I opened a bull call spread in Facebook (FB).
music selection: “She Sells Sanctuary (long version)” — The Cult
weigh-in: 200.2 (0.8) – Back above 200# (barely!) but still made progress on the week. Permanent move below 200 coming soon!
First, US Concrete (USCR). I bought 203 shares in my tIRA account on 6JUL2020 for 24.43 a piece. A recent buyout announcement by a larger competitor at 74 dollars a share has USCR trading at 73.63. I sold today to lock in a 201.39% gain (9,988 in gains). This saved my month and puts me back in the black.
With shares of FB trading at 343.15, I bought the 340/345 strikes bull call spread with 20AUG2021 expiry for 2.60 a share. I have 0.16% downside protection in the trade. Should shares rise a miniscule 0.54% at expiry, I will earn the full profit of 92.3% over 54 days or 624% annualized. FB is in a nice uptrend and I feel really good about my chances here.
Devour your prey raptors!