Thursday, March 16 “I DID IT. I BOUGHT SNAP.”
I booked my $SNAP puts today as it broke through $20 and bet the farm on April and next week calls.
After booking my SNAP puts on 3/16 for just shy of 200%, I started my long SNAP position Thursday near the close of April 22 calls ($.45) and Mar24 21 calls ($.25).
The following day (Friday), I added to both positions Apr 22 calls ($.35) and Mar24 21 calls (.15). On Monday I purchased Mar31 22 calls for $.20. At this point, these trades combined are roughly 10% of my account. 5%, 4%, 2%.
Over the next few days, I booked the 21’s for $2.15. With an average basis of $.17 that was an 1165% return. I WATCHED my Apr 22’s move up as much as 650% and stayed the course. I also sold my Weekly 22’s for $.55, a 175% return.
I caught losses in adding 4 different weekly expiry’s at 1% a pop. Those additions were where I thought we’d find buyers below, as pointed out in my ten day long dialogue of this stock. No dice, all weekly’s turned to dust.
At the moment, the positions that are still workable are my original Apr and Apr28 expiry. I have nothing else planned for this stock other than what I’ve already done.
Feel free to post questions and thoughts as I’m sure you will.