Saturday, September 22, 2018

Weekly: Tilray and the ghost

TLRY had a wild ride. Marked to the market mid, I am in the red, but I am fairly confident that all the options I sold will come in at a profit.

The ghost involves a back office glitch on Thursday morning, causing the margin requirement to be erroneously reported for the first 45 minutes of trading. I wasn’t at a place where I could call, so I closed some profitable positions. When in doubt get out.

Mon Amazon leads a tech sell off. I lose about 1.7% today. Ouch. That’s a really bad day, considering SPY is down 0.56%. I sell calls to reduce my delta. I go way otm, because I fear a snap back rally.

Sell AMZN Oct 2200 c 490
Sell AMZN Sep28 2100 c 278

Sell AAPL Oct5 245 c 14
Sell GOOGL Oct 1300 c 150

Tue I bounce back, recovering all of Monday’s losses.
Cover AMZN Sep28 2100 c 225 for a nice one-day profit

Sell PYPL Oct 77.5 p 21
Sell TSLA Oct5 190 p 127

Sell NFLX Oct 280 p 142
Sell TLRY Oct 40 p 70

Wed
Cover GOOGL Sep 1150 p 390 for profit
I took the money and ran after being deep in the red at times on the above put. Had I waited until the close, the put is 118 mid. Ouch.

Tilray has the wildest day imaginable, trading as high as 300, as low as 162, at least five trading halts for volatility.
Sell TLRY Oct 15 p 15

Sell GOOGL Oct 1000 p 190
Sell AMZN Sep28 2110 c 88

Thu A back office glitch causes the margin requirements on my open Amazon positions to skyrocket for the first 45 minutes of trading. Not being in a place to call and question, I close a few positions for profit. When in doubt get out, especially if I can book profits. This is at least the second time I’ve seen this kind of glitch. The other time was after the market close. During trading hours, it seems much scarier.

All profits:
Cover AMZN Sep 2200 c 02
Cover AMZN Oct 2200 c 350
Cover AMZN Sep28 2300 c 22
Cover GOOGL Sep 1300 c 05

Tilray naked calls? The catch is what seems like an absurd 600 strike price. Then again 300 seemed absurd a week ago, and it touched that. I’ll leave the more risky, more profitable plays for the nimble traders.

Sell TLRY Oct 600 c 170
Sell GOOGL Sep28 1075 p 75

Fri Sell SPY Oct26 272.5 p 50

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