EXAS

  • Posted by on October 14th, 2014 at 11:42 pm

10/14:

There’s always a bull market somewhere. And in spite of horrible broad market conditions over the past week, $EXAS had a nice breakout on Friday on huge volume and held the new levels pretty well (considering the indexes have been getting killed).

Screen Shot 2014-10-14 at 9.31.55 PM

 

This caught my attention.

The $18 strike was offering some pretty tasty premium so I threw an offer out for Nov 18 puts, and I got filled at 35 cents as the stock fell intraday. I attempted to take this premium and buy an upside call vertical to lever up the position, but the stock pretty much bottomed on my puts fill and trended upward for the rest of the day, leaving my cheap bids for the call spread unfilled. Oh well.

If an opportunity presents itself to buy a vertical call spread that I like with the put proceeds, I may make another attempt. However, I’m cool with just being short the puts and collecting some premium as long as the stock doesn’t back and fill that breakout gap.

Position:

Short Nov 18 puts
Net credit: 35 cents
 

~

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