This week at Wolf on Wall Street we've been trading around and hedging some shorter term positions while adding to some longer term positions.
Our HLF Short was added to on 7/22 as it broke to its largest 1-day gain ever, but there was clear distribution in the move...
"The HLF position (short) we've had open and in the green is seeing a bounce on Ackman's presentation day of his "Knockout" evidence HLF is an Enron like scam or so he says, I really don't care, but I do know Icahn doesn't like him and this bounce is more than likely Icahn trying to humiliate Ackman on the day of his HLF knockout presentation as I showed earlier this morning.
I said I'd use higher prices to add to the half size partial position which I'll bring up to 75% of a normal position size and I'll show you what I'd like to see to add the final 25%."
I also opened a weekly put for this Friday's expiration in very small size as the 5 min chart wasn't as bad as the 3 min chart which was horrible yesterday, I usually have a 5 min standard for most trades. I closed that small position (ultra speculative) at 10:30 for a +90% gain. I think there's a pretty good chance we get another Z entry set up here shortly, which is why I closed the weekly put so quickly this morning, but at the right time as it (the Put) has drifted a bit lower since."
The original position from last Thursday, Trade Idea (Speculative Options) Z and the add to on Monday, Adding to Z Aug $155 Put
Thus far Z is at a gain of about +30%. I'd prefer exit the position before any bounce or lateral consolidation and re-enter on such a move."