SPACS - free $? - Page 4 - Business, Finances and Investing Forum

Sold calls on my CCIV but didn't buy puts like I had planned, still up almost 200% with the premiums now, will just hold for time being. A little upset with myself that I didn't buy the puts as recommended by spy u as I knew the risk in holding this wasn't just valuation, DA sell off, but also bubble bursting too. Looks like I'll make out with a $10 a share loss after buying back calls. Holding shares until I am at 300% total profit, or maybe sell calls again if it recovers

Last edited by snowie963; 02-23-2021 at 11:30 AM.

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03-02-2021 , 10:41 AM

#77

PuckFokerGo

adept

Join Date: Jun 2017 Posts: 1,089

There's a lot of attractive SPAC's at these prices.

Just entered a very large (relative to my portfolio) position in SRNGU.

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03-03-2021 , 01:21 PM

#78

somigosaden

adept

Join Date: Dec 2013 Posts: 1,069

I'm getting murdered in every god damn SPAC position I have. The one that hurts the most is NGAC, where I put in a limit order to sell at like 14.10, just after it had ticked to 14.14 and come back down to 14.09, and it never filled. And I'm still holding as it's bled down to 10.45 or whatever insulting horse **** it's at now. Most of my positions I bought under 11, and they've still managed to torch like 7% over the last few sessions. The idea was that they were low-risk spots to park money and get "free" upside. I've got to be down close to five figures at this point. Joining ISIS soon if this **** doesn't turn around.

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03-03-2021 , 03:54 PM

#79

dmatz327

veteran

Join Date: Jul 2013 Posts: 2,836

Haha, Same getting wrecked across the board. DMYD is my only one holding up. With the terrible DA pops over the last week or so I am considering dumping all my PRE LOIs for Post DA stuff that has bled into the 11s or lower.

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03-03-2021 , 04:42 PM

#80

snowie963

banned

Join Date: Sep 2019 Posts: 1,484

Seems like it was the lucid sell off that caused this?

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03-03-2021 , 04:44 PM

#81

dmatz327

veteran

Join Date: Jul 2013 Posts: 2,836

I think it's more a reaction to the broad market, Lucid was just poorly timed. SPACs got similarly crushed all the way back to NAV in Oct 2020.

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03-04-2021 , 03:43 PM

#82

bursito

adept

Join Date: Sep 2008 Posts: 1,124

looks like PDAC is going to have a nice place in my bag along with NOK sigh

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03-17-2021 , 06:23 PM

#83

dmatz327

veteran

Join Date: Jul 2013 Posts: 2,836

Finally back to my Spacfolio ATHs. Holding zero pre rumor spacs, and only 2 rumors at the moment. Everything else has rotated into post DAs commons that pulled back heavy.

Also started writing 5-15% OTM covered calls on virtually all my spacs, looking like I will get SSPK called away at 20, CIIC at 22.5, and APXT at 12.5 this Friday.

Praying my GIK gets called away at 15 lol.

RSVA at 15.13 is looking like a pretty good deal after it dumped today, notable that the PIPE paid 14 per share, rare to see PIPE's above 10, only other one I'm aware of is CCIV at 15.

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03-24-2021 , 11:53 AM

#84

Nonfiction

Carpal \'Tunnel

Join Date: Aug 2006 Posts: 12,498

SPACs getting absolutely murdered recently

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03-24-2021 , 04:54 PM

#85

Mr Spyutastic

Carpal \'Tunnel

Join Date: May 2012 Posts: 15,139

Made a decent sized entry into ACIC today at $10.10.

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03-24-2021 , 05:00 PM

#86

NajdorfDefense

Carpal \'Tunnel

Join Date: Feb 2003 Posts: 17,563

Quote:

Originally Posted by Nonfiction

SPACs getting absolutely murdered recently

It's almost like no asset class goes up forever. Or something.

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03-24-2021 , 07:06 PM

#87

dmatz327

veteran

Join Date: Jul 2013 Posts: 2,836

Quote:

Originally Posted by Mr Spyutastic

Made a decent sized entry into ACIC today at $10.10.

Not playing any air taxi's at the moment, any reason you went with Archer over Joby (rtp)?

