The last few weeks have been extremely hectic and I haven’t been as diligent with my post on Main Street beats Wall Street as I would like. My schedule has been so crazy starting with the beginning of the basketball season. As you might know I’m back coaching high school basketball. It’s an everyday commitment! Throw in Thanksgiving, my trip to Costa Rica, Christmas shopping and New Year’s Eve planning, It’s a little overwhelming to say the least. My wife’s birthday is in the second week of December and we always go away. The trip normally stresses me out for the entire month. Do not fear! The first of the year I’ll be back in full swing with Main Street beats Wall Street. I’ll be back to writing and being on top of posting all my trades. 2016 was great but I really feel optimistic about 2017.
This week I made one trade which I didn’t get to post. It involved U.S Steel (X). On 12/20 with the stock at $35.05 and going down, I sold 100 Naked contracts of the $36 Calls for a $.45 premium ($4500). As soon as I sold the Calls the stock started to go up. The stock even went above my strike Price of $36. As it was fluctuating up and down around my Strike I ended up covering my Call by buying 10,000 shares of X at $35.73 on 12/22. On Friday, Expiration Day, the stock closed at $35.78 and my Call expired. I keep the premium and I still own the shares of X. Hopefully I get to sell another Call on Monday to expire the last Friday of the year. Here’s the sell order for the option:
Sell to Open 100 X 12/23/16 $36 C @ $.45 (+$4500)
Profit +$4500
Next week I’ll be writing a year ending report which will include my hopes and plans for the coming new year.
I would like to wish all Main Street beats Wall Street readers a very Merry Christmas or a very Happy Hanukkah.
Weekly Gain +$4500
Steve
The Options Coach