I bought a second (APKT) AUG 10 $22.50 Call @ $5.40. The combined position has a delta of 146. So if APKT trades down to my stop of $24.00 I stand to lose less than $300 including commissions. However, with the way the markets are acting now this does not seem a likely outcome. Besides I am never afraid to get out of positions if things do not go the way I am anticipating.
So far things are going well and the market indexes and APKT are trading near highs for the day. If we get a bounce here APKT looks poised to break out to new 52-week highs and I will add further to position at that point.
Until then, good luck and good trading!
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