The Trade War rattlings finally got to the market on Monday, and really all week:
So by the time I put the trade on Monday the 2770/2800 call spread wasn't looking as much of a cash cow, so I sold both sides 2765/2795 call spread with 2650/2620 put spread ... got $4.00 credit, which is about a 15.3% return in 4 days (as it expired Friday worthless).
On Wednesday, for Monday expiration it was getting up there again so I sold just the call spread 2760/2790 for $5.60 ... a 22.9% return! This looks very likely to expire worthless on Monday.
For Tuesday (unusual expiration because Wednesday is the 4th of July and market is closed) I may have gotten a little carried away and taken on too much risk:
I sold the 2720/2750 call spread early Thursday for $8.35 ... that's a 38.5% profit should I be so lucky!
It was looking grim early Friday but then some new Trade War news hit and the market closed at 2718 ...
So if Trump will just continue being wacko through Tuesday, I can get out of this one and go back to normal .... which I think I'll just make the 1 standard deviation iron condor (16 delta on both sides), except closer (and therefore taking more risk) on the call side if/when it gets back near 2800.
And in any event, I'll be ready to roll when necessary ... as we all should be!
More next week ...
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