Advanced Micro Devices Inc (AMD)

[HailMary]

It looks to me that AMD stock held off last week's brief reversal of momentum, and reversed again. I exited my more aggressive AMD positions (short Dec 18 puts and long Jan 15 calls) on the down spike last week in anticipation of more selling. The fact that there was not a huge selloff tells me there is some strength here. I saw the down spike as a test for some of those long time holders that have nice profits they could take. Looks like many held. I'm all about momentum when I exit or enter a position. I'm often wrong, but I'm right more than wrong, so it works out overall. Nobody can be right all the time. :)

I'm going to pick up some aggressive January calls (Jan 19s or 20s), using only a fraction of the profits I made from the Jan 15 calls (probably 1/2 or less). I can probably cover the same number of shares I had with the 15s. I may lose them, but that is ok to me as long as I make something overall (which is guaranteed at this point). I'm tossing the HailMary. :)

I would also consider just buying stock straight today. I would really like to be very long going into Q4 earnings. I'm using aggressive call options because I want to cover as many shares as possible with limited downside risk.

Time to go buy some calls...

HailMary