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03-25-2021 , 02:13 AM

#88

Mr Spyutastic

Carpal \'Tunnel

Join Date: May 2012 Posts: 15,139

Quote:

Originally Posted by dmatz327

Not playing any air taxi's at the moment, any reason you went with Archer over Joby (rtp)?

Not really I just picked the cheaper one.

Quote

03-26-2021 , 08:32 AM

#89

donfairplay

grinder

Join Date: Nov 2006 Posts: 678

You mean the blind pools/SPACs didn't get you guys during the 80's (penny stock scams back then, mostly) or the runup in the mid 00's? I guess there's always new money.

Barron's had a decent history of blind pools in the 80's and their refashioning in 2005:

https://www.barrons.com/articles/SB113417937240719118
Barron's - The New Blind Pools
By Eric J. Savitz
Dec. 12, 2005

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03-26-2021 , 03:57 PM

#90

NajdorfDefense

Carpal \'Tunnel

Join Date: Feb 2003 Posts: 17,563

Made a lot of free $$ shorting these in the past month.

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05-07-2021 , 06:19 AM

#91

chytry

Pooh-Bah

Join Date: Feb 2010 Posts: 4,334

Quote

05-13-2021 , 11:25 PM

#92

donfairplay

grinder

Join Date: Nov 2006 Posts: 678

People still worship at the altar of Chamath, but you know it's bad when even Bloomberg turns on you:

The SPAC King Is Doing Just Fine Even as the Bubble Starts to Burst
Chamath Palihapitiya—tech billionaire, Golden State Warriors co-owner, and all-around meme lord—has a sure-thing, 100%, can’t-miss investment for you that will definitely, absolutely pay off for him.

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05-14-2021 , 12:19 AM

#93

karamazonk

Pooh-Bah

Join Date: Apr 2009 Posts: 4,626

The more I learn about Chamath, the less likable he gets. I haven't even read the article yet.

Quote

05-14-2021 , 05:29 AM

#94

chytry

Pooh-Bah

Join Date: Feb 2010 Posts: 4,334

Chamath, Musk, Cuban ... Trump

Somehow ordinary Americans love to think vain billionaires are their best friends.

Quote

05-16-2021 , 11:04 AM

#95

NajdorfDefense

Carpal \'Tunnel

Join Date: Feb 2003 Posts: 17,563

Figured out synthetically shorting these is even better with less risk.

Quote

05-18-2021 , 06:25 PM

#96

PuckFokerGo

adept

Join Date: Jun 2017 Posts: 1,089

Anyone here long/short SRNG/Ginkgo Bioworks?

If so, care to share your investment strategy with this holding?

Quote

09-08-2021 , 07:13 AM

#97

somigosaden

adept

Join Date: Dec 2013 Posts: 1,069

This is a pretty fundamental question that I feel I should know the answer to, but I don't: Why is SRNGU trading at such a discount to SRNG and SRNGW? SRNG = 9.96; SRNGW = 2.31; the units are the commons plus 1/5 of a warrant, so how is SRNGU trading at like 10.05? Also, guess which one I own, and which one I've missed a ****ing limit order on by one cent twice over the past few days as I try to unload this piece of **** that is sure to crater deep into single digits like all the ****ing bullshit scam SPACs I've ever touched.

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09-08-2021 , 02:45 PM

#98

dmatz327

veteran

Join Date: Jul 2013 Posts: 2,836

In order to clear shares to redeem you needed to buy EOD yesterday.

My read is the U was pricing in the expected drop in the common coming this morning when the 10$ floor is now gone.

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09-09-2021 , 03:24 AM

#99

somigosaden

adept

Join Date: Dec 2013 Posts: 1,069

I guess I don't get why the units were pricing in the expected drop in the commons if the commons themselves weren't pricing in the expected drop in the commons. Maybe you have to add another day to settle the transaction of buying the units, since you'd then have to split them into commons (which you could redeem) and warrants. Anyway, the point is that it's all bullshit and I hope the taliban takes over the US, and I'm going down with the ship on SRNGU, and if anyone wants a good short, Ginkgo Bioworks is a comically overpriced joke with a desperate reddit shill campaign and I'll see you guys at $5 in a few months.