Wednesday, March 29, 2023

Wednesday 29 March 2023 Morning Notes

I'm still focusing on being short COIN. The opportunity here is massive, and legging into positions is proving prescient as the SEC action takes time to play out. I've staggered my positions size wise so that they get larger as you go further out in time. The SEC has 180 days from Wells Notice issuance to take action, which makes the September expiry attractive. My new favorite trade is buying the COIN Sep 30 puts, then selling 1x each of the 20 puts and 10 puts for $1.30ish. Trade has a max gain of $8.70, and only sees losses w/COIN above 28.70 or below $1.30 by Sep opex. The only bullshit aspect of the trade is that brokers require margin be posted on the short 10 puts, despite max loss of the position being debit paid. Stupid nonsense!

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