On Friday, as we usualy do, we signaled some last minute ideas for options trading. In this case we called the SPY Weekly $292 Calls, and we wanted to update readers on the performance those put forth.
Thanks to a surge in the markets later in the day, which ran hard into the close, the SPY took off, and brought our trading idea with it. From a low of .37, the $292 Calls ran as high as 2.23. That was good for a single-day move of 503%
These instances should serve as an ongoing reminder of why we’ve shifted main focus to quick-strike options trading over the years. We have several multi-bag gainers like this each week. Case in point: Prior to this SPY Call we even had a couple of thousand percent gainers last week as well. We’ll attempt to find similar success once again as we kick off this holiday-shortened split trading week.
SPY Weekly $295-296 Calls
MGM Resorts International Inc. MGM
We’ve been tracking a range of MGM contracts over the past few weeks, and the push into the close on Friday helped move the needle here as well.
Our targets have been the MGM 08/16 $28-30 Calls and while we have seen some decent little moves so far, there’s still plenty of time remaining before expiration. We wouldn’t be surprised to have to revisit these ideas again for more updates on added gains in the sessions to come.
$28 Calls – Range: 1.09-1.66 – Max Gain: 52%
$29 Calls – Range: .74-1.17 – Max Gain: 58%
$30 Calls – Range: .44-.75 – Max Gain: 70%
We had both PHUN and FRSX in our extended watchlist on Friday and both turned in solid first day performances.
PHUN – Range: 2.69-3.86 – Gain: 43%
FRSX Range:1.55-2.94 – Gain: 90%
TRCH, TSEM, IIVI, KRTX, LLEX, OCUL, CIFS, GNW