Thank God It’s Friday!! Ended up having an okay day. Started off pre-market with AAPL looking good for my puts. My other three seemed 99% ready to expire worthless*(M, TGT, BAC). It’s okayyyy. I got Targay puts for 09/20 so I’m ready for the drop.
So SPY took a shitter today. Wish it came couple days sooner but beggars can’t be choosy. So Macys, Target, Bank of America contracts expiring today were a total loss. Target I went in a little to heavy for my small account. I lost $120.00. Bank of America I lost $50.00. Macy’s I lost $80.00. Macy’s continues to be a sore subject for me. At least the loss was less than $100.00 and not thousands 🙁 So my bright and shiny winner today was Apple. I ended up selling it right from the start as I had a feeling it was going back up! I was right.
So I sold my contract at $1.41 making $26.00. Apple made nice reversal and the option went down to $0.23 and then comes the news update on Qualcomm and the anti-trust ruling. Apple took a shitter and dropped $6.00 – $7.00 in twenty minutes. My pretty op could of made me $600.00+ but I’ll live with the $26.00. It was the right decision with the facts I had in front of me. No news and my contract expires worthless and I lose $115.00. Small little profit and we fight another day. It’s crazy how much $ you can make on a single option when the right news/catalyst hits. Speaking of QCOM I remember having an order in the day they released the news on court ruling. I put order in for 100 contracts. The option was under $0.40. I cancelled it and added again..my european ancestry was being frivolous. I couldn’t get any hits so I cancelled it all together. Later in the day they drop the news. Stock goes ape-shit and contracts are worth $10.00 a piece. The next day the contracts went to $20.00+. Small investment of $3000.00-$4000.00 would of netted me $200,000 in a matter of hours. That is absolutely disgusting. Not even trying I could have sold for $50,000-$60,000 if I sold into initial pop. This is why options are so dang fun! The only negative is unlike other stocks you don’t have the opportunity to hold onto losers. You hold onto a loser and it ends up expiring worthless. With regular stocks you can’t lose your investment until you sell!
Things are looking up though. I ended up getting two more positions. I bought some Ford puts. They were extremely cheap and I believe they are going to continue down the gutter. They expire next Friday so lets get it drowning. The other one is McDonald’s put. Got October 4th expiration so let’s see if the red headed step child can do me a solid.
Target is going to be my money maker. I do not see this staying up at all-time highs. This baby is coming back down and I’m gonna bank $$. GT and SLB not looking very purdy but they got time. The best part of the ops is that it’s helping me understand