Trading Around "Meme" Tops
Contravaganza and "Meme" Tops - Part Deux
For a shortened week, this felt like a month. The overriding theme at Shrubstack was trading around “Meme Tops” (short-term Tops marked by “meme” moments), especially the “Mike Wilson Capitulation Top”, which kept on giving and we pray that it keeps giving.
Diary of Madman III - The Life of an ES Put Option
When Mike Wilson first capitulated in May 20th, in a Pavlovian reaction we bought the “ES 5200 June” strike puts for $25 (“ES” is the S&P500 future for those lucky enough not to know this). We proceeded to sell half at $35 a few days later (Remember: the modus operandi of Shrubstack is to create cheap options).
I will document this past week of trading, though the life of this Put Option:
