Thursday, April 10, 2008

Taking some profits off the table

The Markets did catch a great tradeable bottom! And they are still feeling pretty good. The monthly charts on S&P did a remarkable bullish hammer formation for March. In plain english it means there is a good chance the Market put an intermediate term bottom in March. This could be confirmed if April candles paint a bullish formation as a confirmation to March action.

The VIX trade published here and the ISRG trade published here did par excellence! I am closing my VIX trade for a profit of 94.67% and selling half off on ISRG for a profit of 170.56% today!

Is ISRG still a buy?
I think yes. And that is the reason why I sold only half of ISRG. The charts are quite bullish. What makes it extremely interesting is the earnings events on April 18th. I am betting on the upside.

Trade details

(1) Closed VIX (+VIXPF Option) at $7.30 (Purchase price $3.75)
(2) Closed Half off ISRG (+AXVDA Option) at $48.70 (Purchase price $18)

Good luck
Krish Rathi

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