Friday, May 20, 2011

9-3 for May w/ some big losers

Nine winners, three losers for the May option cycle. Unfortunately, the three losers included two big hits in GDX and TBT and a monster loss in SLV. Winners include a GLD call calendar, and short puts on GDX, TLT, three SPY puts, EEM and IWM.

Overall it nets to a sizeable but manageable loss. This is my worst month of 2011 and the first month in the red. I went into survival mode after taking the big hit on SLV and closed out some other trades that I might have held on, had I not been knocked silly by the 880% loss in SLV (that's on the value of the sold put).

Going forward, I have a GLD call calendar, GLD short puts, SPY short puts hedged with a vertical put spread, TLT/TBT which translates to a short strangle, short puts on EEM.

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