Last night I wrote that I had purchased some CSX October $57.50 CALLS for $1.20. As I had suspected, and wrote about last night, the market moved appreciably higher today on the backs of earnings from CSX, Intel, and JP Morgan (the latter two stocks did struggle today). Going higher with the broad market was CSX. I traded out of my position in CSX CALLS at roughly 11:30am EST this morning for $2.50. This represented a gain of roughly 108.33% in 22.5 hours (roughly), a new record for me.
I am still holding on to my C $4 October CALLS which are well in the money. Earlier today the options, traded up to $.30, along with the stock that traded for a while in the $4.29/$4.30 range. However, the stock got killed in the last hour, and traded back down to $4.25. In the after hours, the stock is currently at $4.24. The intrinsic value of the options is currently $.25, representing a gain of 317%. I suspect C will continue to trade up through Friday's close with the general market. If C gets around $4.30 tomorrow or during the day Friday, I may strongly consider trading out of that position. We'll see.
No comments:
Post a Comment