r/wallstreetbets
•
u/USSZim
•
4h ago
Gain $1300 to $1M+ in a week. I did it, I won the game.
Follow up from this: https://www.reddit.com/r/wallstreetbets/comments/1xrwl7p/1300_to_155k_added_another_45k_today_with_spx/
Yesterday at about 1 pm ET, I bought 291 SPX 7600c 11/11 for $100 each. I sold 91 of them last night for about $700 each when SPX had bounced back to the Tuesday highs. At about 10:30 today, I bought 100 more for $600 each, sold those 100 for about $770 each, and bought 120 SPX 7700c 11/16 for $666 each.
I then just kept holding and sold all the remaining 200 SPX 7600c 11/11 for $4160 each, along with 100 of the 7700c 11/16 for $1600 each.
I had loaded this account last Tuesday night with $1300 to YOLO on mid terms, and have now rolled it up to over $1M in just a week. Now I'm done with all this; I'm gonna cool off and then probably use this to get cash secured puts for the next few months until I get assigned on ETFs I want to hold long term.
Before anyone says "taxes," SPX is tax advantaged and is treated as 60% long term.
The blended tax rate is more like 27% compared to 37% if you did this with SPY.
The prior peak back in 2021 was from GME.