{"id":1721,"date":"2016-06-22T14:02:32","date_gmt":"2016-06-22T18:02:32","guid":{"rendered":"http:\/\/www.mainstbeatswallst.com\/?p=1721"},"modified":"2016-06-22T14:02:32","modified_gmt":"2016-06-22T18:02:32","slug":"out-of-scty","status":"publish","type":"post","link":"https:\/\/www.mainstbeatswallst.com\/?p=1721","title":{"rendered":"Out of SCTY"},"content":{"rendered":"<p>Earlier I sold a Naked Call on SCTY that went against what I normally do or my strategy. The stock had a big jump this morning on the news that Elon Musk wanted to buy the company. I do have a lot of respect for Musk but I didn&#8217;t like the way this looked. The point is, after listening to the analysts speak on CNBC I felt the stock was not going to stay up where it went earlier. I sold the Call when the stock was at $23.15 ($.65 In-the-Money) and the premium was $.85. I planned on keeping it until expiration this Friday but the stock came down more then I thought. With the stock down to the $22 area and the news due out tomorrow about the British leaving the EU, I decided to take the profit and run. Plus this trade had a Risk Factor of 5. I put in an offer to<strong> Buy to Close<\/strong> this position at $.45 and I was executed. On the sale I received $.85 ($1700) on 20 contracts and bought to close for $.45 ($900). This is an $800 profit and this deal is over. I&#8217;m not normally a day trader but if I can get out in an hour making half the money I would have made if I held to expiration, I get out! Here&#8217;s the orders to<strong> Sell<\/strong> and to <strong>Buy to Close <\/strong>the option:<\/p>\n<h4 style=\"text-align: center;\"><strong>Sell to Open 20 SCTY 6\/24\/16 $22.50 C @ $.85 (+$1700)<\/strong><\/h4>\n<h4 style=\"text-align: center;\"><strong>Buy to Close 20 SCTY 6\/24\/16 $22.50 C @ $.45 (-$900)\u00a0<\/strong><\/h4>\n<p style=\"text-align: center;\"><strong>Total Profit +$800<\/strong><\/p>\n<p style=\"text-align: center;\">Money in the Mattress<\/p>\n<p style=\"text-align: center;\">\n<p style=\"text-align: left;\">For you Grasshoppers you must understand this sale was a<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"http:\/\/www.mainstbeatswallst.com\/?page_id=446\"><strong> Short<\/strong><\/a><\/span> position. You must understand how shorting works.<\/p>\n<p style=\"text-align: left;\">\n<p style=\"text-align: left;\">Getting out of this trade fast with a profit made me very happy! Take a look at my trade history. I made plenty of trades for more money. But it&#8217;s a tough time of year to make money and this was a dangerous trade. It&#8217;s nice when things go your way&#8230;.. Back to work!<\/p>\n<p style=\"text-align: left;\">\n<p style=\"text-align: left;\">Steve<\/p>\n<p style=\"text-align: left;\"><em>The Options Coach<\/em><\/p>\n<p style=\"text-align: center;\">\n<p style=\"text-align: left;\">\n","protected":false},"excerpt":{"rendered":"<p>Earlier I sold a Naked Call on SCTY that went against what I normally do or my strategy. The stock had a big jump this morning on the news that Elon Musk wanted to buy the company. I do have a lot of respect for Musk but I didn&#8217;t like the way this looked. The [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[1],"tags":[],"class_list":["post-1721","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75MP0-rL","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/www.mainstbeatswallst.com\/index.php?rest_route=\/wp\/v2\/posts\/1721","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.mainstbeatswallst.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mainstbeatswallst.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mainstbeatswallst.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mainstbeatswallst.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1721"}],"version-history":[{"count":1,"href":"https:\/\/www.mainstbeatswallst.com\/index.php?rest_route=\/wp\/v2\/posts\/1721\/revisions"}],"predecessor-version":[{"id":1722,"href":"https:\/\/www.mainstbeatswallst.com\/index.php?rest_route=\/wp\/v2\/posts\/1721\/revisions\/1722"}],"wp:attachment":[{"href":"https:\/\/www.mainstbeatswallst.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1721"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mainstbeatswallst.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1721"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mainstbeatswallst.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1721"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}