Weekly Summary ending 5 November 2021
Began the week closing TTCF wheel and replaced with MOGO. Its 1-for-1 replacement as both cash secured put utilize $3,500 if assigned. Main reason was the higher premium received via this swap.
Opened GOOG BPS 2710/2690P but closed it a few hours later for a small loss around $80++ after my mentor mentioned my entry point was too high. Eventually the 2710 level wasn't breeched but its always better to be safe than sorry.
After Closing GOOG BPS, TSLA BPS 830/780P was opened, using similar amount of option buying power. The trade went well and TSLA closed way about our price of 830. Profit locked.
Sold Weekly OCGN put at SP 9 and closed it the following day for a quick profit of $60.
Sold TRIT Nov monthly put at SP 5 (4 contracts) TRIT should stay above $5 until they submit the annual report probably somewhere in December.
Decided to close IRNT put for a good profit of $101 and convert it to OCGN put at SP 11.5 and SP 11. OCGN should hover between 9 to 12 in my opinion and thus I'm okie to start weekly wheel between these level. Got assigned for both SP and will sell CC next week to get premium.
Sold OCGN put at SP 9 for next week. OCGN might seem late into the vaccine game, but I think they are still required. Just that OCGN will not be able to reach the heights in terms of market caps compared to earlier mover like Novavax and Moderna. Currently at 2B market cap, it is fairly priced to me. But I'm only willing to Wheel around 3 contracts for OCGN. I got 2 already assigned this week at SP 11 and SP 11.5, the SP 9 one looks unlikely to be assigned for now but its hard to predict any biotech company. Finger crossed for next week.
Have a good weekend/