I scoffed at Spotify Technology  (SPOT) - Get Report  when it went public in early April.

I only bought the shares when the stock revisited it's previous lows in early May when TheStreet's founder Jim Cramer mentioned in passing how much he liked the service. I tried the service. I liked it too. I bought the shares. Really can't believe that I ever downloaded music.

There are not a lot of traditional fundamental reasons to get long this thing. High debt levels. No dividend. Negative profit margins. This is a speculative play for sure. There are some things that I like. Really, really like. Growth. Expected 2018 revenues of $5.2 billion are expected to turn into 2019 revenue of more than $6.6B billion. Expected 2018 loss of $-2.21 a share is expected to turn into a 2019 loss of $0.08.

Oh, and did I mention that management still owns 46% of the firm. Skin in the game. I love that. Don't bet the farm, gang. It's just a place to go. The broader cloud? That might be a farm-sized bet.

Honestly, there is not enough data here to get extremely fired up just yet, but it's plain to see that a trend is developing. Still shy about shelling out $176 clams for a money losing operation? Earnings are next due for this one on July 28. You know I always look to sell puts in names I like. August $160 monthlies went out last night with a last sale of $5.10.

Would you risk having to pay a net $155 in less than two months for stock trading at $176 and change that seems to have some nice momentum in order to raise $500 bucks today? I might. Then again, I'm already long these shares.

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