I was squeezed out of ATI, just prior to a reversal and I was stopped out of a SDS position and I am upset. So what did I do, I became significantly short after the Visa IPO. I bought short hedges for my HON calendars. IF the stock goes down, my acct goes up. ATI and SDS would now have been large winners. bummer.
HON – bought 4 units of 52.5p for 1.70 @ 57.22 .I Bought these after the opening gap when the underlying came back up to the 50 day MA. This goes along with my 4 units of Apr/Jun 55p calendar. I have a 1:4 ratio of put option to calendar. This offers me unlimited downside potential.
ATI – sold 2 units of 75/65 for 2.50.
SDS- bought 1 unit 63.50, stopped @ 62.90.
OIH – I exited my 170/155p spread for 6 @ 169.33. I was happy with the gain. But the OIH continues to fall. I used a fibonacci fan and 38.2% retracement to exit.
I was also taking gap open heat on COF. I must say I was loosing belief in my ability to trade, as I have given up a few grand this week on very poor trading. GS, BSC, ATI. It is time to relax, and work my plans.. i.e. HON, JPM, UST, OIH.
I have about 1100 negative deltas as of 1 hr after the open.
COF – sold 1 unit @ 3.20 and the second at 3.52. I am pleased to be out. Although, I think we will be down on the open. Then I see a little morning pop to fill the morning gap.
When all was said and done my acct was up 2.3%. Horray. That took back my closing loss from yesterday. I like my calendar positions going into the 3day weekend. I am also looking at a index short Iron Condor going into the weekend. And I plan on having a few hundred theta points on by tomorrow.
Thursday – Expiration Update
The portfolio continued to perform. Even with the trouncing in BSC I took Friday and this monday, the portfolio is up for both weeks. Expiration Thursday saw a gain of .9% increase. I feel very fortunate as I have now had 1 down week in the past 48. And no down months in the past 23 months.
I was working yesterday, or perhaps I would have done even better. I exited a major position in UST in the morning prior to the underlying moving back to the strike price for maximum profit. It was a bit of a bummer not being here to make an extra .40 on the remaining 20 contracts. Oh well, it was the “longest short week in history”
UST – Exited remaining Mar/Apr 55c for 1.57, and Mar Apr 55p for 1.60-1.65. originally opened for .50, .55, and .60
IWM – Opened a short Iron Condor Apr 72/70c 64/62p for 1.06 with underlying @ 68.04
WSM – added 2 units of Apr/May 25c calendar for .34 and .33. This gives me a 3% allocation with earnings coming next week. I like this going into a 3 day weekend.
AIG – Exited the Apr/May 55c for .30. I still hold onto the 45p calendars. I lost about .50 on the 55c portion of this trade, but my 45p is up about 2.40 since my first purchase. So I am doing surprisingly well on this trade.
I go into this weekend with about 250 negative delta points (not really what I want, although 200 in MRVL which is good), And about 160 Positive Theta points. (Pretty good, although I would have liked to have double that).
Calendars going into the weekend
Have a happy easter
Even though it was a tough week, my core strategies are performing nicely.