Starbucks Hit the Spot

Starbucks (SBUX) ended up working out today. Given the overall market conditions, I feel a bit fortunate to make any money in the trade. It wound up costing me a bit more than I anticipated, as the total trade was $12.10 for every three of the diagonal spread combinations as well as two of the January skip-strike call combos. Still, I was able to sell them for $13.75 and pull in some money on an otherwise ugly day.

Starbucks (SBUX) -- Daily Source: StockCharts.com View Chart » View in New Window »

I did take a few long-side stabs and made some pin play attempts today. It was negative across the board. We are in a very tough short-term environment. Unless you enjoy the gap risk overnight, right now is not the time to be taking a lot of swing trades in either direction....161 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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