As you can see from the chart, Greece has been up and down 10% 4 times in 5 days and last week we gave you a Trade Idea for Greece long using the GREK Feb (expires today) $11/12 bull call spread at 0.50 to make 100% in 5 days (today) if GREK finishes over $12.
Unfortunately, GREK had a strong open on Thursday and, by the time people could buy it, the spread was 0.60 so, at $12, the gain will only be 66% but those who played the momentum game during the week had several opportunities to engineer a 0.50 spread as the ETF ran up and down the ladder with each new statement by pretty much anyone in Europe with an opinion.
Our CSCO spread we discussed that day is up the 4,000% we expected and our UNG March $13/14 bull call spread is on track for a 100% gain so all is not lost. These are your last free trade ideas for the quarter – so try to enjoy them! If you want more trade ideas, you can join us here like our new Member, Verreaul recently did (and thanks for the kind words!):
I have been reading the "free" PSW for about a year and have always liked Phil's style as it closely resembled the way I like to trade (mostly naked put options). I have been a paid subscriber for about 5 weeks and I have been learning a lot from Phil and other members. I had made some money on Phil's "free" ideas in the past and I joined because one of Phil's futures ideas paid for my subscription within the same day (NG).
Phil deserved my subscription and I was eager to learn more. I just did a quick tally and within the last 5 weeks the ideas that I chose to follow from Phil generated over 25K in options profits and 12K in futures profits (some of my trades were more conservative than what Phil's had suggested).
I have a lot to learn, experience and confidence to gain. I will try to immediately post my trades/premise (is that OK Phil) as I make them and I hope others will as well. We are all on the same journey and I think we can learn from Phil and each other. Thanks again Phil and Successful Trading to all.
After due consideration yesterday, we decided to remain aggressively short in our Short-Term Portfolio, which pairs as a hedge for our very bullish Long-Term Portfolio because we still don't trust the rally. How many times can the markets rally because Greece is fixed? Once, maybe twice – I can understand but this has to be the 10th time in two years – it's ridiculous.
We've taken the money and ran already on the Futures shorts but, if they do "fix" Greece this morning, we'll likely pick up some aggressive shorts into any rally because Greece is a very small part of what's wrong with the Global Economy and, as noted by Zero Hedge this morning: "How Many More "Saves" are Left in the Central Bank Bazookas?"
Have a great weekend,
- Phil
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