I’m in NYC for a plethora of meetings so this will be a brief note here this morning.
AMD is down almost 50% from its high just a couple weeks ago and our puts are going to be kicking in nicely with gains today. I’ll sell about 3/4 of these puts today and hold onto a few of them for now. When I’m back next week I’ll reevaluate the position and see if I’ll add more puts or just call this trade a victory and move on.
TWTR meanwhile is spiking 12% this morning after the company reported strong monetization. Remember when I explained that “If you’re selling Twitter stock because they’re cracking down on spam, crap and other junk on their platform, you’re missing the whole point. The only way Twitter wins in the long run is if they create a platform that people get value out of…and nobody gets value out of the junk Twitter’s cleaning up.”
I’ll probably look to trim a few more of the SPY and QQQ puts if the markets get hit a bit more here.