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Thursday, November 16, 2017

Bought back BBT short call


Market is rising sharply with the small caps gaining highest percentage. Banking stocks is not the leading sector today. But it had performed well in the last 4 days or so. I closed the short call on KRE 2 days ago as posted in the blog: https://smoothprofit.blogspot.com/2017/11/bought-back-kre-dec-1-58-call.html

Today, my BBT continued its rise along the lower support trend line. I closed the short Dec 15 $48 call to unlock its potiential for large gains. In its rapid sell-off in the last week, I had sold Dec 15 $50 call first then rolled down the call to $48 after Dec 15 $50 call premium made big drops.

The chart pattern of the stock looks interesting. At the entry point, the pattern was a narrower up-trending channel, as shown in the green dotted lines. During the sell-off, it changed to the wider and slowly-moving up-trending channel. I did not sell the stock since it did not close below my stop loss point.


Created with ProphetCharts®

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