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Trade

Closing Out the Cameco Trade Experiment

I am pulling the plug on the Cameco trade idea mentioned by Rick Rule during a BNN interview. Cameco is still worth owning in my opinion, but it is a poor candidate for option selling. The options are insufficiently liquid meaning that large bid/ask spreads reduce the actual credits received. The volatility component…
  • April 16, 2020·
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Selling a Vertical Put Spread in Gold

I am selling a vertical put spread in gold. Volatility is decent and the long term prospects for gold are excellent. The maximum loss for each spread is $1,420. [$2,500 (1635-1660) – $1,080 (credit received) = $1,420] I would try rolling it for another credit into the next month if…
  • April 8, 2020·
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Rolling Up the CCJ Puts

I am rolling the CCJ $8 puts up to the $9 strike as the share price of CCJ is on a bit of a tear. Rolling the puts up resulted in a collection of $.28. Additional large uranium mines are shutting production resulting in an increase in the price of…
  • April 7, 2020·
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Closed MGM Position for $1100 Profit

The markets rallied hard today, but I do not think that this crisis is over. I want to raise cash. MGM seemed like a good choice for liquidation based on its particularly massive rally. Sold MGM 100 for 11.47 and bought MGM Apr -17 Put for 5.60 debit for a…
  • March 24, 2020·
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Adding to MGM

I am buying back the MGM Apr 20 Call for 0.30 on the severe share price drop and buying shares outright. The new position is MGM Apr -17 Put for 3.00 credit. MGM 100 @ 9.77. I will consider selling calls on a pop in share price or buying more…
  • March 17, 2020·
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Converting MGM into a Strangle

I am selling calls into strength against my short put position in MGM. The stock rallied today and really took off when the US Administration spoke about providing support to the industry in light of COVID-19. I am not a supporter of corporate bailouts as they tend to reward bad…
  • March 10, 2020·
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Going Long on MGM

Hospitality and gaming stocks have been shellacked. I am likely catching the falling knife here, but I am going long MGM by selling rich puts. Revenues are going to be down. The question is for how long? COVID-19 is a real problem, but will likely be under control within six…
  • March 9, 2020·
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Using Options to Build a Position in Cameco

Cameco is a company worth owning if you believe that uranium has a future. I am interested in establishing a sizable position and will use options to build that position while lowering my cost basis. The idea for this trade came from a recent Rick Rule interview on BNN where…
  • March 3, 2020·
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Adjusting the NOB Spread

Rolling out this spread to June expiry to buy some more time to be right. Position adjusted as follows: Original: Sold /ZB Mar 164′ 29 and bought 2 x /ZN Mar 131’24 Closed: Bought /ZB Mar 166′ 24 and sold 2 x /ZN Mar 132’21 Sold /ZB Jun 165′ 25…
  • February 24, 2020·
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Scratching Natural Gas Trade

Well the bottom really fell out of natural gas after I bought it so I am glad to be able to scratch this trade on a minor rebound. I still think that energy is oversold so will look to buy more on a drop. Sold /NG March for 1.95.
  • February 18, 2020·
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