Can I Get A $LYFT ?
Talk about a complete shitshow of an IPO. LYFT went public a little over 2 weeks ago. After pricing at $72 by the crooked bankers, LYFT opens the market at a price above 85. Thank the big bankers for that. You can see what has transpired over the next ten trading days from this pump above the price.
A plummet. That’s right, straight down. LYFT is puking and is already down 24% from its IPO price and 35% from its opening price. That means if you got fed the bullshit by the big banks and bought the day LYFT went public you are now down 35% in 10 days. This is an ultimate fail of an IPO and she be stayed away from until it puts in a bottoming formation. Every rally is going to be sold until we get some bottom and puke action.
LYFT May end up being a good investment. It certainly is a much better time to buy now than it was the first day. This happens over and over again. The banks always win with these rushed IPOs that are overpriced. Start looking for a bottom, you will get a much better price than everyone else has so far.
I set up a trade last week that is cash neutral using options. If it goes pear shaped I get to enter at $50 or $55 (two different trade versions)
https://steemit.com/investing/@carrinm/tib-today-i-bought-and-sold-an-investors-journal-395-mexico-ride-sharing-us-technology-us-homebuilders-us-banks-tv-streaming
That trade structure is very workable now. Buy October 60/75 bull call spread [Means buy 60 calls and sell 75 calls] for a net premium of $3.50 and sell a 45 put option for $4.40. Risk in the trade lies if price drops below $44.10 [sold put strike minus net premium received]
Why October? It is after lockup period ends.
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