Close the AAPL and WDAY option positions

May 02, 2016 - 8:57 am

We are closing two option trades this morning, one on Workday and the other on Apple. On Feb 9th we bought Jan 2018 $67.50 Calls on WDAY for $7.00, and we are closing this position today for $20.70 which is a gain of $1370 per contract.

On April 15th we sold the May1 weekly $100 Puts on AAPL for .43 cents, and we are buying these back to close today for $7.40. This is a massive loss for us of $697 per contract and our largest ever percentage loser at roughly -1600% since we received $43 for the trade for our basis. If you still like AAPL, wait for a better entry as news from their earnings doesn't sound very bullish in the short-term. We may have seen the best of AAPL in the near term until they can rev up the product pipeline beyond iPhones, which won't be easy for the company.

All in all, these two trades still will net us a positive profit on a dollar basis, although negative on a percentage basis.

We still have our GM position open (+10% as of today), Barron's also wrote a bullish article on GM and F after we put the trade on recently.

We also have our Microsoft position open (-3% as of today), and lastly our AT&T long option trade is open (-5%).