Friday, June 21, 2013

13-1 for June, grade B-, ETF report

Thirteen winners, one loser for the June option cycle, grade B-. The one loser was a leg of a backratio, so really no losers as that went out for a net credit. The stock market was modestly lower. I avoided the carnage for in bonds and gold, on the half empty side, I wasn't short those markets.

Worms are the theme of the month. Using the fishing analogy, the premiums I am collecting are so small they don't even qualify as small fish, more like digging for worms. However, 13 worms doesn't make much of a meal, so hopefully, better days are ahead. The most recent put sales of NSC and XOP are deep in the red, but those the July puts that I sold earlier on are in mostly in the black.

I keep tabs on a few ETFs, year to date:
SPY +11.7 S&P 500
IWM +13.8 Russell 2000
TLT -10.5 U.S. 20-year bond
EEM -15.7 Emerging markets
GLD -22.8 gold
SLV -34.0 silver

Sentiment in the metals is still mixed, same with bonds and stocks. There are too many bulls to be calling bottom. There is also the time factor, two weeks ago (June 7 post) I wrote about expecting four more weeks of downside chop in the stock market. So that would project two weeks from today or July 5th. The stock almanac indicates that next Wednesday 7/26 as a buy point, or at least a time to look at selling puts.
Net long SPY

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