Hey Guys,
The market is up a bit from where it closed on Friday. The S&P 500 is around 7,730 right now.
An interesting situation came up with my stock position for QRVO. A merger with SWKS (another live position in my stocks account) was completed with QRVO, and trading for QRVO halted after the close on Friday.
It's quite rare for this to happen during one of my trades, although it has happened to me once before.
From what I can tell, for anyone who owned QRVO stock as of the end of the day Friday, their brokerages will automatically convert those shares into SWKS shares plus a some cash. I can't tell yet exactly when that will occur, but at this point, QRVO can't be traded, so all I can do is wait.
Assuming that conversion happens before my SWKS trade ends, then I'll treat the extra SWKS shares as part of my SWKS trade and close them based on that trade's exit criteria. I'll keep you guys updated on how things unfold with this.
There haven't been any new trades yet today. I have buy limit orders in for the tickers at the top of the watch list. I thought we might land new trades with INTC this morning (both stock and option positions), but they haven't filled yet.
If you have any questions, just reply directly to this email.
Eric