Biden pardoned the cannabis convicts.
It's rather entertaining to see how simple words by certain individuals can have a major impact on the market.
Tilray is one of the leading brands and its share price jumped over 36% within an hour.
It's worth noting that it's a $1.68bn company.
What's my trade for today?
#DOCU (#Docusign). The company has seen better days so I thought I would take a shot at it with a far out of the money put option at 10 delta. It provides an 89% probability of profit and the potential return is fairly attractive.
The stats
Trade Type: Short Put
Strike: $37.5
Expiry: 18 Nov
Delta: 10
IV Rank: 42.9
Premium: $0.74
Cap Req: $379
Annualised Prof at Expiry: 166%
Let me know what you think.
Nice winner!
Closed at $0.38 for an annualised profit of 182%.