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.
SNAP followed through this morning, but is a bit overbought.
By closing out this week’s call options, we can now look to sell another round of calls for next week.
My suggestion is the Sell to Open (1) October 20th $16.00 call for every 100 shares you own.
The October 20th – $16 call is quoted at $.63 to $.68. Try and sell them for $.65.