My #2 options trade. As a novice trader, I am quite shocked by the volatility of the option movement. When GE Aerospace 3Q results were released, the shares plummeted by 8% to $178. 3Q results were excellent except for topline sales although I did not like the low guidance for LEAP engines.
Sold 4 puts (177.5 strike) to open at $2.16. Imagine the horror when I saw waves of selling pushing the shares below $176 and the put option rose to $3.70! I went to bed in disbelief.
Today my plan was to wait for Boeing's results and close my position with a small gain or loss. October 24 was weighing on my mind. It is the anniversary of the 1929 crash and BRICS meeting may just be the catalyst.
Boeings result was within market expectations and the reassurances from analysts covering GE Aerospace helped to push the shares up to $181. So I bought to close my put positions with a nice 68% gain to end the roller-coaster. Time to look for my 3rd trade.... [Happy]
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