Top Gun Closes Out Its S&P 500 Trade for a 35.6% Gain in 8 Weeks
Our S&P 500 calls (Jan07 $137) expired last Friday. I closed them out in the last hour of trading on Friday for $5.90 – (I forgot to give the instructions to do so here on the blog for which I apologize).
We bought in on Friday November 24, 2006 at $5.20 and we doubled down the next Monday November 27, 2006 when the market was down big at $3.50.
That gives us an average entry price of $4.35. Selling on Friday at $5.90 gave us a 35.6% gain in 8 weeks.