As mentioned last week, the aborted test flight by Virgin Galactic caused the biggest headache for me. SPCE shares dropped most of the week. I still like the stock long term, so I continued to buy shares but the value of my call contracts did not survive. At least I had SONO to salvage the week.
Buy: SPCE Apr 16 $30 Call @ $5.50
Buy: SPCE Dec 18 $28 Call @ $1.35
Buy: FDX Dec 18 $300 Call @ $7.50
The theme of me buying more SPCE started Monday with call options, although I pulled the trigger too soon. I should have waited another day to see where the price stabilized. I bought the FDX calls to back my bet from last week’s 2 Bulls podcast.
Sold: NIO @ $41.93
Sold: EMR @ 81.50
Buy: SPCE @ $26.40
Buy: SPCE @ $26.00
I started running out of funds while I was trying to scoop up more shares of SPCE. I had to sell out of NIO and EMR to fund these purchases and so I could exercise my remaining options in BBBY and SONO later in the week.
Sold: SONO Dec 18 $17.5 Call @ $4.00
Sold: SONO Dec 18 $17.5 Call @ $5.00
I sold 60% of my SONO calls at $4.00 and less than an hour later, the stock started running again. I sold of another 20% at $5.00 and held the rest to exercise at the end of the week. I had to take a break for a bit after this to clear my head, as one can imagine.
Exercised: BBBY Dec 18 Call @ $15.00
Exercised: SONO Dec 18 Call @ $17.50
I exercised both of these options as the bid price was below what the stock was actually trading at. This seems to be a common occurrence when trading options. I decided to hold them through the weekend as I was expecting a stimulus deal to get negotiated and figured these stocks should benefit from that.
Sold: FDX Dec 18 $300 Call @ $0.21
Ouch… Better than nothing I guess.
Expired: SPCE Dec 18 $28 Call
Expired: AMC Dec 18 $3.5 Call
Like these… Buying more of the SPCE calls is what turned my week negative overall. Maybe next week I’ll learn my lesson.
|Ticker||Buy Price||Current Price|
|CLX Jan 15 $200 Put||$7.70||$3.65|
|CRM Mar 19 $250 Call||$9.60*||$9.02|
*SAP and CRM Calls buy price averaged over two purchases
|Ticker||Buy Price||Sell Price|
|SPCE Dec 18 $28 Call||$0.95||Expired|
|SPCE Dec 18 $28 Call||$1.35||Expired|
|SONO Dec 18 $17.5 Call||$1.33||$4.00|
|SONO Dec 18 $17.5 Call||$1.33||$5.00|
|AMC Dec 18 $3.5 Call||$0.36||Expired|
|FDX Dec 18 $300 Call||$7.50||$0.21|
Weekly Gain (Realized):
|Week||Weekly Gain||SPY Weekly Gain|
More Like This
- Organigram levels up!After Organigram announces a new partnership, Dan takes a closer look at OGI and what that means for both companies going forward.
- OCGN: Experimenting with Covered CallsKyle shares his experiences trading covered calls in Ocugen, Inc. (OCGN) over the last two weeks. But will there be profits?
- 3 Bounce Back Stock Candidates Post Earnings DipWe look at three stocks that have to potential to bounce next week after their stocks fell post earnings.
- Weekly Trade Log: 02/08/21After watching GME sink like a rock, I had to step away from the markets for a bit and figure out a plan to recover.
- Weekly Trade Log: 2/01/21With the Mother of all Short Squeezes on the precipice of being Squoze, I realized some very large gains on the week
- Weekly Trade Log: 01/25/21Two savvy moves in particular erase a bad bet from the previous week and take me back into the green for the year
- Weekly Trade Log: 01/18/21Big gains from BBBY are negated when I repeat several money losing mistakes this week. When will I learn?
- Weekly Trade Log: 01/11/21The trade log is back after taking a break over the holidays. Now we finally get to see how I finished the year against the SPY!
- Weekly Trade Log: 12/21My first realized loss in a while, thanks to some emotional options trading on SPCE. An expensive lesson learned!
- Weekly Trade Log: 12/14Stimulus gridlock and a failed test flight from Virgin Galactic on Saturday are setting the stage for a rough week coming up