3:00 p.m. (EST)
I mentioned it would be a busy week and I have a New Trade on an old favorite. The stock is finally starting to show some strength after a few years of underperforming the market.
Shares are currently just north of $11 and are on track to trip $14. I am using options to capture this possible move for a triple-digit payday.
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Momentum Options Play List
New Trade
AKS Steel Holding (AKS, $11.23, up $0.43)
Buy to Open the AKS October 12 calls (AKS141018C00012000, $0.42, up $0.12). There are weekly calls available, so just be sure you’re buying the AKS October 12 calls that expire on Oct. 18, 2014.
Buy to Open the AKS January 13 calls (AKS150117C00013000, $0.52, up $0.12).
Action: I like these call options at current levels to play a move to the mid-teens. I will have a full update in the morning and use limit orders to get the best fills.