Friday, April 25, 2014

Weekly: If I only had a brain

A bit of humor for this choppy market: the Wizard of Oz scare crow song, "If I only had a brain" comes to mind (youtube link). I made a few trades this week and most are in the red by Friday's close. Overall, it is a week of mild losses for me. With so many earnings reports, I observe a lot of failed break outs and reversals. I kept telling myself to be more patient, but I bit on some and now have more losers.

Highlights include selling strangles on GLD, new tiny position in HOG, some red ink in UAL.

Fri Sell IWM Jun 122 calls @111.4. I rebalance my short strangles on the Russell 2000 etf by selling calls. Stock market is down hard today.

Thu Sell APC Jun 85 puts @100.6. Rebalance my short strangle to net long on Anadarko Petroleum.
Sell UAL May 49 calls @41.9. United Continental down hard on earnings news. I hedge my short puts by selling some calls.

Wed Sell AMGN May 125 calls @112.5. Amgen moves lower on earnings. I sell some calls to hedge my short put position.
Sell BA May 120 puts @130.2. Boeing higher on earnings. The lower end of the recent range is 121.

Tue Sell IWM Jun 95 puts @.28 @113.7. I open a June position in IWM the Russell 2000 etf.
Sell IWM May 104 puts @114.7. A bit later I rebalance by selling my fifth layer of May IWM puts.
Sell HOG May 65 puts @72.6. Harley Davidson up on earnings. Chart is a beautiful break out from a base pattern.
Sell KORS May 82.5 puts @93.6, I rebalance my short strangle to neutral as Michael Kors keeps moving up.
Sell BRKB Jun 115 puts @127.3. I open a June position in Berkshire Hathaway.

Mon Sell KORS May 77.5 puts @90.7. Rebalance my short strangle in Michael Kors by selling more puts so I am again net long.
Sell GILD May 57.5 puts @71.7. Hedge my short calls by selling puts on Gilead Sciences.

Sell GLD strangles @124.2 with a bull bias. Sell GLD Jun 111 puts / Sell GLD Jun 138 calls. Again, a short strangle is a bet on a trading range. I skew a bit to the bull side.


Position summary:



net neutral GILD SPY

No comments: