While the Diary of a Mad Hedge Fund Trader focuses on investment over a one week to six-month time frame, Mad Day Trader, provided by Bill Davis, will exploit money-making opportunities over a brief ten minute to three day window. It is ideally suited for day traders, but can also be used by long-term investors to improve market timing for entry and exit points.
It looks like you will hold onto the SNAP position. As I write this, it is trading around $.30 under the $15 strike price.
Leave the position alone and if it does rally into the close, and closes above $15 your calls will be assigned.
Assuming the calls are not assigned, I will look to sell more calls next week.
With the AMC position closed out this week, it frees up some capital to add another position.
I am going to suggest a trade on Teva Pharmaceuticals Industries Ltd. (TEVA).
TEVA does have weekly options, which I like. It also appears to have bottomed after a prolonged sell off.
Buy TEVA at the market, which is $18.06.
After you purchase the stock, then Sell to Open (1) April $18.50 Call for every 100 shares you buy. Try and sell them for $.35.
Limit the purchase to 400 shares, which is about 7% of the nominal portfolio.