closed Days Gain/Loss $ %
AAPL
10 DEC 07 150.00 AAPL PUT (APVXJ) O $ 4,710.00 11/15/2007 $ 2,760.00   6
$ -1,950.00 -41.4 %
10 DEC 07 165.00 AAPL PUT (APVXM) O $ 7,100.00 11/15/2007 $ 12,740.00   6
$ 5,640.00 44.3 %
10 DEC 07 165.00 AAPL CALL (APVLM) O $ 11,600.00 11/15/2007 $ 11,990.00   6
$ 390.00 3.3 %
10 DEC 07 175.00 AAPL CALL (APVLO) O $ 6,160.00 11/15/2007 $ 6,500.00   6
$ 340.00 5.5 %
5 DEC 07 150.00 AAPL PUT (APVXJ) O $ 2,160.00 11/19/2007 $ 1,380.00   2
$ -780.00 -36.1 %
5 DEC 07 180.00 AAPL CALL (APVLP) O $ 2,185.00 11/19/2007 $ 2,300.00   2
$ 115.00 5.3 %
5 APR 08 170.00 AAPL CALL (APVDN) O $ 10,860.00 11/20/2007 $ 11,900.00   1
$ 1,040.00 9.6 %
5 DEC 07 175.00 AAPL CALL (APVLO) O $ 3,300.00 11/20/2007 $ 3,190.00   1
$ -110.00 -3.4 %
5 DEC 07 165.00 AAPL CALL (APVLM) O $ 5,800.00 11/20/2007 $ 6,240.00   1
$ 440.00 7.1 %
5 DEC 07 155.00 AAPL PUT (APVXK) O $ 1,760.00 11/20/2007 $ 1,900.00   1
$ 140.00 8.0 %
5 DEC 07 145.00 AAPL PUT (APVXI) O $ 1,010.00 11/20/2007 $ 6,115.00   1
$ 5,105.00 83.5 %
Total Gain/Loss for AAPL
$ 10,370.00 18.3 %
CAKE
20 DEC 07 22.50 CAKE CALL (CFQLX) O $ 1,800.00 11/19/2007 $ 1,790.00   2
$ -10.00 -0.6 %
20 APR 08 22.50 CAKE CALL (CFQDX) O $ 4,710.00 11/19/2007 $ 4,300.00   2
$ -410.00 -8.7 %
Total Gain/Loss for CAKE
$ -420.00 -6.5 %
GOOG
6 DEC 07 710.00 GOOG PUT (GOQXB) O $ 40,380.00 11/5/2007 $ 26,114.00   16
$ -14,266.00 -54.6 %
6 DEC 07 690.00 GOOG PUT (GOQXR) O $ 14,410.00 11/5/2007 $ 30,360.00   16
$ 15,950.00 110.7 %
2 DEC 07 730.00 GOOG CALL (GOQLF) O $ 7,530.00 11/6/2007 $ 920.00   15
$ -6,610.00 -87.8 %
2 DEC 07 710.00 GOOG CALL (GOQLB) O $ 1,660.00 11/6/2007 $ 10,270.00   15
$ 8,610.00 83.8 %
5 JAN 08 660.00 GOOG CALL (GOOAL) O $ 21,260.00 11/13/2007 $ 18,650.00   8
$ -2,610.00 -12.3 %
5 DEC 07 650.00 GOOG CALL (GOOLJ) O $ 14,500.00 11/20/2007 $ 15,840.00   1
$ 1,340.00 8.5 %
Total Gain/Loss for GOOG
$ 2,414.00 2.4 %
HMY
60 JAN 08 10.00 HMY CALL (HMYAB) O $ 6,610.00 10/24/2007 $ 5,400.00   28
$ -1,210.00 -18.3 %
60 DEC 07 10.00 HMY CALL (HMYLB) O $ 4,500.00 10/24/2007 $ 5,690.00   28
$ 1,190.00 20.9 %
Total Gain/Loss for HMY
$ -20.00 -0.2 %
LVS
10 JAN 08 115.00 LVS CALL (LVSAC) O $ 25,610.00 10/29/2007 $ 9,700.00   23
$ -15,910.00 -62.1 %
10 DEC 07 115.00 LVS CALL (LVSLC) O $ 6,900.00 11/20/2007 $ 6,790.00   1
$ -110.00 -1.6 %
Total Gain/Loss for LVS
$ -16,020.00 -49.3 %
MSFT
10 JAN 08 35.00 MSFT CALL (MSQAG) O $ 1,180.00 11/19/2007 $ 1,370.00   2
$ 190.00 16.1 %
10 JAN 08 35.00 MSFT CALL (MSQAG) O $ 1,180.00 11/20/2007 $ 1,370.00   1
$ 190.00 16.1 %
10 DEC 07 35.00 MSFT CALL (MSQLG) O $ 850.00 11/20/2007 $ 700.00   1
$ -150.00 -21.4 %
Total Gain/Loss for MSFT
$ 230.00 7.2 %
NFLX
20 JAN 08 25.00 NFLX CALL (QNQAE) O $ 4,150.00 11/13/2007 $ 1,400.00   8
$ -2,750.00 -66.3 %
Total Gain/Loss for NFLX
$ -2,750.00 -66.3 %
PFE
40 MAR 08 22.50 PFE CALL (PFECX) O $ 6,210.00 11/19/2007 $ 5,600.00   2
$ -610.00 -9.8 %
Total Gain/Loss for PFE
$ -610.00 -9.8 %
SHLD
4 DEC 07 125.00 SHLD CALL (KTQLE) O $ 940.00 11/20/2007 $ 1,270.00   1
$ 330.00 26.0 %
4 MAR 08 120.00 SHLD CALL (KTQCD) O $ 4,550.00 11/20/2007 $ 3,800.00   1
$ -750.00 -16.5 %
Total Gain/Loss for SHLD
$ -420.00 -7.7 %
T
5 APR 08 42.50 T CALL (TDV) O $ 1,510.00 9/27/2007 $ 625.00   55
$ -885.00 -58.6 %
10 DEC 07 40.00 T CALL (TLH) O $ 2,050.00 9/27/2007 $ 540.00   55
$ -1,510.00 -73.7 %
5 JAN 08 40.00 T CALL (TAH) O $ 510.00 10/19/2007 $ 1,415.00   33
$ 905.00 64.0 %
Total Gain/Loss for T
$ -1,490.00 -36.6 %
TSO
5 JAN 08 57.50 TSO PUT (TSOMZ) O $ 2,510.00 10/19/2007 $ 2,550.00   33
$ 40.00 1.6 %
5 DEC 07 55.00 TSO PUT (TSOXK) O $ 1,400.00 11/16/2007 $ 2,040.00   5
$ 640.00 31.4 %
Total Gain/Loss for TSO
$ 680.00 17.4 %
Total Gain/Loss
$ -8,036.00 -3.4 %

 

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Note: The material presented in this commentary is provided for informational purposes only and is based upon information that is considered to be reliable. However, neither PSW Investments, LLC d/b/a PhilStockWorld (PSW) nor its affiliates warrant its completeness, accuracy or adequacy and it should not be relied upon as such. Neither PSW nor its affiliates are responsible for any errors or omissions or for results obtained from the use of this information. Past performance, including the tracking of virtual trades and portfolios for educational purposes, is not necessarily indicative of future results. Neither Phil, Optrader, or anyone related to PSW is a registered financial adviser and they may hold positions in the stocks mentioned, which may change at any time without notice. Do not buy or sell based on anything that is written here, the risk of loss in trading is great.

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