Wednesday, July 24, 2013

GOOG Update and P/L

I'm not doing a full GOOG update as I have done several recently, GOOG is a core equity short position.

The GOOG August $910 Put position was opened this Monday (July 22) around 3:30.

Here are some short term charts, the thing that bothers me with GOOG for "this" put position is the loss of momentum and the possibility of a QQQ gap fill which would likely cause the major bellwethers to at least draft the market to some degree.

 2 min with several accumulation areas, these are small, but for options it doesn't matter.

 3 min chart with accumulation at a "W" shaped base which is small, but more than a lot of other assets have which is a simple "U"or  "V" over the course of a day which won't support much at all.

 The 5 min chart has some positives in the same area as well. There's no downside momentum so I don't see a reason to keep it open. The GOOG core short position (equity only) will remain open.

The P/L


At the $17.70 fill, the position made a profit of +9.9% which is already down 5 points just from sitting there today.

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