Today, 02-05-09, CNQR opened down huge and with heavy volume (you would never buy calls in a case like this). However, I studied / examined a number of items (e.g. technicals, short ratio and actual earnings) and was convinced that the stock would not stay where it opened - so to confirm my theory I bought 4 calls as shown below:
Filled Buy to Open 4 +JCQBE Limit 0.20 09:50:53 02/05/09
At the point where all technical signals indicated that the reversal was over (specially short covering), I sold the position as shown below:
Filled Sell to Close 4 +JCQBE Limit 0.45 10:38:51 02/05/09
Of course, I kept the trade extremely small as this was a real-life "study" with real money.
Beautiful theory and proven! Enjoy trading!
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