A Private Buywrite Fund focused on Uranium, Silver and Bitcoin Equities
Sphere 3D ($ANY) entered into an agreement to acquire 60K NuMiner Bitcoin miners and their stock shot up after hours. They are definitely gonna bust our calls – which we will re-write next week at higher prices 😒
Will be interesting to see what happens to $UUUU and #uranium tomorrow as well…
Facebook (or Meta?) ($FB) reported after hours and got whacked to the tune of -20%. Tomorrow could be a tough day for all risk assets including #uranium and #bitcoin. We will keep a close eye on $UUUU and $ANY. We are looking to write more calls on $UUUU and that will depend on where the price lands tomorrow. North of $6.50 we write the Feb $8’s (if there’s any juice left in em) and south of $6.50 we write more Feb $7’s.
Energy Fuels ($UUUU)
We are starting to see some green shoots in uranium equities like $UUUU. We are looking to see the MACD crossover next. We are looking to write the Feb $8’s tomorrow and buy more $UUUU, $DNN and $ANY with proceeds.
Sphere 3D ($ANY)
Bitcoin is showing some green shoots of its own. We will be looking to buy more $ANY here.
Mondays aren’t half bad when you write covered calls – they are more than just another day. They are a just another profitable day.
Today we wrote bull calendar spreads with the October / December paper on Energy Fuels ($UUUU). We also wrote some bull calendar spreads with the weeklies on Riot Blockchain ($RIOT) and Innovio Pharmaceuticals ($INO). We picked up a few $DNN and would love to see our bids get filled at $0.10 for the October $1.50 paper there.
The year was 1979, Michael Jackson was climbing the charts with hits like “Don’t Stop Til You Get Enough” and interest rates were climbing as well to as high as 11.2%. We haven’t seen that kind of inflation for decades… until recently. I was listening to a podcast with Jonathan Davis (shown here below) where he talked about a new era of rising rates. I tend to agree. We started the first leg up, we are pausing and now heading back up again.
As for our positions, we got called away on Riot Blockchain ($RIOT) and Innovio Pharmaceuticals ($INO) this week. We will get called away on Transocean LTD ($RIG) next Friday. These positions are starting to move, so we will give them room to run with deep out of the money calls and options on the flipside as they do.
Some days I feel like that guy on Swamp People – who sets hooks with bait on them for gators and then checks and resets em day after day… only I set the bull and bear traps with bid and ask price spreads to capture implied volatility in the form of covered calls and cash covered puts.
Today I bought some Denison ($DNN) and did some bull calendar spreads on Energy Fuels ($UUUU). Most of my hooks came up empty.