Opened a new call position in STEC - Dec 17 calls for 1.20 - Options are currently bid at 1.16 and ask at 1.26.
BID plunged over 2 dollars this morning without any reason or news. That means sellers came in around the point where the recent previous high was challenged. The Dec 40 options went down from near 7 to around 5 at this time. Will continue to monitor and decide whether to take profit or continue to let them run.
Update: I decided to sell the BID calls and bank the profits. I don't like the chart at this time. Although it will probably continue to go up now that I am exiting the position. Selling the options at 4.70 - Remember this is pure profit since 1/2 of the position was closed earlier for 100% profit. This banks about a 95% profit on the whole position.
I am getting concerned about the market nearing a top. The market has been acting strong. But continue to watch closely for signs of weakness.
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