Wednesday, March 7, 2012

Ralph Lauren trade $RL

Ralph Lauren RL trade:
I was successful in shorting this stock after huge run. Sold 11x mar 185/90 credit call spreads for $.78 (Price was at 173ish). Now worth only $.05 so profit is $.73.
I still think RL is over-rated and today got a pop on back of LuLu upgrade.
So I decided to reopen the same trade for Apr since there is no earning catalyst. Sold 185/90 call spreads for $.78ish. NOTE: I didn't sell the Mar 190 call since it has no bids and besides, you never know... consider it lottery ticket on massive pop might be worth something (hopium example at its best)