[Options] Monthly Positions Review - July

• $MS Long July 75 Calls: We entered this trade back on December 11th. About three weeks in (Jan 6th) we were able to sell half of our position for a double. Since then, we've been able to weather a couple of pullbacks far more comfortably, and today we're sitting on a nice winner. My hope is to continue to hold this position until expiration. But I'll be looking for the exits if we break any nearby support. As of the time of this writing, I'm watching for $89.75 to hold. Any close below that level is my signal to close the trade and take my profits. If $MS keeps moving up, then I'll look for good levels to raise my stop to.
• $SONY Long July 110 Calls: We entered this trade back on December 14th (when the ticker symbol was still $SNE!). Similarly to $MS above, we were able to sell half of our position at a double on January 3rd, and we've been holding the rest ever since. Unfortunately, this one hasn't had the same ride at $MS. Our calls briefly went in the money in early February, but we haven't been able to hang on that level. Currently, with $SONY trading around $100, our calls are out-of-the-money and are likely to remain there. We're hitting the 10 cents bid to get out of our remaining position. Sadly, these 10 cents represent our entire profits in this position. Oh well, better than a loss and this is why we take off half the position when we've doubled our money.
• $TW July 80 Calls: We entered this position back in February. The same story as above, we were able to sell half of our position at a double (notice a pattern here?) on April 15th. Since then, $TW has continued to steadily chug higher. Today, our calls are $6 in-the-money and we're going to continue to hold as long as this week's low around $84 holds. Any close below that level and we're out. Like $MS above, I'll be looking for opportunities to raise my stop if the stock keeps chugging higher.
• $BIG July 65/85 Bull Call Spread: We entered this one on Feb 26th and it just never could get going. As I'm writing these words, $BIG is trading right at the strike price of our long 65 calls. Theta is our enemy right now so we're exiting this trade here and salvaging whatever we can before theta takes the rest.
• $MSI July 200 Calls: We entered on April 16th and about 3 weeks later it took off and hasn't looked back since! We sold half of our position when we doubled our money on 5/10, and our remaining long calls are currently comfortably in-the-money. I'm going to continue holding this position as long as $MSI stays above $215. Any close below that level is my signal to take my profits and exit the trade.
• $CWH July30 (weekly) 39 Puts: This position expires later than the positions listed above. These are weekly options expiring on July 30th. So we're not in the action zone yet, but so far the position isn't working. I'll circle back on this one in a week or so. If our puts are still out of the money, then I'll close them and move on.

Positions adjusted in June: $IWM (we sold the long put leg of this long straddle on 6/7. Still holding the long calls), $OXY (sold half of our position for a double on 6/23),

Positions exited for a win in June: $QQQ (6/22), $FB (6/7), $EVRI (6/18),

Positions closed for a loss in June: $CFG (6/21), $NEM (6/11), $UTHR (6/2), $SOFI (6/28), $HON (6/24).

If you have any questions on these trades, subscribers please send them here.

~ @chicagosean

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