Pinning Ideas - Results Update
16Feb2007 Filed under: Daily Report Author: OptionPunditSeems like google will be pinned around $470. Google backspread was profitable with $1.20 on $$8.80 margin. SHLD Iron fly is also fine and so is OIH. Conngratulations to those who played in one way or the other and benefited from the market action today.
Cheers and profitable trading,
OptionPundit
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Optrader
February 16th, 2007 at 3:38 pm
Well, as posted , I did the $470’s butterfly on GOOG. Bought at $8.30, sold 2 minutes ago at $9.6. Great trade. Shows that you can initiate those late in the day, once the pinning is obvious, and still make some money.
OptionPundit
February 16th, 2007 at 3:44 pm
Congratulations and I am happy for you Optrader that my posts were helpful.
Profitable trading,
OptionPundit
Optrader
February 16th, 2007 at 3:54 pm
Yes, very good ideas, thanks.
JDG
February 16th, 2007 at 9:07 pm
I enjoy reading your blog. Keep up the good work!
Traded two setups today on GOOG, one was an iron condor with
the short strikes at $460, that one didn’t work too well. Around
1:30 today I initiated a bear put spread with the $470 short strike
and $480 long call. That was a nice return in 2 1/2 hours.
Question for you is what is the official closing price for options
expiration? GOOG closed just under $470 today, but has risen above that
amount in after hours. I closed out the position around 3:55, but
I left $.05 in the plate. Just curious how this works.