Thought I was safe just writing covered calls, down 30% before market open. Overall down $24k on one trade lmao. Probably the worst trade I've ever made, apparently these r-slurs are just throwing money in a pit and burning it.
How's your morning going?
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Why would you invest in a primarily brick-and-mortar clothing retailer, right as we're about to go into a recession? Are you legit r-slurred?
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Fundamentals don't matter. I would buy shares in Shit on a Stick if I can write ITM weeklies for a 10% premium. I usually buy puts as well for this sort of play but decided to goomble.
I'm not investing. I'm goombling.
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Fair
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Covered calls are one of those things that sound good in theory and then you find yourself either bagholding or missing out on sick gains.
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In these conditions I can make 3% a week selling weekly calls and buying otm puts its great. Everything trades sideways and retail buys calls every week regardless.
Abercrombie earnings got absolutely hammered though, its basically penny stock territory losses. I would usually hedge against this but I expected -20% at worst...30% was a bit unexpected.
$SNAP is down 40% though and blaming their losses on "supply chain issues" due to Ukraine so it could always be worse.
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Sounds like youβre trying too do a butterfly but with crack
Trans lives matter
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