Took My Put Profits

By Tim Knight of Slope of Hope

Managing Partner at Tim Knight Organization • Aug 18, 2017 at 11:14 AM EDT

Earlier this morning, I sold my SPY October $245 puts for an overnight profit of over 50%.

Earlier this morning, I sold my SPY October $245 puts for an overnight profit of over 50%. I have several remarks about this:

It’s kind of stupid of me to buy options that don’t expire for something like ten weeks and sell them the next freakin’ day, but what can I say... I’m a wimp.
I’m going to be driving 20 hours (round trip) to see the eclipse Monday morning, and frankly I’d like to enjoy it without worrying about my stupid options position.
I hardly ever trade options... literally one trade for every few hundred equity trades… but I had a “feeling” yesterday morning to give it a shot.
Most importantly, this trendline below compels me to not be greedy.

(Click on image to enlarge)

0818-spy

Of course, this all probably means a CRASH on Monday, so… you’re welcome!

Disclaimer:

This is not meant to be a recommendation to buy or to sell securities nor an offer to buy or sell securities. Before selling or buying any stock or other investment you should consult with a qualified broker or other financial professional. The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. The author wrote this article themselves, and it expresses their own opinions. The author has no business relationship with any company whose stock is mentioned in this article nor is receiving compensation from any of the companies mentioned.

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