I passed on this trade - IBM didn't look weak enough technically to do this.
I did open a Bear Call on ISRG - higher probability but a lower return.
8/13
ISRG - 228
STO AUG 240 for 1.69
BTO AUG 250 for .49
Credit 120
Risk 880
Probability 80%
--- In OptionClub@yahoogro
>
> Hey gang, what do you think of this play (prices as of close 8/10):
> IBM - 118.70
> STO AUG 120 for 1.23
> BTO AUG 125 for 0.15
> Credit 116
> Risk 384
> Probability (from OX) 72%
>
> I will be watching this morning and making my decision if these numbers hold up. Looks like IBM is ready for consolidation or a pullback.
>
> - Jeff W
>
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