No. of Recommendations: 1
Fair enough.
I did wind up pulling the trigger on the cash secured UPST put yesterday. That is, I sold short:
24 x 30 UPST JUL-23 PUT @ 4.85 per contract, receiving a total of $11624.31 and holding $60,360 in cash in case I have to buy UPST at $30. My potential return is 11624.31/60360 = 19% (not annualized). Note that UPST must rise above 34.8 before it was better to have just bought the stock.
Today (one day later), UPST has risen to 32.76, and I could buy back the options at $3.45 today for a very quick profit. I'm holding, but if it is another up day tomorrow, then I might close this position down (very) early.
So far, I'm 27% of the potential profit that I can get out of it.
--G
