When the market is acting bipolar like it has been there are so many ways to profit, but you have to be on the right side of the trades.
Easier said than done right? Every other day the stock market is flip flopping red and green. Today we opened up red premarket and had an absolute monster of a rally all the way through to the end. The SP500 calls I had were down badly at yesterday's close but were profitable by midday.
I quickly exited the call debit spreads with a mere $15 profit off both contracts. , but if I had held it would have been max value for an additional $70 profit- wasn't willing to risk it and pulled the trigger as soon as I could. You win some and you lose some right?
$BBIG held its usual range in the low 90c area while my contracts continued to decay as per the plan. I did however add an extra 100 shares to my portfolio today at a 94c average, holding to write a call using these Monday. This was entirely from trading profits over the last month which accumulated to cash buying power.
I was having some huge swings in portfolio value this week and wanted to make sure I ended on a green note. Woke up late yesterday and missed my chance to close SPY calls in profit so this morning I frantically closed them as soon as they were above my entry. They were almost going to be worthless this morning the way we opened red.
Once the rally seemed to he losing steam I decided to open some SPY shorts expiring next Monday. I think we will sell back down a little bit at least, or the price will swing far enough my direction to close in profit.
Ended up losing a small amount from my buy in so far but there is plenty of room for a move next week.
Til next week my friends! Perhaps I will post an airdrop alpha post this weekend if I have time, cheers!