Per our sell alert yesterday, we closed out our SSO bear call spread. Our reasoning was that when we entered the trade on 9/22, we felt the market was ready for a pullback. However, Tuesday's big move up in the market indicated that, at best, we were premature on our anticipated timing for a market pull back. So, yesterday we closed out the trade for a loss.
Trade Details:
Trade Date Action Symbol/Desc. Qty Price Comm. Net Amount Gain/Loss for symbol
PROSHARES ULTRA S&P
10/06/2010 O BTC SSO Oct10 39 Call 4 $1.98 $6.48 ($798.52)
09/22/2010 O STO SSO Oct10 39 Call 4 $1.47 $6.47 $581.48 -217.04
10/06/2010 O STC SSO Oct10 41 Call 4 $0.68 $6.47 $265.48
09/22/2010 O BTO SSO Oct10 41 Call 4 $0.61 $6.48 ($250.52) $14.96
Total Realized Gain/Loss for SSO ($202.08)
Chart:
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