Unprofitable: I lose money on this trade if RIMM closes under $9.20 or above $10.80 June 29, 2012. The most I can lose on this trade is the amount I paid for the Spread, $.20.
Risk: $20 per 1 lot
Reward: $80 per 1 lot
Chart: Bearish overall , but looking for a good risk vs reward for a dead-cat bounce.
Notes: I am playing this using the measured move target of $.95, which means the stock should close at $8 or $10 tomorrow.
UPDATE 7.2.2012 I had the right idea, I just picked the wrong direction. Since I knew my risk vs reward I am not upset that the stock sold off to $7.50. At least I only lost $.20, if I was LONG the stock then I would have lost a lot more. Moving to the next trade.