I made three moves this afternoon.
music selection: “Situation” — YAZ
I had a couple of “melt-up” plays in double leveraged instruments. Expecting tech and biotech to soar as the markets ran away, I took about 7,500 in position size in both ROM and BIB on 3MAY2021. I sold those today for 2,772 in gains. I am probably selling “too early” but want to raise cash for a 50%+ correction in the next couple years. Could be Monday?
I also have a position in BIIB. I bought a bull call spread thinking the approval of it Alzheimer’s drug would cause the stock to slowly climb. Instead, the approval became controversial and the stock has tanked since the initial approval spike. That position is now 16% out of the money with two weeks left to trade. I sold 11 of 18 spreads today for 9 cents apiece. I booked 2,816 in losses or 96.7%. I still have seven spreads to try to unload on Monday. If today were the third Friday expiry, closing of all my remaining open positions for July would result in 3,243 in realized profit for the month.
Much better than last month. I can probably squeeze another 60 bucks or so of recovery out of the remaining 7 BIIB spreads. I am also hopeful that CCI will rally 1.56% or more in the remaining two weeks. That would bring my profit for the month to 8,787. With the market in a strong uptrend and new highs being hit daily, it is a real possibility.
Devour your prey raptors!