Friday, February 22, 2008

Ship it: Part 2

So Wednesday I finally pulled the trigger on FCX. Since I have followed the stock, I have noticed that on a majority of occasions it matches swings with the price of oil. So even though it had been up for at least a week, all signs were pointing to oil hitting 100 again and possibly staying there. So I after hours I entered both my entry and exit point:

+10 FCX 100 call @ 5.15 = $5125.05

-10 FCX 100 call @ 6.30 = $6275.05

Interesting situation occurred then, I bought at close Wednesday and then Thursday FCX gapped up past my entry and sold at 6.30. For a second the newbie in me was worried, then I realized my position was sound and the stock does swing pretty good. This was followed by news that there was plenty of oil and FCX followed suit as oil moved back under 100. So basically the trade worked backwards.

FCX +22%
QQQQ +22%
RIMM +22%
AAPL +33%

GOOG (still in, with only a 9% loss so far... but I am going to stick it out a few more days) Not sure, but I think 4 out of 5 is a decent week. Have a good weekend all!

No comments: