9d • General discussion
RIVIAN $17 Cash Secured Puts 5/1 exp.
Wanted to follow up on our trade on Rivian, if you recall , we sold 10 contracts of the weekly $17 puts for $100 a contract. We knew RIVN was going into earnings after market on Thursday and we wanted to own some shares, but own them cheaper. So by selling the $17 strike, we would be put to it at $17 a share, but would take our cost basis down to $16 a share after collecting $100 a contract. Well we got put to the stock. Even though RIVN had beat and guided up, they had stated they would do an offering. Stock closed at $15.02, so as of now we are down $980. So what to do now? This is where our covered call strategy comes into play. On Monday we will look to see what the weekly $17 strike is trading at and sell 10 contracts. Will update again on Monday. Have a great weekend everyone.
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RIVIAN $17 Cash Secured Puts 5/1 exp.
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