Cover short BA (buy back short calls) @88.4
This is a late report, I cover one leg of my short strangle on Boeing for a big percentage loss. BA and the rest of the stock market continue to move higher. By the close, BA backs off its highs, so this specific move was ill-timed. The reason I did it was so the overall April Boeing positions close the books for the month at about net neutral. The quick snap back is a hazard of using stops. The hazard of not using stops is a powerful move that results in a huge loss.
Most of the defensive action I took last week has turned out to be ill-timed. The zombie bull market as I call it, continues to lurch forward, sweeping away the bears, or the hedgers. My short strangles on APC, LEN and TSLA are now delta negative, meaning net short.
Long BA BRKB IWM LGF PG WFC
Net long KORS SPY
Net short APC LEN TSLA