We’ve had pretty good luck nailing very timely (and tradable!) lows in the little sonofabitch lately — twice within hours of ferocious upturns, both times using call options purchased just pennies off their respective intraday lows. The trades were designed so that even subscribers new to options could jump in, using limit bids placed the night before. Here’s another one: Bid 0.35 for four June 16th 13.50 calls, good through Wednesday. The trade is based on VXX falling to the 13.41 target shown. If it gets within 0.05 points of that Hidden Pivot and the options are just out of reach, you can pay up a nickel (i.e., 0.40) for them. Check back if the order goes unfilled, since I may need to modify it on Thursday. _______ UPDATE (May 23, 6:14 p.m. ET): The calls will likely remain out of reach unless VXX falls to the 13.41 target given above. Continue to bid for them as instructed. _______ UPDATE (May 24, 10:11 p.m.): We hold an additional four calls for 0.45 with a June 2 expiration, 13.50 strike, but I will track them only on The Scoreboard, where the recommendation appeared.
