Today is Super Bowl Sunday! I figured, let me get my weekly report done before I start my festivities.
I only made one trade this week while I’m trying to get out of half of my U.S. Steel position. If you’ve been reading you know I own 10,000 shares and I’m trying to get that to 5000 shares without losing money. Plus, this week they were announcing earnings which added a little extra discomfort to the situation.
With the stock being very volatile, this week with a pretty good report it was all over the place more than normal. On Thursday the stock had a huge jump and I was able to sell a 1 day 100 contract Call at the close to bring in 10¢ ($1000). I was planning not to make a trade this week but getting a 1 day, $1000 trade made me happy. The stock closed on Friday below my $36 Strike Price so this 1 day Call expired and I keep the $1000. I also keep my 10,000 shares. Here’s my trade:
Sell to Open 100 X 2/3/17 $36 C @ 10¢ (+$1000)
Profit +$1000
U.S. Steel had decent earnings and received an upgrade this week. I’m hoping we get a move up to help me get out of 5000 shares. The stock closed on Friday at $33.78 and I’m in at $35.73. I think I can be very productive owning 5000 shares which would free up some margin money for me to make some additional trades.
Total Weekly Gain +$1000
Enjoy the Super Bowl!
Steve
The Options Coach