Top Picking with RIG

Those of you who know me know that I love to try to pick tops.  It isn’t a very gut calming process but can pay nicely when correct.  I am still bullish on the market but the action in RIG is not related to the general market.  RIG has a classic short term top candle and I am going to try to play the stock for a pullback to the 7 dma.

Bought:  20 JAN 55 puts on RIG at 1.50.

I am risking 3K on the trade and its hard to have a stop for it so I have to assume my entire investment is at risk.  I plan to exit RIG when it returns to the 7 dma.

 

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Posted on January 10, 2013, in Jeffs 3k-100k. Bookmark the permalink. 2 Comments.

  1. Are you posting charts, but I’m not getting them?
    Cathy

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