BIDU Follow Up

This is a follow up to the BIDU July 110 Calls.

Although a speculative trade, its still at a loss, but with BIDU looking the way it is here, I have no intention of closing it right now. In fact, if I didn't have a BIDU position, I would probably be considering some August Calls for a speculative, short term trade; I may still. I also still have the core short equity (no leverage) BIDU position which is up over 25%, I intend on holding that as well as those shorts were hedged with some long positions in the equities model portfolio.


Here are the charts...

 BIDU looks like many other stocks in that it looks like a bear trap set from a break below a bearish descending wedge, this is somewhat similar to last night's post, The Anatomy of a Bear Trap.

 Intraday, ROC is showing the change in momentum to the upside now.

 The 3 min chart is leading positive to a new local high.

 That has bled to the 5 min chart also leading positive

And even the 15 min chart is now leading positive.

I'm going to take a look and see if it might be worthwhile to look at some August calls, I don't want a position that's too large and violates the speculative position sizing.