Last week let 10 expire and didn’t write new ones. Need to narrow things down a bit in this volatile environment. Having 15-20 open options is a bit much. Esp if a couple go sideways. So I’m gonna navigate those before jumping into other stuff. 7 options left heading into this week.
This weeks expirations are tqqq which I’ve been writing weekly. Daring it to shoot up and force me to cash in 2.5-3 mil in gains. So Friday I sold 500 calls at $89 for 57 cents each. If tqqq stays at 89 or lower by next Friday we keep $28,700. And likely sell another the next week
We also have Verizon. 123 calls at $46. Been sitting on this awhile. Stable stock so you only get anything by writing calls a month or 6 weeks out. If it stays $46 or under we collect $1750
Not as wild or exciting as last weeks huge 10 option parlay and not as lucrative. But $30,400 is a number I’ll take every Friday if I can get it. That’s a lot of money to be paid while you sit around waiting for your stock to go up. Daring the market to make you sell
Well I can't start a new post so THIS is this week's targets for MOI. First, I thankfully and finally got out from under two Carvana calls last week. 200 calls at $360 and it ended at about $345. And 200 at $375 if I recall correctly. At one point I was upside down on each. Like $600K so that all ended well and I didn't make $600K I think it was about $170K going back to the original machinations
This week by Friday Close
Amazon needs to stay below $232.50 and today it dropped to $227 Yahoo for that about $8,000 on the line there.
IBM needs to stay above $227.50 and it's at $240 today so that would be about $20,000
Meta needs to stay below $860 and it's at $753 so we look like a winner for $2,000 there. This is actually more like what I usually do. Just stay safe and collect a couple grand a week. Not sure what that IBM thing was about.
TQQQ needs to stay below $92 and was above it for the longest time. It's at $89 today so something must have happened. It was as high as $95, so pow there went $300,000 of equity. Anyway, we would pocket $160,000 on this but this was a rollover so the original gain is what we would net. And that was probably about $25,000. And if it works out then it took us a few weeks to get there. I was cashing out TQQQ for $25K a week for about a month and then it shot up and the last couple weeks been rolling it forward just to allow myself to sell it for as much as possible when forced out. Now I am back to keeping it and just collecting the checks from the calls.
That's it for this week. next week has some IBM danger on the horizon and we will likely have to roll it forward a few times to get back on the beam with it. But time patience and calm are our allies. And if the market doesn't drop too badly I should be ok there.