May 3, 2019 - MDT Alert (SNAP)

While the Diary of a Mad Hedge Fund Trader focuses on investment over a one week to the six-month time frame, Mad Day Trader, provided by Bill Davis, will exploit money-making opportunities over a brief ten minute to three-day window. It is ideally suited for day traders, but can also be used by long-term investors to improve market timing for entry and exit points.

I suggested selling the in the call on SNAP as a bit of a hedge as the market turned down.

As I said this morning, SNAP seemed to be the only stock not dropping during this selloff.

Which tells me I do want to add to this position on a decent entry.

But, today close the short call.

Buy to Close May 3rd - $10.50 call for 95 cents,

This will result in a loss of 27 cents per share.

Keep the long 11.50 call for now.

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