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Sanrith Descartes

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Then you should have sold the 10.00 puts :p, the good spacs will bounce back eventually, just not as quickly as before.
I have so far made money on every single $12.50 SPAC put I have written. This one is looking dicey though.
 

Sanrith Descartes

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Wrote some puts right at the close for PSTH
$25 strike, April expiry. Got the crazy $1.80 premium. $23.20 cost basis if assigned. Just above NAV.
 
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Sanrith Descartes

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I almost pulled the trigger and rolled them out and up to the $15 strike in April for a phat 3.80 premium but decided to sit tight. I will get them down 35 cents a share.
 
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Sanrith Descartes

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Writing puts for PSTH at the close on Friday already paying big dividends now that the Mar options expiry is over. Options up 20% already.
 

Sanrith Descartes

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Wrote the May $25 strike puts on MP.

And the May $20 LAZR puts.
 
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Blazin

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I normally trade the monthly options, this month they expired on Friday 3/19 and decided not to write the 4/16s yet. I did sell a bunch of QQQ 3/31 puts which I closed at the high yesterday. The market does not look to me to be positioned well right now to push to another leg up. So I'm just trying to be patient this week and see how this plays out before selling anymore puts. I'm at my goals for March and I have time yet to situate for April. I had posted earlier don't recall what thread but correction periods going through several phases is pretty standard and I'm still not convinced the tech correction is over. THe only variance we may see in the next phase is that Energy/Materials/Financials will be weak as well so the decline may feel a little stronger even if for the nasdaq it's just a test of the correction lows.
 

Sanrith Descartes

Veteran of a thousand threadban wars
<Aristocrat╭ರ_•́>
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I normally trade the monthly options, this month they expired on Friday 3/19 and decided not to write the 4/16s yet. I did sell a bunch of QQQ 3/31 puts which I closed at the high yesterday. The market does not look to me to be positioned well right now to push to another leg up. So I'm just trying to be patient this week and see how this plays out before selling anymore puts. I'm at my goals for March and I have time yet to situate for April. I had posted earlier don't recall what thread but correction periods going through several phases is pretty standard and I'm still not convinced the tech correction is over. THe only variance we may see in the next phase is that Energy/Materials/Financials will be weak as well so the decline may feel a little stronger even if for the nasdaq it's just a test of the correction lows.
I am writing Mays on companies I am familiar with and trying to outrun the current short term down swings. Everyone one I have written were SPACs I doubled or tripled my money early on that in hindsight I felt bad about selling. if I get assigned at the strikes I will be good adding them to the portfolio.
 

Blazin

Creative Title
<Nazi Janitors>
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I normally trade the monthly options, this month they expired on Friday 3/19 and decided not to write the 4/16s yet. I did sell a bunch of QQQ 3/31 puts which I closed at the high yesterday. The market does not look to me to be positioned well right now to push to another leg up. So I'm just trying to be patient this week and see how this plays out before selling anymore puts. I'm at my goals for March and I have time yet to situate for April. I had posted earlier don't recall what thread but correction periods going through several phases is pretty standard and I'm still not convinced the tech correction is over. THe only variance we may see in the next phase is that Energy/Materials/Financials will be weak as well so the decline may feel a little stronger even if for the nasdaq it's just a test of the correction lows.

This weakness last few days in QQQ is what I was looking for. QQQ down $6/share since I closed position. Will be watching very closely how we close this week, trying to read if we will test correction lows. Right now the rotation is again helping keep the market a float and we aren't going to get real red unless the weakness is broader across more sectors. VIX is back above 20 again.

I'll be more bullish if we get a little more pain we need to flush out more of the sentiment give the hot sectors a chance to call off to a more moderate RSI to have the strength to break into the 4100-4300 range.
 
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Sanrith Descartes

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I can't find numbers to support my theory yet, but my hunch is Wallstreet funds have declared a short war on /wsb favorites like PLTR and SPACs trying to cause them some payback pain.
 

Blazin

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SPAC bubble definitely deflating, PSTH only one I care about. I want it at $22 if we can get a real icky red day soon.
 

Sanrith Descartes

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Write the PLTR $21.50 puts expiring in two days for 46 cents. I am more than ok being assigned at $21.
 
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Pogi.G

Silver Baronet of the Realm
1,528
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I have only made three options plays besides the one below. One was pfizer that I pretty much fucked myself on calls after vaccine news. I like to view it as a learning experience. The other one was Kodak when I loaded puts on the back side of that massive squeeze back in August. Did pretty well there. I have 1 put on GME at $120 for April 16th that was a yolo, but I was and still 99% sure that GME is going back to sub $50. Disclaimer: This is not a yolo play and represents a small % of my trading account that I don't mind being wrong on while still learning the options game. That said, what do y'all think of my reasoning behind the play?

$SPRT Support.com had news come in that they were going to have a merger with a BTC mining company that has it's own power plant called Greenidge which is not public yet. When they did go public after the merger, $SPRT stock would be converted to Greenidge at essentially 8 $SPRT shares to 1 Greenidge. The merger would not take place at least until quarter three and $SPRT would only get 8% of the total shares. $SPRT share prices shot to almost $10 on Monday after a very stagnant hovering around $2 for almost a year and pulled back closing on Monday at $7.10.

Diving deeper into the math of the merger at what was the current price of $SPRT at the time I looked was $6.47ish Monday afternoon. If Greenidge was only giving .124 of a share for every share of $SPRT, that would imply that Greenidge share price would be somewhere in the neighborhood of of $52. $SPRT total shares float was 19.24 million which would equal about 2.3 million shares of Greenidge after the merger and that 2.3 million shares representing 8% of the total shares would put Greenidge expected total number of shares at 29.82 million. Multiply that by the $52 and you get an estimated market cap of $1.55 billion dollars.

The issue that I found was that Greenidge only mined 1,186 BTC YTD as of Feb. 28th. At that time, BTC was trading at $56,000. Multiply that by the number of coins mined, and you get 67.4 million(far less than this because BTC wasn't trading at 56k for the last year) in revenue before operating costs. That is a looooong way off from deserving a $1.55 billion dollar market cap and makes $SPRT's value nowhere near where it has been trading at. (And yes, I understand that this is a clown market, and the shit could go to Jupiter.)

All that said, I bought 20 put contracts Monday afternoon at a strike of $4 with expiry of April 21st. Like most of these types of plays that run up retarded fast on FOMO, I fully expect to see this trading back at the $2 norm well before April 21st as well as everything I said above. I just don't see either of these companies being worth that much before they even get started.

Chart.

1616644433158.png
 
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Blazin

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Sold (36) $290-300 put contracts (Don't do the math Sanrith, it's better to not think about it) on QQQs expiring next week. Have continued to play off QQQ since mid Feb during this tech correction. Keeping expirations short and nimble till it's over.
 
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Fogel

Mr. Poopybutthole
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MARA option premiums looking sexy again. Can sell the Apr 16 24 strike for 1.04 premium. BTC would have to drop to almost 40k levels for MARA to see under 24 again
 
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Sanrith Descartes

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I wrote some BTWN puts at 12.50 expiring in Apr for $2.10. . Basically cost basis at Nav.