Not much to report. Only 1 trade.
On Monday I sold a 10 contract Call on Square (SQ) with a Friday expiration. When I sold the Call the premium was at 55¢. A little while later on Monday the stock dropped a bit and the premium came down to 30¢. The stock has been moving up for the last 2 week, so I figured if I get out, lock in some profit, I might be able to sell another Call by the end of the week. With Thanksgiving on Thursday, and Friday a half day, I didn’t get another Call sold on SQ. In fact, I didn’t get another trade made for the week.
I sold the Call and brought in $550 and I bought the Call for $300 to close the position. My profit on the few hour trade was $250.
11/25/19 – Sell to Open 10 SQ 11/29/19 $70.00 C @ 55¢ (+$550)
11/25/19 – Buy to Close 10 SQ 11/29/19 $70.00 C @ 30¢ (-$300)
Profit +$250
Sometimes you have weeks like this. I mean with only 1 trade. As far as the profit, it’s small, but it is a profit!
Total Weekly Gain +$250
I’m still thinking about what I want to do for the rest of the year. I’m up such a great percentage I might sit December out. I have plenty to do with Main Street beats Wall Street, and I’m holding a lot of positions to watch, but I might not look to bring in more money with new trades. Sometimes you have a great year and get greedy to make it better in December and you end up giving money back.
I already have 2 positions due to expire next Friday. One is a Covered Call with Jabil (JBL) and the other is a $71 Naked Call with Square SQ. If both go the way I think they will I bring in over $1000.
I hope everyone had a very nice Thanksgiving. And I hope you enjoy the rest of the weekend.
Watch for my year to date (YTD) results coming in the next day or 2. Also I’ll talk more about what I might do for December.
Also watch for my Wealth Builder section.
Successful trading,
Steve
The Options Coach