Two More Gone

I cut my losses on GME today when I sold my puts, -81.9%. Better late than never I guess.

I sold my NSM calls today, +35.3%.

Nice moves by AAPL and CRZO.

Plan? What Plan?

Okay, so this weekend I'm reviewing my SPY credit spread and despite the fact that it is overdue for a sell-off, the trade is moving toward a loss. So I put in an order to cover, to be reviewed before the open Monday. Did I do that? NO. It closes at the open, just when things were starting to move my way ... and the spread was still in the money. -23.9%. Uggh.

 At least the other credit spreads at risk, VXX and XRT, moved my way. Not counting AAPL of course, which is still seeking a support level.

Update

Yesterday I bought a March  NSM call. Looking good so far.

Today I sold a $440/435 Feb8 AAPL bull put spread and a March $73/75 TBT bear call spread (both credit spreads).

JAZZ was looking toppy so I put a tight stop under recent support and today it sold, +1.97%. Any green is always better than red.

VRTU was one of those basket stocks I bought and put 5% trailing stops under most of them. It spiked up this morning and immediately fell back and triggered the sell order, +25.4%.

Haste Makes Waste

Last Thursday I rolled the dice on NFLX and APPL, going short on NFLX will a bear call spread, and long on AAPL with calls. I should have waited a day.

On Friday NFLX blew through my call strikes putting both well ITM. Yesterday NFLX opened up, and both calls were exercised (the buyer's by choice, mine to cover) on my OH account, -100%. With NFLX up 4% yesterday morning, I covered the other spread on my OX account while there was still some value there, -68%.

The deep ITM AAPL call is still a bit underwater, but perhaps moving in the right direction, and I can still sell calls against it.

The point here is that, had I waited a day, my entry points would have been so much better and I'd probably have three winning trades to show for it.

Otherwise, options for EWT & VXX (long) and SPY & XRT (short) have been moving against me. UNG dropped yesterday but is still well away from the $17-strike call I sold. Those are all February options.

I sold my CRZO calls yesterday after letting too much profit get away, +23.8%. There seems to be too much selling pressure after the downgrades to stay in, so I'll take what profit is left and look to re-enter later - maybe.

I sold a March bull put spread on GDX yesterday.

January Action

Well this month's options are a done deal. My first systematic go at selling credit spreads worked okay. The bull put spreads took off and would have fetched a lot more using bull call spreads. The bear call spread on EEM cut it very close to the short strike prices ($44.78 close vs $45 strike), but everything expired out-of-the-money fortunately.

Bull put spreads: SLV +12.6% and UNG +7.7%. Bear call spreads: EEM +18.3% and EWZ +8.8%. These were held 30 days or less.

Observations? I made some trades where I sold too little premium and got a weak return. I've done better with my Feb spreads. I was a little too quick to sell some bear call spreads for ETFs that were trending up and taking up residence in the RSI Overbought zone. Risk-reward is a delicate balance there.

I do like the fact that I can trade these with great confidence in a flat or declining market where my usual long trades don't perform well. I also think that reviewing the ETF charts gives me a better perspective on the market.

Bull call spreads for JAZZ and KOG closed as well, +65.8% (on the JAZZ long call cost) and +135.9% (on the KOG spread cost).

NSR hit its trailing stop, -0.14%.

I bought puts and a bear call (credit) spread for XRT. The spread is on Options House where there commissions are considerably less. But I do like the way optionsXpress presents your spreads.

RM down

RM gapped down below the trailing stop and sold. There was never much to trail since it moved down since I bought it. -10.3%

CRZO had another good day. Everything else, not so much. I'm eagerly awaiting Friday's close given my bull put spreads on SLV and UNG, and bear call spreads on EEM and EWZ. Oh, and the JAZZ and KOG bull call spreads too.

Mid Jan Update

I bought more CRZO calls yesterday, and tried to double down again today but under bid 'em. That would have been a nice rebound to catch. I guess the bad news wasn't so bad after all.

The market's drop at the open got me to put more of my KOG call spread up for sale. I got my price later in the day, +117.2%. That drops me to 1/4 of my accumulated position just in case KOG drops below $9 and my buyer expires worthless.

The credit spreads are looking good and even HAIN had a good day for a change. I'd like to add to my position if it will start behaving.

WGO might be losing traction. LULU rebounded okay. Poor AAPL.