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Choppy chop - Week in review (May 27 - May 31)

Very choppy week.

Looked like market was going to finish with a big loss, but then it had a huge rally in literally the last 20 minutes of the day to finish the week just slightly down.

Lucky for me, because it looked like I was going to eat some major losses otherwise.

Opened a bunch of new positions; I think I'm getting a bit restless:

Opened #

Ticker Action Type Date Expiry Sell Strike Buy Strike Premium Qty Fee Net
CSCO open Covered Call 2024-05-28 2024-06-07 47.5 - 0.33 1 1.05 31.95
AMZN open BPS 2024-05-28 2024-07-19 170 165 0.9 2 2.82 177.18
MSFT open BPS 2024-05-28 2024-09-20 380 370 1.16 1 1.41 114.59
SPY open BPS 2024-05-28 2024-06-07 520 509 0.66 3 4.2 193.8
BITO open Short Put 2024-05-28 2024-06-21 22 - 0.22 1 0.8 21.2
V open BPS 2024-05-29 2024-07-19 260 255 0.89 2 1.4 176.6

Weekly SPY and MSFT trades.

New covered call on CSCO as I'm trying to get rid of 100 shares that I was assigned last week. Unfortunately, it dropped some more, and is in a short downtrend right now.

Naked put on BITO, which is a bitcoin ETF. No fundamentals to really consider, but I am bullish on bitcoin long term. Very speculative position, but it's low priced, so just sort of messing around.

Closed / Expired: #

Ticker Action Type Date Expiry Sell Strike Buy Strike Premium Qty Fee Net Profit/Loss
SPY open BPS 2024-05-21 2024-05-31 521 513 0.61 3 6.42 176.58 $176.58
SPY expired BPS 2024-05-31 2024-05-31 513 521 0 3 0 0

Just the weekly SPY position closed/expired. Looked like it was going to close for a loss, but got lucky in the end.

Notes and Lessons #

Ended the month on a positive note.

Have a couple positions that I may need to take a loss on soon though, so next month may start in the negative.

Scaling up #

I started scaling up my weekly SPY positions. I went from a quantity of 2 to 3. It also bit me in the ass right away as the market started to drop, but I got fortunate in the end.

Unbalanced portfolio #

I have way too many bullish positions right now. Also, all my strategies are basically bullish (or neutral). Whenever the market has a downturn, I typically end up with losses.

I need to find a way to better diversify my holdings or take more bearish positions somehow.

Most of the positions I have are in either tech or consumer based industries. So, perhaps need to trade more in like oil or gold? Below is a correlation matrix from Option Alpha:

asset correlation

Need to research some bearish strategies that I can look at consistently.