If you are familiar with my positions you will remember I sold 50 contracts of GPRO LEAPS way back on 7/15/16. I sold 50 contracts of GPRO 1/20/17 $15 Call LEAPS and received a premium of $1.03 ($5150). Well, with GPRO on a rollercoaster today I was able to buy these Calls back for $.30 ($1500). This deal is over and I have a profit of $3650. I figured I have a nice profit of $3650 and if I held it to expiration the most I could get out of this Call is another $1500 and I’d have to hold for another 78 days. I’m happy getting out. If GPRO goes back up the stock will be free to sell another Call. Here’s the sell and buy orders:
Sell to Open 50 GPRO 1/20/17 $15 C @ $1.03 (+$5150)
Buy toClose 50 GPRO 1/20/17 $15 C @ $.30 (-$1500)
Profit +$3650
I bought back 2 GPRO Calls today and I was able to put $2000 and $3650 in my mattress. A total of $5650!
Steve
The Options Coach