Stock / Symbol: Direxion Small Cap Bull 3x / TNA;
Option Strategy: [private_monthly]double calendar spread[/private_monthly];
Trade entry date / price: Nov 29 / $75.72;
Price at trade adjustment: $67.20;
Current Position:[private_monthly]
Long 1 TNA Jan14 75.81 call (originally 77, adjusted due to dividend)
Long 1 TNA Jan14 66.31 put
Short -1 TNA Dec13 66.81 put
[/private_monthly]
Adjustment: Closing out the put calendar for a small loss. Going to play TNA to the upside so I'm holding out on selling another call till next week.
Trade Adjustment: [private_monthly]
STC 1 TNA Jan14 66.31 put
BTC -1 TNA Dec13 66.81 put
for a min net credit of $1.00 per contract (day order, limit order). The mid is currently at $1.12.
[/private_monthly]
Max Risk: $384 (adjusted from $635 originally)
Max Reward: unlimited (at current volatility) @ 80+ by Jan 17
Profit Range: $79.95 + by Jan 17
Suggested Upside stop: @ NA
Suggested Downside stop: $71.99
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