- Jason Bond Picks (Member)
- Posts
- SOFI call debit spread
Good morning,
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My main focus to start this week is the DWAC -$32 / +$34 short call vertical spread. For this to make 100% I need the price to be below $32 Friday at expiration. With the Keltner Channel mean, now at $28, I think it’s a reasonable goal and likely to go below $28 as momentum fades.
Both put trades are for the 2nd and 9th so nothing expires this Friday on those. I’ll size in on each if I sense a $35 breakdown is coming because that should lead to a $30 test and algo flush. Friday shares held $35 due to the Fibonacci pattern, which is very common as short sellers cover positions to avoid expensive weekend borrows. If it starts to slip early this week I think they’ll reopen trades and pound it down to the low $20’s.
I am also in LQMT looking for a move above $.10 soon. The CEO recently bought about 1M shares, Evie Ring and pinion gear speculation round out the catalysts I’m watching.
SOFI dropped a big earnings beat and is up big this morning. It has 14% short interest and breakout levels at $10-$11 so that’s what I’m looking for. Slightly higher priced and a mid-cap so I think the way to go is $10 call options 8-weeks out if and when it dips to $8.50. Or a call debit spread where I bought the $9 and sell the $11 calls. Either way I feel good about this breaking $10 so I want some low-priced call option exposure.
Sincerely,
Jason Bond
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