As someone pointed out two posts back, I did tell everyone: “Follow along for a less wordy (because I’ve already explained it all) installation documenting the conclusion to this story pretty soon, as the story must end before the dates stamped on my only two current positions: Friday the 21st.”
So here it is, minus lots of words, because there’s not a ton to say other than when I opened, when I closed, and the prices (and the way I dodged being assigned a lot of shares at the associated strikes.)
A picture is worth a thousand words, but here are few on top of that, anyway: On August 11th, with SVXY in the low 90s, and on August 12th, with SVXY in the mid 80s, I wrote puts for the 85 strike and the 77.50 strike (respectively), both to expire on August 21st.
On August 19th, feeling that anything could happen between then and Friday (good one, huh?) I bought back all, thinking I was being overly conservative on the 77.50s, but doing it anyway, just to raise cash, and because eight cents seemed like a fair price to get out of harm’s way.
The funny thing is that Friday ended with both of those strikes cut through like a red hot surgical scalpel through butter. Even the 77.50s would have been assigned, had I sat there watching the market like a slacker watching TV. This is not to say I didn’t get into more trouble later (I’m expecting a Santa sack full of early Christmas presents this week), but this is the story of last week.
I ended the week $918 richer (see above.) Simple trade; not very challenging to monitor under stable market conditions; almost boring enough to fall asleep to. If only every trade could be so easy, right?