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ETFMG Alternative Harvest ETF

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MJ trade ideas

Rolling (Small Account): MJ October 15th 16 Call to Jan 21st 16... for a .68 credit. Comments: There isn't any November or December monthly yet, so extending duration out to January. My original cost basis was 15.44/share (See Post Below). With this roll, it's now 15.44 - .68 or 14.76, so I could conceivably roll this down to 15 with "my next move" and still be selling above my cost basis. However, we'll wait and see if it continues to implode and go from there. The January 16 short call's value on fill was 1.08.
AMEX:MJ
by NaughtyPines
Opened (Small Account): MJ October 15th 16 Covered Call... for a 15.44 debit. Comments: A small engagement trade in the small account ... . Here, going monied (i.e., the short call is in-the-money versus out-of-the-money), looking for MJ to stay above 16 running through expiry. Post-fill, entered an order to take it off for 15.95 (.05 short of max). That is unlikely to fill until the waning days of the short call contract when extrinsic in approaches nil, but you never know. Metrics: Max Theoretical Loss: 15.44 Max Profit: .56 Return on Capital at Max (as a Function of Max Loss): 3.63% Return on Capital at 50% Max: 1.81%
AMEX:MJLong
by NaughtyPines
Taking Assignment (IRA): MJ SharesComments: Although the shares haven't appeared in my account yet, they will be there by Monday, since MJ finished sub-18.00 at expiry. These started out as August 17th 18 short puts (See Post Below), for which I received a .49/contract credit, so my cost basis in the shares will be the strike price (18.00) minus the credit received (.49) or 17.51/share. Next week, I will proceed to sell calls against my shares, looking to reduce cost basis further. I'll have some work to do, since my cost basis is 17.51 versus 15.95 (where it closed Friday), so the trade is currently 17.51 - 15.95 "in the red" (1.56/contract).
AMEX:MJLong
by NaughtyPines
5
Revisting the Cannabis+Altcoin CorrelationSeveral times over the past few years in crypto, Cannabis has lagged behind the altcoin market and put in some incredible catch-up rallies. When the risk appetite gets excessive, the fast $ often flows from crypto to Cannabis. I think the R/R here on some Cannabis names could be massive. Full disclosure I posted this same correlation back in April/May and we didn't get much of a move from weed. I still the the R/R is worthwhile. I will be looking to buy pullbacks on CGC, TLRY etc.
AMEX:MJLong
by WLinvestment
1
$MJ - Descending wedge breakout. Target $26Breaking out from Descending wedge. Target - $26 ——————————————————— How to read my charts? - Matching color trend lines shows the pattern. Sometimes a chart can have multiple patterns. Each pattern will have matching color trend lines. - The yellow horizontal lines shows support and resistance areas. - Fib lines also shows support and resistance areas. - The dotted white lines shows price projection for breakout or breakdown target. Disclaimer: Do your own DD. Not an investment advice.
AMEX:MJLong
by PaperBozz