Rocket Equities & Options - Close Uber Option Trade 08-06-20
We are closing our Uber Option Trade
We are closing our Uber option bull call spread.
Uber is up another 4% today at $34.58 right now.
Up is up more than 16% from it's low just last Friday of $29.79.
We still own this with a half position in our long term portfolio.
The risk reward is not right risking 3 to make 2 if we stay in this trade, with earnings tonight and non-farm payrolls tomorrow before we would be able to exit.
Close the option trade, we can collect a credit right now of about $163 per contract, and we got in at $67.
I considered just buying back the $35.50 call for about $1, and then letting our $32.50 call ride - but I don't like the idea of adding $100 to our $65 investment, instead of just locking in the 150% profit on a nice run ahead of their numbers tonight.
Close the option trade, and we'll look to have exposure to Uber earnings with the long term portfolio position we already initiated.
Uber is up another 4% today at $34.58 right now.
Up is up more than 16% from it's low just last Friday of $29.79.
We still own this with a half position in our long term portfolio.
The risk reward is not right risking 3 to make 2 if we stay in this trade, with earnings tonight and non-farm payrolls tomorrow before we would be able to exit.
Close the option trade, we can collect a credit right now of about $163 per contract, and we got in at $67.
I considered just buying back the $35.50 call for about $1, and then letting our $32.50 call ride - but I don't like the idea of adding $100 to our $65 investment, instead of just locking in the 150% profit on a nice run ahead of their numbers tonight.
Close the option trade, and we'll look to have exposure to Uber earnings with the long term portfolio position we already initiated.