Five positions expired over the long weekend.
music selection: “Last Dance” — Donna Summer (Disco, raptors!)
weigh-in: 206.4 +2.2
My short puts in Match Group (MTCH) expired well out of the money on Saturday. I am returning to this trade by selling more puts. I sold MTCH180316P00041000 for 1.55 a share. The trade will be in force for a scant 25 days and yields an whopping expected 55.20% annualized while enjoying 5.37% downside protection.
Next up is Suncoke Energy Partners (SXCP). This is a metallurgical coal MLP that I have held for some time. The price action has disappointed by the strong yield over 12% has kept me in the black. I sold SXCP180316C00020000 for a nickel a share. The expected annualized yield is only 3.65% over 25 days but I remain eligible for the fat underlying distribution. So this is all “bonus” yield.
My strangle in Sirius XM (SIRI) ended with shares being called away. I still like SIRI at the new price so I’m writing some more puts to take advantage of a great business with excellent scalability. I sold SIRI180329P00006000 for 22 cents a share. The trade will be in force for 38 days and yields an impressive expected 35.22% annualized while enjoying 4.93% downside protection.
Finally, my covered put in short position Express Scripts (ESRX) expired out of the money. I am writing a new out of the money put to earn some more income while I wait for the short thesis to play out. I sold ESRX180329P00072500 for 2.07 a share. The covered put yields an expected 27.42% annualized over 38 days. I have room for 3.55 in short term capital gains before shares are called away.
Devour your prey raptors!