Saturday, March 08, 2014

Weekly: bull tramples on

The bull lurches forward. I closed several short call positions at losses. I have Internet access issues all week. When in doubt get out. My biotech positions take a hit. So far the broker has made more than I have for calendar 2014. 

The glass half full version is that at least I am in the green. Considering how choppy the market has been, and how bad some of the individual losing trades have been, that is a something to be grateful for.

Fri buy to cover BRKB Mar 125 calls @121.7. I cover this round at a small loss as Berkshire keeps going up.

Buy to cover FDX Mar 145 calls @138.9. I cover these Federal Express calls at a big loss. Too much pain (stop loss). I am still having Internet connection issues, so when in doubt get out.

With perfect hindsight, I could have gotten out of the IWM calls that I closed Thursday at much better levels today, but it could have been worse too had I covered at the open with the gap up.

Thu buy to cover BRKB Mar 120 calls @120.6. Ouch, I cover my short calls as Berkshire marches higher. I am finding it difficult to trade this choppy stock market.

Buy to cover IWM Mar 120 calls @119.9. Another ouch. The stock market rally makes some calls buyers big winners. That means the call seller (me) is the big loser.

I continue to have Internet issues, so I am erring on the side of closing trades rather than rebalancing, letting it ride or doubling down. I continue to be wrong about the movements of this choppy market. VRX is also taking on water, but I have a lot of rope on that one.

Tue I have some Internet problems.
Sell BRKB Apr 105 puts @118.1 rebalance. I sell puts on Berkshire Hathaway to rebalance my complicated position.

Sell VRX Apr 115 puts @146.4 add to longs. I open an April position in Valeant Pharma.

Sell GILD Apr 70 puts @83.5 add to longs. Open an April position in Gilead Sciences.

Position summary:

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