[27 May 22 Trades] Bought Tesla Jan 24 LEAPS CALL & FB Sept 22 CALL Option Contracts

The US stock rose for the second consecutive day and the S&P 500 closed 2.47% higher at 4158. I see this as a possible rally so I bought some LEAPS CALL to average down on my previous positions.

Tesla LEAPS CALL

I added 1 more Tesla LEAPS CALL to my previous 4 positions of LEAPS that I bought when Tesla was trading at a higher price. The previous breakeven price was around USD13.95k but after the purchase on 27th May, the breakeven price is USD11.8k.

I believe that over the next 1.5 years, Tesla will not keep staying at this 600 to 800 range. When the share price has risen to 1k or more, I may offload some of the LEAPS CALL options for profits.

Facebook (Meta) CALL

I also added Meta CALL options to try to salvage something for this position (Strike Price USD395) that is expiring in Sept 2022, which is just 4 months away. I missed out on selling off these positions during the March 22 rally because the breakeven premium price was still too high.

Since then, I have added more CALL contracts (when share prices kept falling after the March rally) to average down the breakeven price for my CALL contracts premium. Hopefully, there will be a good rally in the coming weeks for me to finally clear this position with minimal loss.

When I cleared the Sept 22 Meta LEAPS CALL contracts, the batch of CALL option contracts to clear will be Jan 2023 LEAPS CALL contracts, which have a substantial amount of capital invested. There is still half a year to go and I am hoping (short of saying praying) that the stock market can recover by the end of the year.

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