While the Diary of a Mad Hedge Fund Trader focuses on investment over a one week to 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.
Ordinarily, I would just wait to see how ETE settles today, however, I do not like that the fact that the XLE is selling off.
Let's close the trade at a small profit.
Buy to Close the November $20 call at 10 cents and then sell the stock.
ETE is trading around $19.75, so you should make about 25 cents per share on the stock and another 50 per share on the calls.