So I flipped some puts earlier this week for a good gain, re-entered the trade today. NKE appears to be rangebound since the recovery from the big drop, and it seems to wind up around $84 for earnings.
Decided to hold on to the puts for Monday, the conservative target is $86, aggressive target is $84.5. Depends on what the computers do with Dow futures. If the Dow stays flat or green like today, I'm bailing early.
Note that I'm doing quick flips, I got a couple of messages that NKE wasn't going anywhere AFTER I had already posted that I had closed the trade earlier this week. If anyone followed me into this trade today (posted it in my earlier NKE post), I plan on flipping the puts when it goes oversold on the hourly again.
NKE isn't gonna tank unless earnings suck, don't hold the short position expecting this to go straight down.
Decided to hold on to the puts for Monday, the conservative target is $86, aggressive target is $84.5. Depends on what the computers do with Dow futures. If the Dow stays flat or green like today, I'm bailing early.
Note that I'm doing quick flips, I got a couple of messages that NKE wasn't going anywhere AFTER I had already posted that I had closed the trade earlier this week. If anyone followed me into this trade today (posted it in my earlier NKE post), I plan on flipping the puts when it goes oversold on the hourly again.
NKE isn't gonna tank unless earnings suck, don't hold the short position expecting this to go straight down.
Trade closed manually:
Decided to take the easy money and run since I expect the market to close the futures gap.