During this period you'll notice that I lost more than I won but still stuck with my motto of "Never lose big, win often". The total gain was 122.98 and I have one open position, which is the BAC(Bank of America) May 12.50 Call. I bought 9 contracts @ .93 which comes out to be $837 + fees and commission. I decided to go with the may 12.50 Call because BAC was building up a lot of momentum based on speculation about the stress test results that are coming out tomorrow before the market closes. I suspect that BAC will not need anymore capital, as the media has been suggesting or if they do need capital, it wont be as much as the media has reported and they can easily raise it by way of converting preferred stock or selling assets. The option ended up closing at 1.05 which was a quick 10% gain considering my cost basis is at .95. In After Hours the the stock is trading at 13, so if it opens around this price I will expect another 20% gain overnight and I will continue to ride it up but be out before the market closes, because as I mentioned before the stress test result will be out after close and I don't want to risk losing all of my money if BAC doesn't have good results.
Current Acct Balance: 1004.39
This is basically back where I started but with my new strategy I don't see it being difficult for me to get back on track and surpass my previous goals.I will post my trading rules in another post.
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