CLOSING BELL REVIEW
I’m pretty much done for the week. There were good times and bad, and I almost broke even this morning, but ended the week down significantly.
This should be a short-term loss. Most of it (2k or so) is due to buying down the Starbucks [stock_quote symbol=sbux] JUNE 62.5 CALL option. I now own 100 contracts @ .3295 average trade price. I anticipate this option appreciating over the coming weeks.
The CBOE Volatility Index [stock_quote symbol=vix] is what killed me. It peaked at 14.19 this morning and that could have been the top for the near-term. I should have been smart and sold all 100 contracts of the JUNE 23 CALL @ $1.20 this morning. I would have been even, but I at least I would have saved the additional $1,500.00 I lost when it started down before lunch.
I did trade Bank of America [stock_quote symbol=bac] and made a little money. Also, made some money on Pandora [stock_quote symbol=p] and Vanguard Natural Resources [stock_quote symbol=vnr]. Therefore, my final numbers are on the top right of this page.
NEXT WEEK ECONOMIC DATA
Next week we are getting a lot of information and more earnings. It should be an interesting week so I’m taking a break this weekend and clearing my head.