Market looking sketchy - Week in review (Apr 8 - Apr 12)
Overall market finished down for the second week in a row.
The good news is, my one bearish position closed for profits.
The bad news is, I now have a whole bunch of open bullish positions that are in the red. 😶
Here are my trades for this past week:
Opened #
| Ticker | Action | Type | Date | Expiry | Sell Strike | Buy Strike | Premium | Qty | Fee | Net |
|---|---|---|---|---|---|---|---|---|---|---|
| MSFT | open | BPS | 2024-04-08 | 2024-07-19 | 375 | 360 | 1.5 | 1 | 1.26 | 148.74 |
| HD | open | BPS | 2024-04-09 | 2024-05-17 | 345 | 335 | 1.69 | 1 | 1.4 | 167.6 |
| SPY | open | BPS | 2024-04-09 | 2024-04-19 | 501 | 491 | 0.76 | 1 | 2.1 | 73.9 |
| MCD | close | BPS | 2024-04-08 | 2024-04-19 | 265 | 275 | -5.71 | 1 | 1.4 | -572.4 |
| MCD | open | BPS | 2024-04-08 | 2024-06-21 | 270 | 250 | 6.35 | 1 | 1.41 | 633.59 |
HD plummeted the day after I took a position. It's nearing my cut loss point, so will probably end up as a big loss next week.
Only opened qty 1 on weekly SPY trade (intead of usual qty 2), because my account has no liquidity left. I have some other non-options related stuff that tanked and killed my account a bit.
The MCD trade is a roll of a previous April 275/265 spread. I rolled it out a couple months (to June), increased the spread (20 instead of 10), and also to a lower price level (270/250).
Closed / Expired: #
| Ticker | Action | Type | Date | Expiry | Sell Strike | Buy Strike | Premium | Qty | Fee | Net | Profit/Loss |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SPY | open | BPS | 2024-04-03 | 2024-04-12 | 509 | 499 | 0.6 | 2 | 2.8 | 117.2 | $117.20 |
| SPY | expired | BPS | 2024-04-12 | 2024-04-12 | 499 | 509 | 0 | 2 | 0 | 0 | |
| BIDU | open | BCS | 2024-04-05 | 2024-05-17 | 120 | 125 | 0.85 | 2 | 1.11 | 168.89 | $83.59 |
| BIDU | close | BCS | 2024-04-08 | 2024-05-17 | 125 | 120 | -0.42 | 2 | 1.3 | -85.3 |
- Closed Net Profits/Loss: $200.79
BIDU is my first profitable bearish trade in a long time.
Maybe a sign of things to come?
Notes and Lessons #
Despite the market going down, I still managed to make a small profit.
Mostly thanks to my weekly SPY position, which barely expired out of the money (i.e. SPY closed at 410, my short put was at 409).
Unfortunately, I have a ton of open bullish positions, a couple of which I may be looking at closing for big losses soon.
Also, realized that I have a bit too many open positions right now, so may not be doing much until I close a few (i.e. literally can't open more positions because account has no "excess liquidity").
Market seems to be ending its miraculous bull run of the past few months, so may look to enter some more bearish positions when I can.