Scorpio paid me a surprise visit me last night. I haven’t seen him since August 29th when he told me I was his muse. I’m glad I inspired him to re-ignite his music career…or should I call it a hobby? I guess if you make money off of it, it’s a career, but only in Scorpio’s case, it’s takes the backburner to his corporation and political appearances. I learned a long time ago to never believe what you read in the mainstream newspapers. The American Press is either a scripted news release or somebody’s opinion about the scripted news release. I like Scorpio. He is a busy man, and stops in Christies when he is entertaining clients and/or needs to relax before heading home to the cranky wife. Now, according to Scorpio, only about 5% of women can intrigue a man longer than 30 seconds. Since we usually hang out for hours at a time, I guess I made the cut
I rolled my index ETF spreads to reduce my gamma risk. If you understood that sentence you are a market junkie. I also entered some high probability debit spreads on BIDU and MON. I wish I had a larger account and could position size just one contract of BIDU. At $3500 a pop for one November at the money option contract, I fold, out of my league. So I did a debit spread instead. I bought the Nov 300 Call and Sold the Nov 310 call. This means that the stock has to close above $310 on November Expiration Day, which is Nov 16th. It cost me $500 to enter the trade, and my maximum profit is $500, which is a 100% return in 5 weeks. The stock is up $13 since I placed the trade this morning. It could sit still and go nowhere for the next 5 weeks and I will still get a 100% return on my money. Not likely, earnings are in 2 weeks and it is bouncing off support. I was a little more aggressive on MON, it already released earnings and had a volume spike yesterday. I bought the Nov 95 call and sold the Nov 100 call. This trade cost me $185 to enter and my maximum profit is $315, a 170% return on investment if the stock moves 7 dollars in 5 weeks. It moved 20 dollars the past 5 weeks. The stock market is basically one big ATM machine. You just have to find the right debit card and know the correct PIN number to use it.
I’m exhausted. Today is just one long day after another. I had to take my car up to the Volvo dealership for scheduled service. Leave it to me to buy a car from a dealership that is 55 miles from my house. So, they gave me a sexy loaner car (a boxy Volvo XC70) that I have to drive 55 miles back to return this afternoon. Oh well, while I’m up there, Reese and I are going to go to happy hour in Snottsdale and then head into Christie’s to catch the post-game crowd. We had a great time with Bill and Kelly last night. God Bless Texas
People Who Read This Post Also Read