Saturday, March 01, 2014

Weekly: hold my nose and buy

Overall, a plus week. It is another week with upside bias and some choppy action. My intra-day timing leaves much to be desired. I came into the week with a lot of free capital because of expiring options. Early in the week, I hold my nose and buy, via selling puts.

Fri Sell IWM Mar 110 puts rebalance @118.5. Rally keeps rolling. I am short layers of puts, but also short Mar 120 calls. I will close the short calls on a close above 120. Yes, a pullback is inevitable, but how much pain can the bears take?

Sell AMGN Apr 105 puts rebalance @126.3. Amgen moving up strong. I rebalance a complicated position, adding long delta by selling puts.

By the end of the day Friday, it is whipsaw city again. The stock market bears find a small bone to chew on, as the market comes off its record highs.

Thu Sell VRX Mar 115 puts add @145.9. Add to long position Valeant Pharma earnings are ok.

Wed Sell IWM Apr 125 calls hedge 20 @116.8. I hedge my short puts by selling calls on the Russell 2000 etf.

Sell FDX Mar 145 calls hedge @133.1. I hedge my Federal Express short puts by selling calls.

Sell HON Apr 85 puts add to longs @93.9. I open an April position in Honeywell, adding to short puts for March.

Sell IWM Apr 105 puts rebalance @117.9. Oops, more bad intra-day timing on selling some of those calls. I need to rebalance almost immediately by selling puts on the Russell 2000 etf.

Sell AMGN Apr 140 calls hedge @122.6. Amgen down on news. I sell some calls to hedge my short puts.

Tue I am again holding my nose and buying (via selling puts) to put some capital to work for the April cycle. Yesterday's batch went to various shades of red (losses) after I got in.

Sell FDX Mar 120 puts @133.3. Initiate long position in Federal Express.

Sell IWM Apr 101 puts @116.8. Add long delta to a complicated position in the Russell 2000 etf.

Sell DIS Apr 80 puts @80.4. Add longs for Disney.

Sell KORS Apr 85 puts @101.5. Add longs for Michael Kors.

Sell BA Mar 115 puts @127.4. New long position in Boeing.

Mon Big rally today. With so many expiring February positions (over 40), I hold my nose and add to longs to put capital to work.

Sell SPY Mar 169 puts rebalance @185.4. I add a bit of delta to my ccmplex S&P500 etf position.

Sell AMGN Apr 110 puts rebalance @126.2. Same deal with Amgen, I add delta to rebalance as the stock rallies.

Sell BRKB Apr 105 puts add to longs @113.7. I add to longs on my complicated Berkshire Hathaway position.

Sell HON Mar 87.5 puts, add to longs @95.7. I add to longs on Honeywell.

Sell IWM Apr 103 puts, rebalance @117.1. I rebalance my complex position in the Russell 2000 etf.

Position summary:
net long AMGN SPY
net neutral BRKB FDX
net short IWM

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