Sketchers
SKX suffered a dramatic drop on no news, and I exit my long positions
for big losses. Other highlights are a bevy of winners in IBB the
biotech etf, and new long positions in ALK JBLU TSO (Alaska Air, Jet
Blue, Tesoro Energy). I also took some small losses in GoPro GPRO
Honeywell HON and a big whopper covering some IWM calls I sold.
Overall,
my account was up nicely, as the market rallied all week. It is nice
to be wrong and yet still make money. It is a by product of the
hedging, low risk, low reward style. Some ask why I trade that way,
and the answer is weeks like this, when I am mostly wrong on market
direction (I was too cautious), but still made decent money. Those
that are better at directional trading do that.
Here
are the trades (c = calls, p = puts, weeklies have the W suffix
(OctW5 for October week 5), all others are third week expiration. The number is the price paid per contract (eg: 25 = $25 per contract)
Mon
A WTF? rally. I am positioned okay because IBB doesn't
participate in the rally.
Sell
V Oct 67.5 p 22
Sell
IBB Oct 285 p 156
Sell
IWM Oct 107.5 p 35
Sell
IBB OctW2 335 c 45
Sell
JBLU Nov 22 p 25
Sell
IWM Nov 100 p 60
Sell
SPY OctW4 186.5 52
Tue
Sell IBB Oct 327.5 c 76
Sell
TSLA Oct 270 c 26
Wed
Sketchers dives lower on no news. Again WTF? I get out near the lows :(
Cover
SKX Oct 118 p 338 for about a 250% loss
Cover
SKX Oct 120 p 380 for about a 300% loss
Cover
V Oct 72.5 c 122 for about a 200% loss
Sell
DIS Oct 107 c 15 hedge sold puts
Thu
Sell ALK Oct 70 p 25 New long position in Alaska Air
Sell
SKX Oct 115 p 64 I go back into Sketchers
Sell
TSLA Oct 250 c 26 Rebalance in Tesla Motors
Cover
GPRO Oct 24 p 27 Close this leg on GoPro for a 20% loss.
Fri
Cover IWM Oct 115 c 158 for about an 800% loss in the Russell
2000
Cover
HON Oct 105 c 29 about a 10% loss in Honeywell
Sell
DIS Nov 92.5 p 70 rebalance in Disney
Sell
SPY OctW5 187 p 46 rebalance in S&P500
Sell
TSLA Oct 190 p 28 add to a net long position in Tesla
Sell
TSO Nov 85 p 68 new long in Tesoro
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