TGTX

  • Posted by on September 21st, 2014 at 10:31 pm

9/19:

On Wednesday, $TGTX broke out, setting a new all-time high print at $12.45. And this breakout was on the highest volume of the past 12 months.

As the stock backed and filled on Thursday and Friday, I left out some limit orders at favorable prices. And on Friday, I got a tasty fill on a short put and used the proceeds to enter a bullish call spread to play a further exploration of blue skies as the stock breaks out to new all-time highs.

Screen Shot 2014-09-21 at 8.11.20 PM

 

My Position:

Short Oct 10 Put
Long Oct 12.50 Call
Short Oct 15 Call
Net credit: 30 cents.

 

The plan is for this stock to resume its thrust to new highs. If it does, I’ll participate up to $15. If or when it gets above this level, I’ll then be looking to close out my call spread for a profit.

If the stock breaks below $10, I’ll spring into defense mode, likely just closing the whole game down since available options strikes every $2.50 price point doesn’t offer a lot of flexibility.

If it does neither, at least I caught a nice credit and walk away with something.

 

~

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