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Wanted to capitalize on the bullish momentum going into earnings. Stock usually rallies the weeks before earnings. It was a good trade plan. The trade worked as planned. The day before earnings it rallied to 7.7. The plan was to exit before market closed the day of ER. I left to drive someone somewhere at 2:30 PM with the intention of returning before 3:30 PM, I'd set a target but it was $1 higher than the high. I ended being out way after market closed and missed out. ER missed.
See comments here http://stocktwits.com/message/40603724#40603724 One of the times when my analysis seems to line up with the people that moves stocks
Long leg of bull PUT spread (Credit PUT Spread). See more details here: http://stocktwits.com/message/40256281#40256281
CLOSED the short side of the CREDIT PUT Spread to take the risk off the table. Left the long side just in case the stock fell hard through.
Got tired of watching it go back and forth and the reward wasn't as much as I could get with shorter term option and more quantity. Of course I'd be taking on more risk but I want to make money fast.
Took profit. I thought it could actually make the target by expiration but didn't want to push it and risk the capital.
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