The horror…

The pain…

The grief…

For the knucklehead who assigned me.  My students were a bit freaked but handled it well.  I will tell you this in no uncertain terms:

IF YOU SELL PUTS YOU WILL ASSIGNED AT SOME POINT!  Put the hopium pipe down!!!!!

No matter how much a smarty pants you think you are at collecting income.  I have been assigned millions of shares of stock in my trading career and that is an understatement.

This one was a gift and it made my students a bit of $.  Me too since I do every single trade I recommend. 

Why did I know this was a gift?

Easy cheesy lemon squeezy!

Having a mentor with 34 year of experience has value

The fact I live on a rock in Maine notwithstanding, I have seen a few things as a floor trader.  8-10 million contracts at least and I am still trading 200 a day or so as a retail trader. The CBOE exercise of the puts was way too close to the money.

When a Liquidity Provider exercises puts, they synthetically sell calls.  I went from a short put at 182.5 to long stock.  That means I participate in the gains above 182.5 with the stock closing $183.60.  When the LP exercises the put they get $0 up front, only the rebate on short stock which in this case was .04.  I made an astonishing 25x on my synthetical call! Or just about 100+ free dollars.

Somebody messed up.  Free money is free money.  

What is even better is I was willing to buy CBOE shares for $200 but sold puts instead.  Now they gave it to me for 182.50 plus the protective put I own for $150.  I saved myself $1500 by selling puts instead of buying stocks. Turned a loss to a win.

Maybe I can make some real money on the shares now.  Join Pro and learn all the tricks I learned in 35 years of trading options or go figure it out for yourself.  5 in 1000 will figure it out themselves, I mentored that many so i have a good idea.