Option Block 608: TSLA, FIT and BrokerMadness Champion

The Option Block

Trading Block: New 52-week highs (132 new highs today): Amazon Inc. (AMZN + $2.62 to $889.16), Red Hat Inc. (RHT + $0.88 to $87.33), Veeva Systems Inc. (VEEV + $0.01 to $51.29), Tesla (TSLA + $11. 11 to $289.41). Tesla Inc is now more valuable than Ford Motor Company, and could very well surpass General Motors Company this week. General Motors Co. (GM - $1.55 to $33.81), Ford Motor Company (F - $0.34 to $11.30).

Odd Block: Calls trade in iShares MSCI Hong Kong Index (EWH), puts trade in Fitbit Inc. (FIT) and calls trade in Carmax, Inc (KMX).

Mail Block: #Options #BrokerMadness finals ARE ON!

• Who will claim the prize of your favorite broker: @OptionsHouse or @LSFinancial?
• The Winner is - Lightspeed
• Question from Game Day Dog - Aww man! My vertical put spread has gone bad. I have +3 options at 61.5 and sold -3 at 62.5 ... Yesterday it gapped down to 50. I now have +200 shares of LULU in my account +3 put options at 61.5 and -1 put option at 62.5. I thought it was a $300 max risk spread. Do I have to do anything? Do I sell the shares? Everything expires in 7 days. Please help. Thanks! So I learned about selling shares and back ratio spreads and even got an $19 credit.

Around the Block/This Week in the Market:

• Apr 4: International Trade, Factory Orders
• Apr 5: FOMC Minutes
• Apr 6: Jobless Claims
• Apr 7: Unemployment