The euphemism "headline risk" has become frustratingly more en vogue this year. In April I got slammed, as did some friends by the "headline risk" of President Trump announcing idiotic tariffs on our friends, allies, but curiously not our enemies.

Today's "headline risk" worked out in my favor for a change.

I was heading into the open expecting my CoreWeave (CRWV) and Shopify (SHOP) covered call positions to get exercised as both companies had had a pretty meteoric risk over the preceding two weeks in large part thanks to OpenAI:

• CoreWeave inks $6.5 billion deal with OpenAI
• OpenAI Partners With Shopify for Shopping Without Exiting the Chatbot

These unexpected announcements meant the ambitious options were way out of the money most of the week. Then through the magic of headline risk both companies retreated with the rest of the market causing them to be in the money. I was fortunate to catch the tug-of-war heading into the close on Friday and re-sell covered calls for the following week which I am far more pleased with.

I made a little money off of the headline risk this week, but nothing compared to the insider trading money being made off the same headlines:

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