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I sold puts in PLTR. I did not buy puts.

Posted on: July 25, 2021 at 20:38:32 CT
scif MU
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I sold a contract at a 22 and at a 21 strike a couple of days apart. I collected a nice premium. I would like to own more of the stock, and I think it is near a bottom. If the stock is put to me, I'll be content with that. If not, as I recall, I will make 2% for holding it a bit over 1 month. If it is put to me, I will sell calls out of the money. It is called the wheel strategy.

I was surprised and disappointed that the market had only a one day correction, since I was poised to take advantage of a larger decline. That said, the quick reversal didn't hurt me. I missed the decline, and I can jump right back in, if I want. I've already bought some.

For your information, when you sell puts, if the stock turns higher, your position becomes more valuable, not less.
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MESSAGE THREAD

Market tanking but got my SBA EIDL loan - mu7176grad MU - 7/19 14:10:07
     that was short lived(nm) - meatiger MU - 7/21 12:03:15
          Yes---now way up for the week - mu7176grad MU - 7/23 09:44:09
     By the end of yesterday, I was at 80% cash. - scif MU - 7/19 17:42:51
          It's a good thing that you had cash, to cover the - tigerdb MU - 7/24 06:29:53
               I sold puts in PLTR. I did not buy puts. - scif MU - 7/25 20:38:32
          RE: By the end of yesterday, I was at 8 - yy4u MU - 7/20 10:09:40
          do you have ulcers? (nm) - TigerFan92 STL - 7/20 09:36:52




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