I have been bearish on Grubhub for a while, but Amazon's recent exit from their competitive market seemed too good to pass up. Purchased one 7/5 call spread $69.50/$80 for $3.05 just to take a chance on it.
So far it's up at 4.38, and it peaked today at about 5.00. Hoping for 100% out of it if this little boost continues, but my stop is wide on this one at -30% of max risk. There's not really much to do with technical in this play other than support/resistance, so this one will just have a fun little profit/loss line image. Green - Target (100%) Yellow - Break even Orange - Stop (-30%) Red - YOU DONE SCREWED UP, SON!
Trade active
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Well, so much for a consistent start. Not sure what to make of an entire retreat of yesterday's earnings, but I'll stick to my 30% loss plan and let it ride. I may just roll to a cheaper spread if it gets there Monday.
Trade closed: target reached
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Finally something does what I want and I’m in the trade! Wow! Took profits at 112% on my 7/5 69.50 call this morning.