Saturday, October 31, 2015

Weekly: burned in IBB

A rally in biotech stopped out some position in IBB for huge losses. IBB rallied over my 330 strike price on sold calls and that is the stop level.

Overall, a tiny loss for the week. Other highlights include new long positions in EXPE on earnings, and HOT on takeover rumors. The weekly options I sold on TSLA came in, despite some turbulence in the price action.

Here are the trades (c = calls, p = puts, sell means sell-to-open, weekly options denoted by W suffix, so NovW2 would be November week two, all others are third week expiration) The number at the end is price of option, usually the premium collected from selling the option.
Mon 10/26/15 Sell IBB OctW4 282.5 p 44 rebalance
Sell SPY NovW1 199p 25 rebalance

Tue Sell MCD Nov 120 c 25 hedge
Sell JBLU Nov 27 c 15 hedge
Sell IBB OctW5 300 p 35 rebalance

Wed Sell IBB NovW1 290 p 62 rebalance
Sell IWM Nov 107 p 23 add
Sell HOT Nov 65 p 25 chart

Cover (buy-to-close) IBB OctW5 330 c 390 huge losses as biotech rallies about a 400% loss
Sell SPY NovW2 199 p 36 rebalance

Thu Sell TSO Nov 92.5 p 25 rebalance

Fri Sell IBB Nov 365 c 52 reestablish
Sell EXPE Nov 120 p 30 new long on earnings

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