Update: Momentum Trades Using Options

I've made a few moves and wanted to bring everyone up to speed.

I closed out my Skyworks Solutions (SWKS) May 2015 $70.00 call at $14.30, which I originally purchased for $8.21. I still have confidence in SWKS, so I took some of the profits and re-invested in a further out of the money call. I purchased a May 2015 $100.00 call for $1.90. This allowed me to lock in some profit and still have some upside with SWKS.

I closed out my Celgene (CELG) May 2015 $125.00 call at $4.00, which I originally purchased for $6.35, so took a loss. Looking back, I had an initial opportunity to make a small profit, but let it run too long.

I'm still in my U.S. Oil ETF (USO). On multiple occasions I've come close to locking in some profit, but willing to let this "run" a bit more. Oil remains very volatile, so looking for a profit over $5.00.

One trade I didn't post here, but did sent out Tweets that I went short Abercrombie & Fitch (ANF). Five days ago, I purchased a May 2015 $25.00 put at $2.50 and following their horrible announcement sold it today at $4.60.

Momentum Trades Using Options

I entered three new positions using call options: Celgene (CELG) April 2015 $125.00 call for $6.35 Skyworks Solutions (SWKS) May 2015 $70.00 call for $8.21 U.S. Oil ETF (USO) October 2015 $15.50 call for $3.55

The genesis for my first two choices: CELG is continued upward chart pattern and support along 10-week moving average. SWKS is coming out of some consolidation and I'm hoping will springboard higher. The choice to dip my toe into USO is strictly based on the huge downward drop. I'm thinking the volatility will level out and prices will begin to level off if not rise.

Gonvernment SNAFU

Hold on.. just about to get perched up on my soapbox. Does anyone else wonder how some of our elected representatives survive in the "real" world? I could not believe some of those questions they were asking. It seems like they don't have a clue as to what is going on in the marketplace. I'm just as upset as the next investor and there is a ton of blame to go around, but now is the time to fix the issue and then do a little "head hunting." Leave it to the government to fumble and make the process harder than it needs to be. Do they not realize that time is of the essence? Okay I'm done.

Now onto some trade activity....I tried to get into the UltraShort S&P 500 Proshares (SDS) today at a discounted price, but set my price too low and missed out. I think the market will feel the pressure of the continued dragging of feet in Washington. Earlier this week I picked up some Jan 2010 $2.50 calls on WAMU (WM) and went long on the U.S. Oil Fund ETF (USO). HAGO Justin

Update: Looks like the WAMU is done according to recent reporting, so chalk that up as a learning experience. Got a bit greedy and should have sold a few days ago to "lock-up" some minor profits.