Pete V's Trading Options: PCX mar 20 Call update

Here is an update on PCX. We entered the March 2011 20 call options @ .67. Today we hit our first target. of 19.82 and the option got up north of 2.00 for a moment before pulling back some. I am looking for this position to retrace to 78% of April's highs which comes in @ 21.15. There I will shave another piece of the position. There are still 78 days remaining till expiration and I feel we can fully retrace the April highs which comes in at 24.25. I know a couple of you guys are in with me and I know some of my buddies over at Tidetraders.com picked some up with me as well.

www.tidetraders.com is by far the best trading chat room I have ever experienced. The quality of traders, in several of the chat rooms they offer, are some of the best traders you will come across. I spend most of my days in there and along with posting many of my trades on Twitter, I post most of my trades in the Tidetrader's chat rooms. If you have not taken a moment to visit www.tidetraders.com, you are doing yourself a serious injustice. This is by far the best place to get your PHD in trading the markets. Oh yeah, did I mention, IT'S FREE.

Here is a link to the PCX Video

http://www.screencast.com/t/zRscj58E2

Monthly Chart of PCX