|This Trade Was Closed April 13, 2012|
Closing today @ .65, for a .10 per contract profit.
Original Trade Post:
High risk/high reward trade here expected to last for a few days. Adtran released earnings today that were in line with their downwardly revised guidance issued a few weeks ago. There were some green shoots in the release stating that demand picked up late in the quarter. Perhaps that’s the reason why we are seeing some short covering today sending the shares up to the $31 price level. That level has some very heavy overhead resistance and I think in a few days the stock should be back around $29. Going long the $30 strike puts @ .55 for a small trade.
- The Ticker: ADTN
- Target Price: TBD per share
- The Trade
- Buy to Open Apr 2012 30 Puts at .55 or better
- Trade Opened: April 11, 2012
- Trade Closed: April 13, 2012
Chart courtesy Finviz. Click to open larger.
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