I bought 10,000 shares of U.S. Steel 20 minutes ago at $19.75. The stock is down today so, as I said in my post 15 minutes ago, I wanted to take advantage of the lower price. I was up in the air about keeping it to keep my 100 contracts covered or if I get the opportunity, grab some profit and stick it in my mattress. Well the stock just hit $20 and I put a sell order in at the $20. The stock went up to $20.05 and I wasn’t getting executed so I went to cancel my order because of the higher price but as I hit the cancel button I was executed at $20.03. Thats a $.28 gain on 10,000 shares for a total profit of $2800. This might be the quickest $2800 I ever made. I’m happy! Here’s the buy and sell order:
Buy 10,000 shares X @ $19.75
Sell 10,000 shares X @ $20.03
20 minute profit +$2800
As I write U.S. Steel is still going up but I won’t get greedy and regret selling. The stock’s up to $20.12.
I’m not a day trader and don’t condone or recommend it, but when I see an opportunity I must go with what I feel. I’ve been watching U.S. Steel and other steel companies a long time. When you do this you get a feeling of how a stock reacts to market moves.
Steve
The Options Coach