UBER
rallied 38.26% merely on the CEO's call to investors today. The CEO cited that UBER has enough cash to last throughout this crisis even though no one is certain how long it will last. I'm confident this COVID-19 crisis will last through the summer and transition into a recession. Also, Uber estimates 60-70% loss of revenue since this crisis began. Uber has been bleeding cash since its IPO. It's unreasonable for UBER to surge this much right now. So I bought 3/20 $17 Puts expiring tomorrow, which is Quadruple Witching Day. I'm hoping the volatility goes my way LOL even though many people online believe the market will rally most of the day.
Here I noticed the low volume coincided with the increase in price but because of all the volatility expected tomorrow, the price will reverse and drop...is my guess.
Bank of America (
BAC
) declared that the U.S. economy is in a recession. They are probably the first big bank to acknowledge this. (www.cnbc.com/2020/03...ll-be-destroyed.html) Quadruple Witching: www.investopedia.com...uadruplewitching.asp
Comment:
Got crushed by volatility today. Should've expected much on a last minute play.