Hello Investors,
Things have worked out even better than expected in our SPY trade. Not only did we make money on the original short call trade. We also made some money taking a -50 share short position over the weekend (on the exercise/hedge). We are taking the profits made and reinvesting them into buying 1 share of SPY. In addition, we sold another short call (covered call) against our account. This is a very aggressive style of trade due to the uncovered (naked) risk.
Sold to open: SPY April 24th (weekly) 295.00 strike calls for +1.33
Bought to cover: SPY 50 shares (closed the stock position)
Bought 1 share of SPY with the gains.
Reminder we will have a live meeting tomorrow morning at 10:00 a.m. ET.