The market is totally out of control! Or should I say our president and President Xi of China are out of controls? Even with most of my stock holdings down with the volatility I was able to get 1 Calls sold this week, and it expired on Friday.
The 1 Call I sold that expired this week was with Twitter (TWTR). I bought 1000 shares of the stock at $42.90 on7/30 and sold a few Calls since, but was never assigned. On Tuesday, 8/20 I sold a 10 contract Call with the Strike Price of $43 to expire Friday, 8/23. I received a premium of 60¢ for $600.
8/20/19 – Sell to Open 10 TWTR 8/23/19 $43.00 C @ 60¢ (+$600)
8/23/19 – Expired 10 TWTR 8/23/19 $43.00 C
Profit +$600
As I said, I was only able to get 1 trade made and expire this week. With the way the market is moving I’m very happy I was able to get that trade in. So my weekly gain ended with that 1 trade.
Total Weekly Gain +$600
I’m very upset with the volatility of the market, and I don’t think I’m the only one. I feel it’s irresponsible for the presidents of the 2 largest economies in the world to be conducting business the way they are on Twitter. I never saw anything like this! And the things they’re saying on the social media platform is crazy. This type of disrespectful antics on Twitter was definitely started by our president. I was never a huge fan of Trump’s personality, but I agree with a lot of his policies. Some of the things he’s saying really makes him look like a jackass. And I don’t think things will change any time soon. I always liked the way he speaks his mind and says things that most people would only think, but I think things are getting out of hand. I think he’s totally wrong with the things he says about J Powell. The Fed is supposed to be completely independent. And that’s the system I believe in. Constantly embarrassing a professional like Jerome Powell, and this time questioning if he’s the enemy is wrong. He’s the one who put him in the position, knowing the Fed is independent! Maybe his interviewing skills are not so great. His behavior make’s me feel like he is a narcissistic control freak who doesn’t believe in our system of government with balance of powers. This great country does not have a dictatorship! Nor should it! Balance of powers prevents things like that from happening. I would never be able to go to the poles and hit a switch for a far left socialist. I know it’s early but he is really testing whether I’m gonna feel good about hitting his switch or not.
I would really love to hear from some of you. Please let me know if you think I’m exaggerating this, or to let me know how you’re feeling. You can comment on the post or send me an email.
I know it’s only Sunday night but the futures are pointing toward another rough start to the Monday morning open.
Steve
The Options Coach