Today is Labor Day, Monday September 5th. I’m a little late with my results post but it’s been a very busy three day weekend. Saturday I had 40 – 45 people at my house for a memorial BBQ for one of my best friends, Scott Davidson. Scott was a NYC firefighter who made the supreme sacrifice at the terror attack on the World Trade Center September 11, 2001. Scott was on one of my first basketball teams I ever coached; he was also on the FDNY All-Star Basketball Team with me. I put this BBQ party together to celebrate his life. It was a great time seeing old friends that I don’t see as much as I used to.
On Sunday I took a little trip to my daughter Jaclyn’s house near New Hope Penn. Jaclyn’s husband Bob is the commissioner of a fantasy football league which I’m in and Sunday we had our draft. Always a great time being with family, having fun.
Today I had to take a trip to the Poconos for the wake of a family member who passed this week. Now that you know my busy weekend you see why I’m writing this on Monday evening….. Let’s get into this weeks trades.
I made a lot of moves this week so I’ll have to give you the “Cliff Notes” version of the trades or this report will get very long. All trades involved U.S. Steel (X), Yelp (YELP) and Gopro (GPRO).
U.S. Steel
The week started off very fast and with a great start. On Friday August 26th I had 10,000 shares put to me as a result of a Put I sold. Early Monday with the stock up $.30 I decided to sell the shares. I really don’t like owning 10,000 shares and with the stock up $.30 I was able to jump out with a $3000 profit. Great start to the week!
Profit +$3000
U.S. Steel
On Wednesday with X selling off, I Shorted 10,000 shares of the stock and a little while later I bought the shares to end the deal. The stock was only up $.10 but on 10,000 shares that’s a $1000 profit.
Profit +$1000
U.S. Steel
On Thursday X was selling again. Again, I shorted 10,000 shares of the stock at $19.07 and 5 minutes later I bought the stock for $18.90. This was a quick $.17 gain for a total of $1700. Maybe the best 5 minute Day Trade I ever made.
Profit +$1700
Yelp
Last week I bought 5000 shares of Yelp at $38.38. These shares became part of a Covered Call that expired this week on Friday. I was not assigned on these shares but the stock was above where I bought. I bought for $38.38 and I sold for $78.78. That was a $.40 gain on 5000 shares for a profit of $2000.
Profit +$2000
The Call I sold on the shares above was a 50 contract Call that brought in $.45. This Call expired on Friday for a premium of $2250.
Profit +$2250
GPRO
The next trade was a Put I sold on GPRO. The Put was a 50 contract $14 Put which brought in a premium of $.17 for a total of $850. This Put expired with the stock never getting below the Strike of $14.
Profit +$850
U.S. Steel
My last trade was with X and it was a 100 contract $19.50 Put. The premium was $.25 for $2500. These shares were put to me at $19.50 with the option expiring and this premium goes into the mattress. All $2500!
Profit +$2500
As you can see it was a fantastic week. The only problem is the 10,000 shares were put to my account. I’m hoping the stock goes up a little on Monday and I’ll sell the shares. If I don’t get a chance to sell I’ll have the shares to cover my 100 contract Call I have that expires in January.
Weekly Total Gain $13,300
I’m on a roll but you can never drop your guard! Especially when you own 10,000 shares of U.S. Steel.
Back to work in the morning!
Steve
The Options Coach