9:20am (EST)

Ford (F, $8.44, up $0.14)

December 6 calls (FLI, $2.80, up $0.20)

Entry Price: $1.25 (5/18/09)
Exit Price: $2.50
Return: 108%
Stop: $2.50

December 7 calls (FLJ, $2.05, up $0.15)

Entry Price: $1.00 (5/18/09)
Exit Price: $2.00
Return: 105%
Stop: $1.60, raise to $1.75

August 7 calls (FHJ, $1.50, up $0.10)

Entry Price: $0.77 (7/31/09)
Exit Price: $1.55
Return: 95%
Stop: $1.25

Action: I’m expecting Ford to announce some kind of “production upgrade/ increase” over the next week or so and that may or may not give this trade more legs. Ford’s inventory is at 50 days and once it goes below 65, the company usually announces a ramp-up in production. Otherwise, we have the stops in to protect profits.

Cisco Systems (CSCO, $22.17, down $0.27)

October 20 calls (CYQJD, $2.75, down $0.17)

Entry Price: $1.50 (6/2/09)
Exit Price: $3.00 (8/4/09 1/2 the trade was closed)
Return: 100%
Stop: $2.25

Action: As predicted, Cisco beat Wall Street’s estimates by a penny but was cautious on guidance. In after-hours trading shares were down 75 cents. It appears the other half of this trade could hit the stop when we open on Thursday.

Bank of America (BAC, $16.67, up $1.03)

November 15 calls (BYOKO, $2.83, up $0.74)

Entry Price: $1.50 (6/12/09)
Exit Price: $2.25
Return: 90%
Stop: $1.60, raise to $2.00

August 17 calls (BYOHQ, $0.59, up $0.40)

Entry Price: $0.44 (8/5/09)
Exit Price: $0.54 (8/5/09)
Return:
Stop: CLOSED

September 18 calls (BYOIR, $0.69, up $0.40)

Entry Price: $0.55 (8/5/09)
Exit Price: $0.65
Return:
Stop: CLOSED

Action: Wow. It is hard to believe the action in BofA. On July 29th, here were my thoughts on BofA when it was at $13.34:

“For our new subscribers, BofA was below $5 on March 11th when I recommended a couple of call options, the May 6’s and July 10’s. They returned 400% and 500%, respectively, as BofA stood at $10 a month later. If you do the math and the stock doubles from here it puts BofA at $26. These calls would be worth $11 and you would have a 1,000% return on you hands. Anything is possible, right? However, all we are looking for is a run past $15 so we can double or triple or money.” (END)

What is important was the last sentence. The trade has met our expectations and now is where you want to follow your trading plan. I use the references from the blog because it is important that you follow that plan. Each trade should have an entry and exit point but it is up to you to MANAGE the position from here on out.

You will notice that I listed some other BofA call options and at lunchtime yesterday I said this:

“I’m looking at the chart right now and I need to do further research but I like the the August 17 calls (BYOHQ, $0.44, up $0.25) up to 50 cents and the September 18 calls (BYOIR, $0.55, up $0.26) as quick trades. If you buy 10 or 20 contracts, try to look for a $200-$500 profit and get out.”

The reason I am setting listing these “day trades” is because that is what they are. I got some emails asking where they are headed as some of you held them open but that wasn’t the trade. With the November 15’s, we are still enjoying the run the stock is making but I’m also trying to teach people how to put money in their pocket when they see opportunities to make quick trades like this. It helps to build your “bank acount” up.

IBM (IBM, $118.47, down $1.13)

August 105 calls (IBMHA, $13.60, down $1.10)

Entry Price: $3.40 (7/14/09)
Exit Price: $12.00 (7/24/09 1/2 the trade was closed, 8/5 other half closed)
Return: 330%
Stop: $14.00

Action: These call options opened at $13.65 and I said to close the other half of the position yesterday. Once again, IBM was turned away at $120 so remember to watch for the break and have a list of call options that you are actively watching.

Visa (V, $68.38, down $0.72)

August 70 calls (VEHHN, $1.00, down $0.35)

Entry Price: $1.60 (7/27/09)
Exit Price: $3.20
Return: -40%
Stop: 80 cents

Action: It ain’t looking pretty and the stop could be hit sometime today if Visa continues lower.

Imax (IMAX, $9.50, up $0.05)

September 7.50 calls (IMQIU, $2.25, up $0.25)

Entry Price: $1.90 (8/4/09)
Exit Price: $3.00
Return: 15%
Stop: $1.00

Action: We will know how this one will trade before the market opens. The company reports before the bell and I will give an update on what to look for at the open.

Nvidia (NVDA, $13.40, up $0.03)

August 13 calls (UVAHM, $1.05, flat)

Entry Price: $0.80 (8/3/09)
Exit Price: $1.00
Return: x%
Stop: $0.40

Action: I forgot to update this trade but here is what I said on Monday:

“Nvidia can make it past its high but there may be an opportunity for a quick trade BEFORE earnings. I like positions at current levels and would set $1.00 as an initial exit. If you buy 10 contracts it would cost you about $800, or if you did 20 contracts, it would be around $1,600. You are only looking to day trade these options up until earnings and we are only looking to make a 20%-30% return.” (END)

These options hit a high of $1.10 on Tuesday and were at $1.05 for most of Wednesday.