This morning, just after the opening bell I was filled on my initial 8 SKF(20.00 -0.03) PUT contracts. This trade was already nicely into the money for the morning, so I legged into an additional 5 contracts, and have an order out for another 10 if the market turns mid-day today.
The current position is long 13 SKF April 140 Puts. As I type this, the position is up $2,295.00 in profits already. That isn’t too shabby considering that I have about $14,000 invested with these puts. The April contract has open interest of about 2,050 so owning 13 of these is well within reasonable levels.
Target on this remains an SKF drop to around the 150 or so levels in the very near term. I’ll continue to evaluate the performance of SKF during the trade to get an profitable exit.
I have a similiar trade on in my personal account.
