Follow up to how we are managing our current position in LYFT. Since this accidentally went out to all members I will post updates for everyone. In any event you get an idea of how we manage aggressive trades, in volatile stocks.
We are going to go ahead and close the position out here. We have pretty much hit our maximum profit and with the market pushing highs, we do not want to hold over the weekend.
Stock only Traders:
If you only bought the shares outright and did not take the option trade, you may opt to trim out half the position as we are now close to T1.
For the options traders we are just going to take the money off the table here, and will look to re-enter next week. I am not fond of owning through earnings, so we are likely to do nothing here.
Current price 62.55 sell to close.
59.5 Call buy to close at 5.00
Close enough to our T1 to take profits. This is a level of resistance and with the market retesting the highs on a Friday, we will likely see some weakness on Monday.
If we see an opportunity to sell a Put or get back in the stock on Monday we will do so at that time.
Overall profit on 200 shares from start to end $675 aprox. Held one week.
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