Yesterday we took initial profits on our short calls trade on VMW. Read HERE.
Today VMW is down another 1.40% as of this writing and we are taking the rest of the profits and thereby closing the trade. The profits accumulated quickly in this trade and we are happy to take the risk off the table and look elsewhere for new high probaility setups.
The bearish candle on June 1st was our trigger for the short, but to keep in mind is that the cloud computing space is still very hot and could move much higher…just the other day Apple announced its consumer cloud services. As such we didn't feel comfortable holding this short position for much longer than a few days.
If you want to learn more about our options selling strategy I encourage you to pick up our trading plan.