The position is now wrapped up and closed, other than today being the expiration on the $66.50's that are at $68, I saw what I would call a loss of momentum and on the last day, the last thing you want is to lose momentum, you might not recover from that even if the Q's do hit new highs, you have time decay accelerating vs gains, the gains have to outpace the time decay or you could have a situation in which the QQQ is actually higher than it was when the position was closed, but the Call is trading for less.
The fill on the first 50 was $1.56, the second half was $1.50- they were already losing momentum and premium; so the average fill was $1.53 and they cost $.76 so the gain was 103% or $7,698 profit.
Not a bad trade for a little over 2 days
The 1 min NASDAQ futures weren't inspiring and AAPL wasn't firing to move the Q's this morning.
The 1 min divergence told me a consolidation at best was likely, at worst a correction, niether of which help a Call position on the last day.
The 2 min chart was in line, but gave me no reason to hold out hope for anything significantly larger in time to matter.
Here's what happened to the Q's since.
That's the momentum that pays in green, in red, that's the consolidation that takes away profit.
Now we'll see what happens with HYG and if it gives us a trade in to next week short term, the currency moves I was hoping for have at least started so the pressure on the carry traders is building and that's where the pressure will come from that can move the market down very fast, at up to 200 to 1 leverage, you really can't afford even a small loss as a carry trader.
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