Well, I made some moves this morning regarding the LVS CC's.
I bought the Nov 26 50 strike CC's, a -1216 loss.
I sold the Dec 3 CC's for +6572 gain
So when the dust settles, if LVS stays above 50 for another week I will net
3395 for two weeks trading. This will lower my cost basis for the LVS to around 48.85. Dang, this is more work than I wanted when I entered this trade! Jerry, get back to puts and 'easy money'!!!
2 comments:
I have been wanting to comment on the very same thing ... why are you straying from the basics!
You wrote a book on your method ... you stress following a set of rules you learned over years ... and now you go off on these other ideas. Why???
Even weeklies are problematic in principle because the cushion you so stress ... is so much smaller in weeklies than you would accept with a traditional monthly. Sure it's unlikely to drop a bunch in a few days ... but deep OTM puts at 20% or so from the current price are so much safer!
Remember, we have to protect ourselves from an unexpected steep one-day drop (that will inevitably happen) while we're on the golf course away from our computer!
Good point Jim, I did stray some but Still have two positions with puts. I have 40 with regular puts (monthlys) with DECK and 40 reg's with LVS.
I thought with the market trending up the % profit was super and quick. Eventually I will make good money with the CC's. But the next time I get tempted, I want you to reach through the computer and slap me till I am awake and alert..lol
Post a Comment