Updates on Yesterday’s Options Ideas
Both of our options ideas from yesterday’s premarket report returned some excellent chances for quick intraday profits. While it’s true that we signal Puts very rarely, that didn’t stop us from sniffing out winning contracts!
Macy’s, Inc. M – After releasing disappointing sales figures for Q3 and gapping down considerably in premarket trading, Macy’s continued to plunge, registering a new 52-week low and creating all sort of opportunities within our targeted range, the M Weekly $47-43 Puts.
We had the $43’s run from 1.10-3.33; a move of 203%, and the $44’s turned in an even more impressive performance, shooting up 424% from .85-4.45. At the other end of the spectrum, the $47 Puts popped from 4.46 to 7.00 (+57%), but keep in mind that there were several sets of contracts in between, and traders were faced with potential gains regardless of the increment chosen!
Horizon Pharma plc HZNP – HZNP was the other play we were bearish on yesterday, looking at the HZNP Weekly $20-17 Puts. Just like the previously mentioned play, we were afforded the chance at gains no matter what strike price we chose within our selected range of contracts, as the stock continued to pull back.
$20 Puts – Daily Range: 1.70-3.00 – Max Gain: 76%
$19 Puts – Daily Range: 1.15-2.20 – Max Gain: 91%
$18 Puts – Daily Range: .90-1.66 – Max Gain: 46%
$17 Puts – Daily Range: .65-1.30 – Max Gain: 100%
FRESH OPTIONS IDEA:
JC Penney Company Inc. JCP
JC Penney got beaten back yesterday and looked oversold in our opinion, but the stock seems to be rebounding nicely in early trading today. We’re going to call attention to both a weekly and a longer term set of contracts that we want to monitor going forward. For intraday/week swing trades, we’ll look to JCP Weekly $8.50 Calls, and for an extended-term watch, we’ll go with the JCP 12/11 $9 and 9.50 Calls. We would be remiss if we failed to mention that JCP earnings are slated for release before market open tomorrow so things could get quite interesting, very soon.
Dolat Ventures, Inc. DOLV
We also want to quickly submit the following subpenny play for speculation. DOLV is going to be a bottom-watch play for us as we near week’s end. Indicators suggest a recovery could be in the cards, so we’ll be watching for the recording of higher highs and higher lows off of its recently established bottom.
BRWC, ZYXI, GACR, MCET