Wednesday, April 6, 2011

Not So Fast

Price looks to be ready to gap above yesterday's high; a requirement for perpetuating the current rally without first pulling back.
Selling rallies and looking for a reversal day to form soon.


Covered the partial short position held overnight, and began scaling into longs.  Also closed the remaining 5 put contracts held overnight at $9.00, which results in a breakeven trade since yesterday 5 contracts were purchased at $11.00 and sold at $13.00.  Will hold the put spread, and look to add at higher prices.

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