Lizard King stepped in Bronto sp. poo.
music selection: “Scream” — Slipknot
On Friday, I bought WMT calls with 6DEC2019 expiry. On Monday I bought a AMZN call with the same expiry. The thesis was that all signs pointed to record Black Friday and Cyber Monday for the two retailers. That came to fruition but the broader market fell on Monday due to weak manufacturing data and even further today on a Trump China tweet. The broad movement in the markets overwhelmed any gains from record sales data.
I lost 1,060 or 71% on the WMT calls and 1,863 or 89% on the AMZN calls. It was a risk I was willing to take. I am still trying to close a calendar put on TOT and to gracefully exit short puts on PTON. TOT is likely to be break even and PTON is likely to be a several thousand dollar gain.
Devour your prey raptors!