For the May option cycle I closed out three winners, zero loser, one break even trade. The footnote is that I have some open trades that are currently deep in the red. The winners include two SPY May 96 puts and GLD May 92 puts. I closed out early some GLD Jun 97 puts at break even.
Looking back I can call it glass half-empty, or half-full. I survived without major damage. However, there were so many opportunities, and for the most part my timing was poor to horrendous. Even with my profitable trades, almost all could have been opened at 50% to 100% more in premium. My saving grace might have been keeping positions small, and my dislike for fast markets.
In one recent blog entry where I sold puts, I wrote that there will come a time when selling puts becomes the worst possible thing to do. Guess what? This month that came true. Volatility exploded as well so buying back any short puts became an amazingly expensive.
The good news going forward is that I am still in the game, with what I would call minimal damage to my account, and still have dry powder.
Long BRKB, GLD, SPY, TLT
all positions are short puts:
BRKB Jun 60
GLD Jul 100
SPY Jun 100 and Jul 66
TLT Jun 84 and Jun 89
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