I have turned slightly bullish on the market, Therefore the S&P gapped down at the open. Fortunately, I only placed 1 unit of a long trade CRZO (Oct 50c) on yesterday and my portfolio is still slightly delta negative.
As I examine my trades, I am pleased with the fact that there is not one position that if it goes against me in total, my portfolio would not be hurt. And as importantly, it does not draw from my Mental Capital. I am well positioned for sideways to slightly down, with a lots of positive theta. (as always… this is not trading advice)
Currently my W4 buys are:
CLF (OCT 90c/100c/110c) 1 unit Nice action. Long since 77.80
BTU (AUG 55c/60/65) 2 units Under some pressure
CRZO (Oct 50c) 1 unit. Off some today
Current W4 Sells are:
IACI (32.5p-30p) 2 units
IWM – (Oct 84p-81p) playing the recent range
SPF (Stock and july 20p married put) I’m at max loss for this position.
XLE (Short Skewed Iron Condor 64p/66p 69c/70c) max loss at entry was .05 to the upside
WWY- (Aug/Sept 55p) nice
CREE (Jan/Dec 22.5p, 25p, 30p) staying between my main strikes 25 and 30
BUD – (aug.sept 55p) I will stop out at 50.50. touching the upward trendline
RACK – Aug.sept 12.5p) staying within the range! touched the bottom of the range this morning
BEAS (aug/sept 12.5p) Underlying moving down
SNDK (july/aug 45p) Stock continues to run up
ABI (Aug/sept 30p) I would like to see a down move
NTES (Aug/Sept 20p) .55 in premium left in the short option at 18.93 in underlying. I picked up a 1 lot for .14, nothing for .13 yet.
SNDK – I traded out of my position with a .04 loss. The stock blew out above it’s consolidation. Right now the stock is $6.50 above the strike. Now this is why I enjoy trading calendars with Vol skews. Being dead wrong, and having the opportunity to make 1.10 and only losing .04. Whew.
Peeling out of some IWM put positions, during the uncle Ben speech. 1/2 unit at a 38.2% retracement (83.50) .12% gain after expenses.. I am looking for another 1/2 unit to sell at 83.26 (50% fib retracement) (sold at 1.04). This has been a very nice trade.
I also have a Short Iron Condor August (78/80p 85/87c). that is benefiting from this move. I would like to see the IWM between 79 and 86 for profit..
I am looking at IACI to exit a 1 lot at .85, and another at .90. I am selling into a previous low 32.90. It still has 30 cents to go.
With the VIX at 16.88 I am putting together a SPY Butterfly. July149c/152c/155c for .95, breakevens are 150 and 154. The reward to risk is 3:1 with 7 trading days remaining before July options expiration. I would also consider July 148p/151p/154p for .80
These are 3 of my favorite guitarists, playing my favorite musicians song.
Eric Johnson, Joe Satriani, and Steve Vai playing Jimi’s tune
I have turned slightly bullish on the market, Therefore the S&P gapped down at the open. haha.