New Trade - IP

John 10:10 "...I have come that they may have life, and have it to the full."

I'm looking for a Christmas gift from the stock market this season and I found it in IP. Check out the chart:

This is simply an entry in an uptrend (i.e. higher highs and higher lows) in an individual stock (i.e. IP) while an uptrend in the overall market. I'm simply going with the flow - "a rising tide lifts all boats".

So, IP had a recent pullback and we had the buyers come in today and started driving price back up again. What also helped was that IP had an upgrade.

I bought the April 23 Call for $3.85. Why April? Because it's closest to 90 days at 119. Why 23? Because it's closest to the delta of .70 and had over 500 open interest.

My target is simply the last most recent highs and my stop is 2 levels of support below (i.e. last 2 times the buyers pushed price back up).

From here I just wait for the stock price to hit my target so I can get my Christmas gift - maybe Santa will come early this year and I won't have to wait long.

MERRY CHRISTMAS - REMEMBER JESUS IS THE REASON FOR THE SEASON! Don't forget to send the ACLU a "Merry Christmas" card this year.