5.9 C
New York
Friday, March 29, 2024

Comment by phil

View Single Comment

  1. phil

    Speaking of the STP:

    Short-Term Portfolio (STP) Review:  $62,305 is NOT GOOD – especially as the LTP isn't up all that much.  The TSLA position is hitting us for $75,000 at the moment (the negative balance that includes our losses), so there's all of the losses and all the past profits sucked up but it is a good hedge on a market crash.  We got stopped out of 1/2 our short calls too, when they crossed back over $135 yesterday but back to 6 short now as we get back near our $200 entry ($185 at the moment)

    CMG is also annoying us but the point of the STP is to have positions that make money when the market falls and both of those qualify.  The problem is we don't have enough longs in the LTP yet to offset the losses in a bullish market – something we need to fix next week if the market is still holding up.

    • CHL – An offset for our FXP hedge.
    • CMG – We collected $44 for the short March puts and calls so $944 is our danger point, so I'm not really worried and the trade was a net $2,000 entry so, as long as eventually get a win on our short sales (both expire worthless), we'll be fine.  At the moment though, I don't see a reason not to buy back the short Jan $820 puts at $47, as it's a 50% gain and, if CMG goes higher, we could sell the $920 puts to another sucker for $85 and then buy the $1,020 puts (now $140), spending net $8 ($1,600) for the roll to $100 higher strikes.  That's worth it!  

    • FXP – Well, this isn't working out with infinite Chinese stimulus but there's still the debt issues in China and the impact on earnings is going to be tremendous so I still like the hedge for now.
    • SQQQ – Worse than FXP!  Not throwing good money after bad but we may as well buy back the short June $20 calls as our next move would be to sell lower calls and roll our long calls to a lower strike. 

    • TLT – I love this as a new trade.  Could get some action on the Fed minutes so let's buy back the short June $140 puts to lock in those gains.  
    • TSLA – As noted above, we're reselling 3 (6 total) of the short Sept $900 calls
    • UNG – Also good for a new trade.  

    • USO – Good for a new trade.  I think this is a good bottom for oil – we were just a bit early with the call.



Stay Connected

157,450FansLike
396,312FollowersFollow
2,280SubscribersSubscribe

Latest Articles