WTF just happened - Weekly summary (Aug 5 - Aug 9)
Absolutely crazy week!
Market completely tanked on Monday, and volatility spiked to its highest since COVID days.
Then, everybody realized they overreacted, and everything magically recovered by the end of the week. 😂
I actually ended up making a little bit, because I bought a hedge with the VIX a couple months ago.
Could've made a lot more, but I also panicked and closed a losing position on Monday, when I should've just held.
Opened #
| Ticker | Action | Type | Date | Expiry | Sell Strike | Buy Strike | Premium | Qty | Fee | Net |
|---|---|---|---|---|---|---|---|---|---|---|
| SPY | open | BCS | 2024-08-05 | 2024-08-09 | 535 | 539 | 0.58 | 1 | 2.1 | 55.9 |
| SPY | open | BCS | 2024-08-05 | 2024-08-30 | 528 | 530 | 1.05 | 1 | 2.12 | 102.88 |
| SPY | open | BCS | 2024-08-05 | 2024-09-20 | 541 | 544 | 1.2 | 1 | 1.42 | 118.58 |
| BITO | open | Short Put | 2024-08-05 | 2024-08-16 | 16 | 0 | 0.37 | 1 | 0.8 | 36.2 |
| BITO | open | Short Put | 2024-08-05 | 2024-08-09 | 15 | 0 | 0.12 | 1 | 1.04 | 10.96 |
| QQQ | open | BCS (IC) | 2024-08-05 | 2024-08-05 | 439 | 440 | 0.02 | 1 | 1.4 | 0.6 |
| QQQ | open | BPS (IC) | 2024-08-05 | 2024-08-05 | 437 | 436 | 0.83 | 1 | 1.41 | 81.59 |
| SPY | open | BPS | 2024-08-06 | 2024-08-16 | 499 | 496 | 0.34 | 1 | 1.41 | 32.59 |
| MCD | open | BCS | 2024-08-06 | 2024-09-20 | 280 | 285 | 1.5 | 1 | 1.41 | 148.59 |
| USO | open | BCS | 2024-08-07 | 2024-09-20 | 69 | 66 | 0.5 | 1 | 1.4 | 48.6 |
| MS | open | BCS | 2024-08-07 | 2024-09-20 | 85 | 82.5 | 0.36 | 1 | 1.4 | 34.6 |
| ORCL | open | BCS | 2024-08-09 | 2024-09-20 | 125 | 120 | 1.63 | 1 | 1.41 | 161.59 |
| CVX | open | BCS | 2024-08-09 | 2024-09-20 | 140 | 135 | 1.5 | 1 | 1.41 | 148.59 |
High volatility means high option premiums.
So, I made more trades than I usually would. Actually, tried to make even more, but lots of orders didn't get filled.
Closed / Expired: #
Other trades #
| Ticker | Action | Type | Date | Expiry | Sell Strike | Buy Strike | Premium | Qty | Fee | Net | Profit/Loss |
|---|---|---|---|---|---|---|---|---|---|---|---|
| VIX | open | Long Call | 2024-06-01 | 2024-10-15 | 0 | 42.5 | -0.41 | 1 | 1.3 | -42.3 | $246.20 |
| VIX | close | Long Call | 2024-08-05 | 2024-10-15 | 42.5 | 0 | 2.9 | 1 | 1.5 | 288.5 | |
| SPY | open | BCS | 2024-07-25 | 2024-08-30 | 546 | 548 | 1.06 | 1 | 2.13 | 103.87 | $52.47 |
| SPY | close | BCS | 2024-08-05 | 2024-08-30 | 548 | 546 | -0.5 | 1 | 1.4 | -51.4 | |
| SPY | open | BCS | 2024-07-25 | 2024-08-23 | 553 | 555 | 0.75 | 1 | 1.41 | 73.59 | $37.19 |
| SPY | close | BCS | 2024-08-05 | 2024-08-23 | 555 | 553 | -0.35 | 1 | 1.4 | -36.4 | |
| SPY | open | BCS | 2024-07-25 | 2024-08-30 | 549 | 550 | 0.489999999999999 | 1 | 1.42 | 47.5799999999999 | $26.18 |
| SPY | close | BCS | 2024-08-05 | 2024-08-30 | 550 | 549 | -0.2 | 1 | 1.4 | -21.4 | |
| TSM | open | BPS | 2024-07-26 | 2024-09-20 | 140 | 135 | 0.85 | 2 | 2.46 | 167.54 | -$183.30 |
| TSM | close | BPS | 2024-08-05 | 2024-09-20 | 135 | 140 | -1.74 | 2 | 2.84 | -350.84 | |
| QQQ | open | BCS | 2024-07-30 | 2024-08-30 | 471 | 473 | 0.960000000000001 | 1 | 2.13 | 93.8700000000001 | $50.76 |
| QQQ | close | BCS | 2024-08-05 | 2024-08-30 | 473 | 471 | -0.41 | 1 | 2.11 | -43.11 | |
| SPY | open | BPS | 2024-07-30 | 2024-08-09 | 530 | 526 | 0.42 | 1 | 2.1 | 39.9 | $39.90 |
| SPY | expired | BPS | 2024-08-09 | 2024-08-09 | 526 | 530 | 0 | 1 | 0 | 0 | |
| QQQ | open | BCS | 2024-08-02 | 2024-08-23 | 458 | 460 | 0.9 | 1 | 1.42 | 88.58 | $42.17 |
| QQQ | close | BCS | 2024-08-07 | 2024-08-23 | 460 | 458 | -0.45 | 1 | 1.41 | -46.41 | |
| SPY | open | BCS | 2024-08-05 | 2024-08-09 | 535 | 539 | 0.58 | 1 | 2.1 | 55.9 | $53.87 |
| SPY | close | BCS | 2024-08-09 | 2024-08-09 | 539 | 535 | -0.01 | 1 | 1.03 | -2.03 | |
| BITO | open | Short Put | 2024-08-05 | 2024-08-09 | 15 | 0 | 0.12 | 1 | 1.04 | 10.96 | $10.96 |
| BITO | close | Short Put | 2024-08-09 | 2024-08-09 | 0 | 15 | 0 | 1 | 0 | 0 | |
| QQQ | open | BCS (IC) | 2024-08-05 | 2024-08-05 | 439 | 440 | 0.02 | 1 | 1.4 | 0.6 | $3.50 |
| QQQ | close | BCS (IC) | 2024-08-05 | 2024-08-05 | 440 | 439 | 0.05 | 1 | 2.1 | 2.9 | |
| QQQ | open | BPS (IC) | 2024-08-05 | 2024-08-05 | 437 | 436 | 0.83 | 1 | 1.41 | 81.59 | -$4.50 |
| QQQ | close | BPS (IC) | 2024-08-05 | 2024-08-05 | 436 | 437 | -0.84 | 1 | 2.09 | -86.09 |
- Closed Net Profits/Loss: $375.40
Tons of closed trades. Mostly on small "trade ideas" positions.
Big win on VIX long position, and decent sized loss on TSM.
Should've held and it would have been in profits now, but hindsight is always 50/50.
Notes and Lessons #
Ended up being a nice profitable week.
Got a bit lucky that I was holding the VIX hedge position. Entered it after reading this hedging strategy from Option Alpha.
Ended up working out for me, but shouldn't assume it will work everytime.
One sort of bad thing that happened is that I got assigned on CSCO naked put again. Hopefully not a big deal, but they are releasing earnings soon, so maybe it will tank.
I told myself not to trade naked puts on CSCO anymore, but it seemed like such great value, couldn't help myself.
Now, I have to hope and pray it doesn't tank.