Today was another great day for the market. It’s really tough to figure out which way we’re gonna move. The coronavirus is still growing and not under control. I think we’ll have some big up days, as we did today, but I feel the down days are not gone. I think it will be a day to day thing.
I never got a chance to get my results out for last week. Considering whats going on I’m happy with my results. I got some nice money added to my mattress.
I had 3 trades come to an end with Inseego (INSG), Jabil (JBL) and Micron (MU).
Inseego
I decided to sell my shares of INSG. You cannot buy INSG on margin which is how I like to work, and I want to be involved in the company long term. I sold my 1000 shares at a profit of $2700 and a day later I bought 20 contracts of the LEAPS. The bottom line is I’m still involved in the stock. The good news is I have less money invested but have a greater upside if the stock moves up. This is the power of LEAPS. This LEAPS option doesn’t expire until 2022. I think it will be a money maker. I like it to the point I put this LEAPS position with Inseego into my Wealth Builder’s Stock Alternative Portfolio. Below are the trades getting in the stock position and the exit.
10/28/19 – Buy 1000 Shares INSG @ $5.60
1/27/20 – Sell 1000 Shares INSG @ $8.30
Profit +$2700
Jabil
I sold a Call on JBL and it closed below my Strike Price.
1/16/20 – Sell to Open 10 JBL 1/31/20 $44.00 C @ 35¢ (+$350)
1/31/20 – Expired 10 JBL 1/31/20 $44.00 C
Profit +$350
Micron
This was a Covered Call with MU. The Call expired and I wasn’t assigned.
1/28/20 – Sell to Open 10 MU 1/31/20 $58.00 C @ 40¢ (+$400)
1/31/20 – Expired 10 MU 1/31/20 $58.00 C
Profit +$400
Total Weekly Gain +$3450
This is not a bad week with the amount of volatility we’ve experienced because of the virus. This money is locked in but my account took a hit last week. With the up market this week my account is back in good shape.
Looking forward to what Trump says tonight, and how what he says will move the market tomorrow, up or down.
Successful Trading,
Steve
The Options Coach