6-30-10 A Past Due Post

INTRO-
My apologizes that this post is way past due. I do have some legit excuses for why this post is past due. Reason #1, I've been busy helping my family with their business that they are starting. Check it out www.freshlymilledbreads.com (website still underway) Reason #2, I'm trying to get into a coaching program with Rob Allen. Anyways, enough with my excuses. Let's talk about stocks shall we?


PICKS
I have no picks for tomorrow, but if I find some from some of the sites I visit I'll enter into the position tomorrow.

FLASH FROM THE PAST
Trade #2
BUCY, Direction Pattern Alteration. Entry date 3/23/10. I entered this trade because price passed the upper threshold I set for this stock. I exit this trade on 3/24/10 based on a 7% trailing stop on the option. Like my trade with CHRW I entered this trade a little late. This trade turned out to be a 4% lost. What can I learn from this trade? I learned several things. First, I entered this trade too late. Next time I need to enter in immediately after price passes my upper threshold. Second, I did not go deep enough in the money, and third stocks that breakout in the late afternoon are breakouts that we should consider not entering into.

OPEN POSITIONS
I'm pressing for time right now because it is getting late. I'm going to be brief.
Last post I did I mentioned a couple of strangles that I wanted to get into. I ended up getting into them (NKE and BBBY) in addition to this I also purchased an ENR directional put and a strangle for RIMM. I'll explain the results of these when they close. Meanwhile I'm still in NKE and RIMM. Here are the stats. It may not make sense, but I'll explain in a later post what is taking place.

BP Jul 55 Call is at a loss. Will let this expire worthless
ENR Aug 50 Put is at a gain. Have a 1% trailing stop base off of the stock
NKE Jul 80 Call. Possibly let this expire worthless
RIMM Jul 65 Call. Will most likely let this expire worthless

Note- To clarify. I'm still in NKE and RIMM because I bought a strangle on these (Put and call) I sold the puts at a profit, but ended up keeping the calls. They were already worthless and to sell them would be an unnecessary bite from my profits from hefty commissions I have to pay. When I state that I may let these expire worthless. There is a chance that the stock of these options may go up in price which would result in my calls going up. Anyways, NKE and RIMM are both gains despite letting the call option go worthless. I'll explain this in more depth once I'm completely out of this trade.
God willing, tomorrow I'll document how my trade with BBBY went. Since I got out of it today at a lost.

CURRENT ACCOUNT VALUE
$944.57- sill at a lost. To be at break even it needs to be at $1150.00.


Well there you have it. Please feel free to leave feedback, comments, and questions.
Disclaimer- This trade journal blog is for education and entertainment purpose only. In no way am I implying that you purchase any of the stocks that I setup on. Stocks and option trading is extremely risky.