Weekly: Another difficult week

I'm sure someone did well this week, but it wasn't me. I made several moves, and just about all ended the week in the red. Here's the recap:

Fri Sell MSFT Apr puts @38.0

Sell SLB Apr 80 puts @89.5

Worm trades on Microsoft and Schlumberger. What are worm trades? Low risk, low reward trades. Using a fishing analogy, the option premiums are so small, that it is like digging for worms on shore vs. going out on the water for fish.

Sell GILD Apr 87.5 calls @.30 @75.3 hedge

Gilead Sciences down hard on patent news. I sell calls to hedge against short puts.

Thu Sell May SPY put backratio @185.10

Buy SPY May 170 puts

Sell 2x SPY May 165 puts

I sell a put backratio. I tend to do these when volatility increases. It is net bullish with an explosive profit with a drop to the lower strike at expiration.

Wed Sell WFC Apr 44 puts @47.7

Sell HPQ Apr 27 puts @29.5

Sell UAL Apr 38 puts @46.1

Sell ASH Apr 85 puts @95.0

Sell VRX Apr 97.5 puts @141.5 add

Worm trades in Wells Fargo, Hewlett Packard, United Airlines, Ashland mostly on the chart formations. I add to longs in Valeant Pharma.

Position summary:

long ASH BA DIS FDX HON HPQ MSFT TLT UAL VRX

net long AMGN BRKB GILD IWM SPY