Today I bought 5000 shares of GPRO. I really didn’t want to because the Fed is making an announcement tomorrow to whether they will raise rates or not. I already have 5000 shares that are covering a 50 contract Call plus I have a Naked 50 LEAP expiring in January. Earlier last week GPRO received a few upgrades and has been moving nicely, but today it’s down a bit. With it down below my $15 Strike Price on my LEAP, I decided to cover that Call. I’m a little worried about the Fed’s meeting tomorrow but I figured if the Fed doesn’t raise rates the market and GPRO can have a big day tomorrow. I wanted to cover my Call just in case that happens. The 5000 shares I bought today I paid $14.15. I don’t like holding the shares through the Fed meeting but I feel good that my LEAP is covered. No matter what happens tomorrow I think GPRO will have a nice Fall season. Here’s the buy order:
Buy 5000 shares GPRO @ $14.15
Steve
The Options Coach