Yeap, I jinxed us. In fact, I jinxed the entire market. I had mentioned Amgen’s (AMGN, $57.41, down $1.33) eight-day winning streak yesterday and that quickly came to a halt just like the rest of the market’s momentum.
The March 60 calls (YAACL, $1.70, down $0.50) were recommended on February 3 at $1.20 and were up over 80% before yesterday’s big decline. Our stop was set at $1.80 and when Amgen fell below $58 that stop was triggered.
I really dug this trade and like all good things, eventually they come to an end. Amgen could get some legs again but the market’s decline was too much to overcome and Amgen was dragged lower by the uncertainty in the market.
We can’t complain too much though. The stop was set at exactly a 50% profit.