Dealing with the FOMO (fear of missing out) with SHOP. I had on a couple of occasions written ITM short puts (synthetic covered calls) and done well when this was in the 30s. It has run too far, too fast and I guess I feel like I missed this one. It hasn't made any money but even AMZN won't compete against them.....regardless if the overall market turns this name will be crushed. I took a position @ 66.76 and sold a 65 call and bought a 65 put out til Oct. This collar will make me almost no money if it is called away but can significantly reduce my cost basis if it rapidly declines. I would like to collect the 10.00 for the call and double the 7.00 for the put, the sooner the better for a 45ish cost basis. I stand to make .25 but due to the nature of my IRA rules this was the best way to get involved without taking too much risk.
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Unbelievable run by SHOP.....Decided to sell the put today for 2.65 that with the 10.00 for the call puts my breakeven @ 53ish. Still a long way to go but this name seems like a NVDA and will take my chances at the 53 price point. Selling put on a down day.....before there is nothing left.
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Waiting......waiting........waiting......To scarred to even think of jumping on this to the short side. Had a call credit spread 95/100 in a separate account that I luckily closed couple weeks ago on some unknown weakness (like today) I had mistakenly thought there was no way this stock could run to 100 this quickly.....hit 100 intraday right before the sell off.