Well, we’ve been here before.
Once again the market has staged a spectacular recovery on virtually no volume and mixed news. While we went into last weekend just a little bit bearish (about 55%), this Friday the market topped out about 150 points higher than last Friday, closer to the top of our range so we went much more bearish on Friday, perhaps too bearish considering this was the best Friday finish since Nov 6th and we haven’t had a down Monday since October 26th.
Our plays this week turned very bearish to balance out the more bullish set we took in the first week of the month (see last week’s Wrap-Up). Almost all of our bullish play have already made 20% and some are way over our goals as we were able to cash out a lot more winning bullish plays and press our bearish plays, turning the $100K Portfolio extremely bearish and twice as invested as last week. Big winners from the last wrap-up included:
- DIA $104 puts sold at $2.25, now $.55 – up 75%
- DIA $103 puts sold at $1.65, now .30 – up 81%
- SONC Jan $10 puts sold for .85, now .55 – up 35%
- DIA $104 puts sold at $2.55, now $55 – up 78%
- BAX artificial buy/write (too complicated to summarize) – over goal already!
- AMZN Dec $150 calls sold at $4, now .10 – up 98%
- USO Dec $39 puts at .82, now $3.50 – up 326%
- FXP Dec $8 puts sold for .70, up 64%
- OIH Dec $120 calls sold at $3.25, now .27 – up 92%
- AMZN Jan $140/135 bear put spread at $2, now $3.60 – up 80%
- IWM $60 puts sold for $1.30, now .72 – up 44%
- NSH June buy/write at $18/20.25, now $25.86 – ahead of goal
- AMZN Dec $145 puts sold at $5 (average), now .25 – up 85%
- AMZN Dec $150 calls sold at $3, now .10 – up 96%
- TBT June $42/26 bull call spread at $1.80, now $2.60 – up 44%
- TBT June $42 puts sold for $2.15, now $1.30 – up 40% (pair trade)
SRS $8 puts sold for .42, now .17 – up 60%- FXP Jan $6 calls at $1.40, now $2.10 – up 50%
- IYR Dec $46 calls sold for .85, now .20 – up 76%
- USD Dec $30 calls sold for $1.80, still $1.80 – up 43%
- DIA Dec $104 puts sold at $1.60, now .55 – up 65%
Of course we had a few trades from that week that went bad too as well as many that are still in progress. Our…
