To The Moon

Mathematical Money | June 6, 2026

Closed two MSFT long-dated calls this week.

The first one was a January 2027 $480 call. I bought it on May 11 at $19.88. I closed it on June 2 at $43.64. The contract more than doubled in just under four weeks. About $4,750 in realized profit.

The second was a June 2027 $360 call. I'd been holding that one since April. Bought at $79.06, closed at $115.45. Up about 46% over seven weeks. Another $3,640 realized.

Total realized profit on the MSFT LEAPS book this week: roughly $8,400.

Now let me show you the more important part — what happened next.

The Rule That Triggered Them

This is the same rule I wrote about in mid-May when I harvested half of the SPY LEAPS book. When a long-dated long position more than doubles, you take some of it off the table.

The reasoning is mechanical, not predictive. A LEAPS that doubles has run further and faster than the position was built to count on. Holding it past that point means you're now relying on it to keep doubling, which is a much harder ask than what got you the first double. You're trading a known win for a hopeful continuation.

The rule says: bank some of the win, redeploy at the next rung.

It doesn't matter what I think MSFT does from here. The rule doesn't care. The math says take some off.

What I Did Next

The same week I closed those two LEAPS, I opened a new one.

Bought two June 2027 $500 calls at $40.25 each. That's a longer-dated expiry than the $360 LEAPS I just closed, and a higher strike than either of the closed positions. Sold short calls against them at the $500 strike for the July 2 expiry to start the income stream.

Same capital, repositioned higher up the strike ladder and further out in time.

This is what the PMCC ladder is supposed to do. You're not buying once and holding forever. You're rolling through a sequence of positions, each one a slightly higher strike than the last, each one re-set against a fresh round of short calls. The LEAPS itself is the rung you're standing on. When the rung has done its work, you step up to the next one.

The capital didn't leave MSFT. It just changed which LEAPS it was in.

Why This Matters

I want to be careful here, because this could read as "I made $8k, here's how clever I am." It isn't that.

I wrote about the SPY LEAPS harvest in mid-May. Same rule fired. I took about $10,800 in realized profit across seven SPY LEAPS that had run hard, then reset the structure at higher strikes. That post was Post 9.

This week's MSFT trades are the exact same playbook applied to a different name. Different ticker. Different timing. Same rule. Same redeployment pattern. Same lack of any directional call.

The point is not that I was right about MSFT. The point is that I had a structure that gives the same answer whether the underlying is MARA, SPY, or MSFT — buy long-dated calls, write short ones against them, take some off when they double, redeploy higher.

A structure that works on one name in one window isn't a strategy. A structure that gives the same correct answer on different names in different windows is starting to look like one. Two data points across two months is not a long enough proof, but it's two more than zero.

What I'm Not Doing

I'm not exiting MSFT. The new June 2027 $500 LEAPS keeps the position active at higher strikes. The MSFT PMCC structure is alive and well.

I'm not doubling down on MSFT either. The redeployment is roughly the same dollar exposure as the closed positions, just shifted along the curve. Sizing didn't change.

I'm not predicting MSFT continues to run. The new short calls at $500 strikes mean if MSFT keeps climbing, I'll cap my upside there until I roll them. That's fine. The system doesn't need MSFT to keep running for the structure to pay.

I'm not selling any shares. I don't hold MSFT stock directly. Everything here is options.

Brief MARA Update

Last week's post was about the MARA drawdown closing. That's still where things stand. The May 30 expiry took another 8,500 shares from me at $11 and $12 strikes — the bulk of the assigned MARA shares for this cycle. Share count is now around 34,500.

The remaining shares are sitting on a healthy unrealized gain at an effective cost basis around $13.40. The wheel re-set itself at higher strikes. New June 26 puts now sit at $12, $12.50, and $13 strikes, replacing the older $9–$11 strikes that the recovery made redundant.

MARA is no longer the drawdown story I've been writing about for months. It's just the income engine now. Nothing more to say there until something changes.

The Honest Caveat

Most LEAPS I open will not double. Some will get rolled at a loss. Some will sit flat for months and just slowly accumulate small gains. Some will get hurt when the underlying reverses.

The rule fires when the math says it should — and that's not every position, and it's not on a schedule. The SPY harvest was mid-May. The MSFT harvest was early June. The next one might be in three weeks or three months. I don't know. I won't make trades happen just because the calendar moved.

What I can tell you is that the framework is now visibly doing what it was built to do. That's enough for this week's post. Next week could look completely different.

If you want the detail on how the LEAPS ladder works — when to add a rung, when to harvest, how to size short calls against the long position — drop a comment below. Faster channels are TikTok and YouTube DMs (Mathematical Money on both) or through trueknot.sg.

Stay disciplined. Size your positions properly. See you next week. 🤙