SOFI technicals show failure on monthly/weekly charts; speaker dislikes current price action but sells puts to acquire shares at ~$15.20.

SoFi I just saw on the screen. We put that position on yesterday in our Benzinga portfolio is trading up 17 cents.

SoFi. Let's take a look. Ask me what what do you think of it? What do you think of it? Um, so so far on the monthly chart I thought it you see this pullback. Yeah. So it had a huge rally and a huge pullback.

So I thought on the monthly it might go back up but as you can see the evidence is that it's actually failing. The green bar that it put in last month is now it's below it. If you look at the weekly it's failing.

Hasn't completely failed. What if it actually goes back up here like it sets up again goes back up. So it hasn't completely failed. But if it takes out the low iss like 14 1480 or so I mean whatever the low is here that's 1488 then it's probably lower. So I don't like it.

if you catch yourself, SoFi is um we sold puts in it. So we sold the 1550 puts for 30 cents with a willingness to own it at 1520. So this was a stock that I I I kind of saw it the same way as you.

It looks strong, then it pulled back and I thought it would get get its footing here. So we put on a trade there.

We have our um SoFi, which is our newest position. Uh Sammy came on didn't love it. Didn't love it. Could be holding. We'll see. Um I I hope we are able to take ownership of that and then we'll sell calls against it.

I got long on SoFi yesterday, but I took a 100 shares and I'm waiting for a push to start selling premium.

And then one of the trades I like to focus on is the wheel because you know we don't want to change the market which is really high up. So what we did yesterday was we sold in SoFi, we went out and we sold the um October 16th 1550 uh 13 puts for

So yeah. So well it's you know it's the um it's the 30 delta so the expected move. >> Oh okay. So you're you're a Tom Sausnoff groupy from that perspective. Okay. >> I Yes. So, like the same way you're talking about the X and the Y axis, I'm talking about the delta, the expected move on that is >> I'm at the end of the expected move for that.

So, I'm selling the 1550, but I'm fine either way because either it expires and we collect the money or I'm going to take ownership at a cost basis of around 1520. So, I'm not chasing the stock.

And then if we do take ownership, we're going to sell calls against it. And then my goal is always just to get my cost basis down to zero. I like to own