I’ve made a few additions to my position in TLRD over the past few days, adding 20 shares on Friday, September 20th at $4.19, and 20 more shares on Monday, September 23rd at $4.25. This has brought my average cost per share to $4.69.
Today’s Positions
- Canopy Growth Corp. (CGC): 40 shares @ $24.01 (-6.21%)
- YETI Holdings, Inc. (YETI): 10 shares @ $29.53 (-1.34%)
- Tailored Brands, Inc. (TLRD): 120 shares @ $4.15 (-1.66%)
I’ve been heavily contemplating selling off YETI and taking that ~$300 and dropping it into TLRD. That would continue to drop my average price per share, hopefully giving a ton of runway for profit when the price begins to recover.
But let’s talk about the elephant in the room, CGC. Canopy Growth has been on a huge downswing since its peak at the end of April. It’s still above the most recent low, when it was down around $23.50 at the end of August. But today’s drop of over 6% cost me another $55 (on paper, of course). Down over 14% for the week.
It feels like my average cost of $37.20 is getting a bit far out of reach. Similar to my comments on selling YETI and buying TLRD, I’ve also thought that I could lower my average cost in CGC a bit by moving that money from YETI to CGC instead. Either way, I’d like to hold out a bit longer on selling YETI, so I guess we’ll wait and see where CGC and TLRD are at when I’m ready to pull the trigger.
Overall portfolio value at the end of the day today is $1,762.
OptionAlpha Paper Trades
I’m amazing at paper trades! Well, at least two call credit spreads that I’ve opened following the OptionAlpha strategies are going well.
SELL -1 VERTICAL ADPT 18 OCT 19 40/50 CALL @ 1.20
On my Adaptive Biotechnologies trade, I made just over $40 today with the stock dropping down to $37.38. This brought my total P/L on the trade to +$57.47.
SELL -1 VERTICAL TLRD 18 OCT 19 8/9 CALL @ 0.20
On my Tailored Brands trade, with the stock price plummeting down to around $4 per share my call credit spread is sitting near max profit at +$19.90.
FNMNY 