Bull Call Spread UBER

October 19, 2023
Sell Existing Position: Sell Your Uber (UBER) December 40/50 Bull Call Spread for $3.70 or more.

The market is once again getting whipped around by the moves in the bond market today. And while I think the indexes are holding up fairly well given the historic bond moves, and we are entering a typically bullish time of year for stocks, it is time to move on from the final piece of our Uber (UBER) position, as the stock is trading at a multi-month low.

To execute this trade you need to:
Sell to Close your UBER December 40 Calls
Buy to Close your UBER December 50 Calls

Depending on where we get filled on this sale we will walk away from this final piece of our trade at a small loss, breakeven, or small profit. And while this final third of the trade was largely a waste of time, fortunately, we have partial profits of approximately 23% and 65% on our first two partial sales.

Finally, I do want to note that I could easily see UBER bouncing in the days/weeks to come, especially with earnings coming in early November. However, with just two months until our position expires, I am going to de-risk this position and prepare to move this capital into fresher earnings season winners in the days/weeks to come.

July 14, 2023
Sell a Third of Existing Position: Sell a Third of your UBER December 40/50 Bull Call Spread for $5 or more.

Our UBER trade is working very well as the stock looks great and option activity remains strong. Let’s stick to the plan, lock in profits of approximately 55% on a second third of our trade, and then go for the home run on the balance.

To execute this trade you need to:
Sell to Close a Third of your UBER December 40 Calls
Buy to Close a Third of your UBER December 50 Calls

As is always the case when we take partial profits, we hope this sale is a big mistake and the stock and our position trade much higher.

June 12, 2023
Sell a Third of Existing Position: Sell a Third of your UBER December 40/50 Bull Call Spread for $3.90 or more.

Uber (UBER) is breaking out to a new multi-month high today. Let’s stick to the plan, lock in a profit of approximately 20% on a third of our position, and then let the balance run for greater potential upside.

To execute this trade you need to:
Sell to Close a Third of your UBER December 40 Calls
Buy to Close a Third of your UBER December 50 Calls

As is always the case when we take partial profits, we hope this initial sale is a mistake and the stock and our position run for greater gains.

May 10, 2023
Buy Uber (UBER) December 40/50 Bull Call Spread (exp. 12/15/2023) for $3.70 or less.

As I wrote yesterday, UBER was at the top of my watchlist following a strong reaction to earnings, continued strength in the days that followed, as well as consistently bullish option activity, including:

Buyer of 14,000 Uber (UBER) June 40 Calls for $1.40 – Stock at 38.75
Buyer of 3,500 Uber (UBER) July 42.5 Calls for $1.07 – Stock at 38
Buyer of 2,700 Uber (UBER) May 36 Calls for $1.69 – Stock at 37
Buyer of 7,000 Uber (UBER) July 40 Calls for $0.95 – Stock at 35.5
Buyer of 5,000 Uber (UBER) July 45 Calls for $0.37 – Stock at 36.5

And while I think the market is still suspect as the regional banks continue to worry me, should the indexes get in gear, UBER has leader written all over it. Let’s add the stock to the portfolio today.

To execute this trade you need to:
Buy to Open the UBER December 40 Calls
Sell to Open the UBER December 50 Calls

The most you can lose on this trade is the premium paid, or $370 per bull call spread purchased.

Stepping back, as noted above the market “worries” me. However, more and more earnings season winners are popping up, and after sitting mostly on the sidelines for the past month with new buys, I want to add exposure to the portfolio today via UBER.