Recently hearing news of hedging position of EBAY was something I didn't hesitate to close out last week after I noticed it started to putter out of its uptrend I had hoped for it to catch on from a 5% dip from 53 towards 48-47. I expect higher prices but nothing higher than 52.50 where I'll buy 2 week expiration puts for 48. I don't expect price to fall past there as of right now I just notice the past few trading sessions its been showing greater weakness. Looking to close the position shortly above 40%+
Comment:
By the time I saw EBAY spike early market I wasn't there to make said 40% plan so I decided to buy really cheap OTM puts instead of tenured ones with a longer expire. .33 put 12/18 for Strike at 49. Take profit is set to double at .66.
Comment:
There was an ascending triangle already and with bullish news it's no wonder I was stopped out after it broke out. Lost 80$. But again, the bulls look weak on 54 and if I was more patient I could have bought puts at 54.00>. Because it isn't valued right in my opinion. but we'll see if it retests that level as support.