Trade:
- MGM +7 Vertical Feb12 12/10 put @.72
- Max Loss $522 (incl Comm)
- Max Profit: 896
- Break Evens: < 11.28 by Feb Ex.
- Bought it rather than sold it because feel VIX is at low end and this would benefit by jump in the VIX
- MGM in High Range on 1 hr chart
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- MGM in High Range on Daily 6 month chart
- Coming up on Resistance and 4 month High @ 12.00
Disclaimer: Seemed appropriate to put on first trade on MGM since I have a bet with a co-worker that it won't trade above $15 by May 10. Since the recent move I think he may have a good chance of it now opposed to when we made the bet, but short term it looks ready for a pull back.
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