The steel stocks are on a roll today. As I write, U.S.Steel (X) is up about a dollar to $19.47. I already own 10,000 shares so I’m having a great day with the stock. I also have a $20 Call sold on these shares. I really don’t want to get more involved in X but it’s moving so well I hate to just watch it go up without doing anything. When the stock was at $19.40 I decided to buy another 5000 shares with the idea of getting out with a $500 profit. I was hoping for a very short trade, like 5 minutes. I put in the order to buy the 5000 shares at $19.40 and at the same time I put in the order to sell the shares at $19.50. I was executed on both trades! It took about 10 minutes and I have $500 to put in my mattress. I understand you really need the time to watch to put in a trade like this but the way I look at it, how many people are going to make $500 working at a job today? I’d rather do this! The trade happened so fast I didn’t get a chance to send the “buy” email to notify you of the purchase. This email will cover the buy and sell of the stock. Here’s the orders:
Buy 5000 shares X @ $19.40
Sell 5000 shares X @ $19.50
Profit +$500
If you go to my new page “All Trade Confirmations” you will see the 2 confirmations I received by email from my broker.
Steve
The Options Coach