Here you go folks, Apple is now trading above $240. We have May/April $230 and $240 calendar spread. With less than 2 weeks remaining to April expiration, I would really like to see Apple just hold the line here around $240 so I can get the maximum juice out of April $240 calls, but it doesn't look like thats going to happen. We had a plan and we are sticking with it.
I am rolling April $240 calls to May $250 calls. Specifically,
- Buy to close April $240 calls
- Sell to open May $250 calls
I just filled the order for $2.30 net credit. The current position now has May 240/250 call spread and May/April $230 calendar as a hedge.
Good luck!
About Me
- Fahad Khalid
- Chicago, IL, United States
- I have Masters in Business (Accounting and Finance 2003) from Michigan State University. I have been trading the market since 1998. Prior to picking up trading as a full-time career in 2008, I was a management consultant at Alvarez & Marsal and Conway MacKenzie for four years. I provided turnaround, crisis management and restructuring services to financially distressed firms. Prior to working in turnaround, I worked in Audit & Assurance at Deloitte & Touche for two years. Trading in the market has always remained my side business ever since I started college. 90% of the time, I trade through options. I love volatility skews and positive Theta plays. While I make a lot of directional bets, in general my favorites are to take advantage of high implied volatilities through calendar or butterfly spreads and vertical credit spreads. I never buy straight calls or puts and I do a lot of exotic multi-leg option trades.
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