Stock Investment Blog

I am going to open a new contingent order:
Allegheny Technologies
Long Puts
Contingency:
If the stock’s last price is greater or equal than 54.20 then:
BTO 1 ATI Apr21 2012 55 Put
Price: at market (expected price per contract would be .2)
Max risk: 0
Max gain: Unlimited

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Article Content:
I am going to open a new contingent order:

Allegheny Technologies
Long Puts

Contingency:
If the stock’s last price is greater or equal than 54.20 then:

BTO 1 ATI Apr21 2012 55 Put

Price: at market (expected price per contract would be .2)

Max risk: 0
Max gain: Unlimited (potential target: .70 or 70 per contract)

Update:
01/06/2012 – trade canceled, it didn’t meet the entry price

I am also going to adjust the following position by rolling up the upper body of the butterfly:

Schlumberger
Put Butterfly

Unfortunately my broker doesn’t allow me to roll over with one order, so I have to close the upper body first and then open higher part later:

1st step:
BTC 2 SLB Jan21 2012 60 Put
STC 1 SLB Jan21 2012 65 Put

Price: limit credit $content.25

When filled, 2nd step will follow:

BTO 1 SLB Jan21 2012 70 Put
STC 2 SLB Jan21 2012 65 Put

Price: limit debit $content.93

This trade will be taken on both my accounts: TD trading account and ROTH IRA account.

Update:
01/04/2012 – I talked to my broker and they do not allow me to open an uneven butterfly, so I would need to treat it as spreads. For that I do not have enough money on my account and thus I cannot finish this conversion. Thus I am considering this trade as closed with a loss.
I sold the upper body for credit $content.23, with the original cost of $content.78 this trade is a loss 70%

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New trade – ATI; Trade adjustment – SLB

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