Closing Lowe's Position with $118 Net Profit in 24 Hours

Opening a Ferrari position

Today, we’re planning to close our position in Lowe’s, pocketing a net profit of $118. The position has already generated 75% of the max. profit, so it’s safe to take it off and benefit from the implied volatility crush following earnings. The VIX remains close to 20%, which means that the opportunity for new premium selling has increased quite a bit.

We’re looking at Ferrari to put on a new position, as the stock’s down following this announcement:

Exor announces that it intends to sell approximately 7M of the common shares it holds in Ferrari, representing 4% of the outstanding common shares of Ferrari, by way of an accelerated bookbuild offering to institutional investors. This transaction “will reduce concentration within Exor’s portfolio and allow for a sizeable new acquisition, when such an opportunity present itself, as Exor continues to pursue its purpose of building great companies,” Exor said in a statement. In addition, Exor intends to use a portion of the proceeds from this transaction to launch a new share buyback program for EUR 1B.

So, we’re going to: