Posted on January 19, 2023
It was just a week ago we suggested Bitcoin Was Ready For a Bounce.
And here we are with barrels of money to heap upon all those who listened up!
The trade, you’ll recall had you set the BITO June 16th 12 synthetic LONG for a credit of $0.78 and buy one BITO June 16th 9 PUT for $0.93 to insure against any cataclysmic loss. Total debit on the trade was $0.15.
Well, the only cataclysm here was the profit earthquake we tapped into—just in the nick of time!
So we’re closing.
Sell the long CALL for $2.38, buy back the short PUT for $1.69 and sell the 9 PUT for $0.47.
That stuffs $1.16 into your pocket, for a net winning of 673%.
Next up is our GPC trade, whose details can be sourced HERE.
In brief, we’re holding the GPC January 20th 170 synthetic short and a credit of $2.15.
And with GPC stock now at $166.20, we say blow it up, Roger!
Sell the long PUT and buy back the short CALL (2.50/0.65), and you step away with $4.00 NET on just $0.40 spent.
And that’s a delicious mid-winter 1000% for all you good Jews and Noahides.
Now for today’s venture.
We’re spinning Southern Copper today (NYSE:SCCO), after the so-called China ‘reopening’ got everyone into a lather and goosed a great deal of the commodity sector higher without cause.
There are huge problems with this story, including the nagging supply-chain issue, the question of whether there’s an economy left to reopen—either in China or the rest of the world. There’s the question of output from mines in South America (where SCCO operates, and riots and strikes, etc. make full capacity operations a non-starter).
Yes, raw copper prices jumped starting in November when the China story initially broke.
But it won’t be enough.
So, all we’re really running on is fumes.
G-d bless and good luck with it!
Many happy returns,