FedEx update

I have decided to enter the FedEx straddle by purchasing Sep 85 calls and Sep 85 puts.  The 85 Calls are trading at around 1.84 (they are about 50 cents+ in the money) and the 85 puts are trading around 1.30 (slightly out of the money).  Even though I expect FedEx to go up, I just had to hedge my downside.  I thought about buying the 80 puts but I don't think the stock would move that much unless the news was catastrophic for FedEx.  So the straddle requires an investment of about 3.15 or so.  So if the stock moves to 83.50 or 76.5, the trade will break even.  Anything above that is gravy.  You will need to be up at market open and monitor the situation to sell at the right point.

Update for RIG:  I added to my October RIG calls at a lower price since the chart looks like it may move to the upside a bit more.   But the stock is not cooperating at this time.  I don't expect much movement until after options expiration on Friday.