HD fell below my 50% stop loss.
music selection: “Goin’ Crazy” — David Lee Roth
The markets have been down mostly the last several days. Home Depot (HD) was turning into a big loser for me with both strikes of the bull spread out of the money. With a close below my 50% stop loss, I decided to close today and take the loss to preserve what capital I could.
I opened the 280/285 bull call spread on 17AUG2020 for 2.50 a share. I closed today for a 62 cent credit. I lost 1.88 per share. That is a 75% loss over 39 days. FNV and SPGI are also threatened but above the 50% stop loss. I’m holding out hope. If the month closed today, I’d have a net loss of $470 on options trades for the month of October. I have until the 16th for the two underwater trades to turn around.
Devour your prey raptors!