Selling our GOOG call contracts.
SNAP reported a poor quarter and that’s weighing down several other stocks in the online advertising / social media sector.
We’ll go ahead and sell our GOOG shares today and watch to see if the stock can find support. Thankfully our in-the-money option strategy helps to preserve some value in these calls even though the stock is off sharply.
Selling this position will also lighten our long exposure and leave more cash in our account. This reduces our risk and gives us more flexibility in finding new opportunities next week.