Exits, 11/28/2025
How we did on the trades we exited this week.
This Week’s Trade Exits
As soon as I exit a trade, I note that in the comments of the post where I first mentioned the trade; at the end of the week, I try to track them all in one post. Starting in July, 2024, I have also been tracking them in this spreadsheet. These are the trades I exited this week.
Stocks or Exchange Traded Product.
None
Options
Put spread on Magnite (MGNI 0.00%↑). Entered at a net credit of $1.12 as part of a 3-leg combo on 9/26/2025 (overall trade net debit of $1.90); effectively exited on 11/25/2025 via assignment of the $24 put and exercise of the $22 put.
Loss: 100% of max risk (89% of premium collected).
Calls on Semler Scientific (SMLR 8.51%↑). Bought for $6.40 as part of a risk-reversal on 6/10/2025; sold for $0.10 on 11/26/2025. Loss: 98%.
Calls on CEMEX (CX 1.94%↑). Bought for $0.80, as part of a 3-leg combo on 10/7/2025; sold (half) for $1.50 on 11/28/2025. Profit: 88%.
Calls on ZIM Integrated Shipping (ZIM 0.00%↑). Entered for a price of $0.93 as part of a 3-leg combo on 9/22/2025 (overall trade net debit of $0.40); sold (half) for $2.00 on 11/25/2025.
Profit: 115%.
Calls on SSRM Mining (SSRM 0.95%↑). Bought for $1.75 on 5/22/2025; sold (second half) for $10.90 on 11/28/2025. Profit: 523%.
Comments
Stocks or Exchange Traded Product.
No exits this week, as I haven’t followed our basic strategy (formerly known as our core strategy) of buying shares of PA top names in a while, but have been placing options trades on them instead. Nevertheless, our top names have continued their strong performance, as you can see in last night’s update and in the chart below.
Options
In hindsight, I should have been more aggressive in setting the exit price on the CEMEX (CX 0.00%↑). $1.50 is still a healthy profit over the net cost of our combo ($0.35), but our current M.O. for uncapped call legs is to place a Good ‘till Cancelled limit order to sell the first half of the at 3x what we bought the call leg for, which in this case was $0.80. So had we entered this trade today, we would have aimed to sell the first half of the calls at $2.40. I have entered a limit order to sell the second half of these calls at $3.
Same situation with ZIM Integrated Shipping (ZIM 0.00%↑). Sometimes, 3x seems a little ambitious, but I have to remember that the whole reason we’re using uncapped calls in these trades is because we think the market is underpricing the potential upside in the stock.