GS – Goldman Sachs (Last:100.63)

With the July 115-April 115 call spread trading currently trading for 8.15, we have a nice cushion in our position, since we legged into the spread twice for 6.00. We also shorted an extra April 115 call for 3.80, so our paper gain is about $320 if you count the two April 90-85 put spreads we also hold twice for 1.20 as a scratch. Concerning the stock, it looked bound for a Hidden Pivot support at 99.42 when the bell rang to end yesterday’s session, or to 97.67 if any lower.  Let’s buy two round lots of stock if GS trades at the lower target today, stop 97.59. This can be done independently of any other positions you may already be holding. ______ UPDATE: The correction went no lower than 100.46 overnight, so we did nothing on the order. The good news is that with Goldman creeping toward the 115 strike and the month of April just hours away, our spread position is fattening just as we might have expected.  It could be exited for as much as $10 at the moment, yielding an $800 profit on just two spreads, but we’ll let it ride for now, since 115 may act as both a magnet and a leash on the stock.