January Trades, continued

Trades:

• Cancelled order for UNG.
• Queued 2 contracts of BAC at Strike 7.15. Will queue a Sell to Open at Strike 7.00, limit price 0.40 if it gets filled.

Gut Reaction:

• ATPG still more or less levelled, so 0.81 on the Covered Call option premium was okay -- but I should have checked if it gapped up (which it did) before putting in the limit order. Have to remember that next time. Could have been over 1.00 during today's high.
• Still limiting myself to Weeklys for now in new positions. The potential profits are much smaller. I'll have to consider my gut reaction to all this in a couple of weeks, and see if I want to switch back to regular (monthly) options and more surety from the start.
• UNG rocketed up today after a slight dip that I had hoped would go lower for a more comfortable purchase nearer to 5.00. I could possibly still buy now and wait for the stock to keep going up, but the time value in the premium is very small -- just 1 cent -- at Strike 5.00. I might have to wait a while for it go get to a good value. BUT I don't want to speculate too much. That's not what I'm supposed to do. That's not supposed to be my trading strategy.
• Changed UNG to BAC, which has more volatility and a potential to get a better price.