I normally don’t use Stop Loss orders because I’m normally near my computer. However, I have a big Oktoberfest party at my house this Saturday and have tons of work to do. I know I just bought 5000 shares to cover my new Triple Play Hedge, and the stock is up but I’m very nervous about this market. I think we’re going to get a pullback. I am hedged pretty good with Short Call on other holdings but if GPRO reverses and starts down I’d like to keep the profit. I just put a Stop Loss order on GPRO at $16.10. I’ll be out in the yard but if it gets down to $16.10 I’ll get executed on the sale of 10,000 shares. 5000 I bought at $14.40 and 5000 I bought today at $15.90. If I get executed on the shares it will cause a little stress tomorrow but I don’t feel good about the market. Even if I get executed on the 10,000 shares I still have 5000 shares which are covering my LEAP and these shares can cover my $16 Calls for tomorrow if needed. So I think I in pretty good shape. I’d like to see GPRO take a little fall.
Steve
The Options Coach