I bet most have all (myself included) done that more than once. That is the beauty of the net free game IMO. Pretty much most of what I target when I buy shares now and then use calls on half to lower my cost basis. Just really beginning that strategy though.AgEng06 said:At one time earlier this year, I had some PENN shares at $7.75... that I sold at $16.63.McInnis 03 said:Just to clarify for the class....oldarmy1 said:Yes they didMcInnis 03 said:4000 on the DEC 80Coldarmy1 said:
Dec 31 PENN $90 calls just had some volume.
4000 on the DEC 70P
4000 on the DEC 90C......
I think they sold 4000 $70 puts, and bought 4000 $10-wide bull call spreads.
Someone locked up $28MM in capital or margin to take in $400K in premium, which they then immediately pumped into another $1.22MM in purchases of $10 wide call spreads that would return about 3x at full money.
That seems like a pretty strong bullish bias.
Wealth gained hastily will dwindle. but whoever gathers little by little will increase it.
Proverbs 13:11
Proverbs 13:11