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Wednesday, January 22, 2020 11:20:53 AM
Anyway, I cleaned up on that beyond play. Went 30 by 30 with a synthetic otherwise known as a bullish risk reversal whereby you sell puts to buy calls. It's a directional bet that behaves a lot like the stock except that your purchase price is a function of a short put and a long call. My net cost was about a 1.30 per contract, basically 3300.00. Set that about 3 weeks ago when I noticed unusually heavy volume in the
Jan 31 2020 100.00 calls. I could see that someone was moving a lot of paper on that bet and at the time, the stock was 76 and change.
Long story short, BOOM!
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