Hey Guys,
The market has been having a "cool off" period the last couple days. It's like it needs to catch its breath after Wednesday's big gains.
And that works for me, because a lot of times my trades activate during periods where the market is cooling off. There haven't yet been any new trades yet today, but the market environment is one that might give us more soon.
I closed out my HAS option position near the end of the trading day yesterday because it had reached its time limit.
I had purchased the option for $5.28 per contract, and I sold it for $4.80 per contract. So that one came in at a loss of 48 cents per contract, which equates to $48.00 per contract since you pay 100 times the option contract price to buy the option.
It was unfortunate that the HAS option ended up with a loss. On Tuesday, it got pretty close to its profit target and was looking strong, but then it tumbled hard on Wednesday, which interestingly was the day that the market surged. This one didn't go my way during the back half of the trade, but sometimes it's the exact opposite where a trade will look all but dead and then turn around. Either way, I just go with the flow and stick to the plan.
If you have any questions or feedback, I'd love to hear from you.