I know that I said I was watching a different set of stocks. None of those are moving where we want them to go. Alcoa has earnings in about two weeks. So I have bought the straddle for this stock.

options contracts ending October 16th

buy the 11.50 put

buy the 12 call for around $1.14

Once I am in the position. using a good till canceled order: I'm selling the straddle for $1.38. Which is a 20% profit. If our position doesn't sell automatically by next Wednesday we will bring the sell down to 10%.