Market tilts up. I cover some calls for losses. I sell strangles in AAPL, CMG and IBB. I make money, though when covering for losses, it feels like I am leaving significant money on the table. The bigger picture is the overall profit level. As always, I tend to be a cautious, hedging trader. Low risk, low reward, and hopefully steady profits are what I am mostly looking for, with the occasional big swing for the fences.
Here are the trades (p = puts, c = calls, weeklies have the W suffix, NovW1 for first week in November).
Mon Sell IBB Oct 327.5 c 35 Rebalance in the biotech etf
Tue Another day, another whipsaw. This time it is Disney making a new high then fading.
Cover DIS Oct 107 c 77 about a 500% loss on this leg
Sell IBB strangles:
Sell IBB OctW4 330 c 99 / Sell IBB OctW4 270 p 77
Sell SKX Nov 105 p 130
Sell AAPL strangles:
Sell AAPL Nov 90 p 54 / Sell AAPL Nov 130 c 19
Wed Sell TSO Nov 120 c 25 rebalance in Tesoro
Sell AAPL OctW4 116 c 18 rebalance in Apple
Sell CMG strangles:
Sell CMG Nov 545 p 200 / Nov 885 c 100
Thu Sell NKE Nov 115 p 41 rebalance in Nike
Sell SPY OctW5 189p 29 rebalance
Sell ALK Nov 65 p add to longs
Fri Rally in Nike and Sketchers cost me some money
Cover NKE Oct 129 c 49 about a -15% loss
Sell V Nov 67.5 p 38 add
Sell TSO Nov 85 p 34 rebalance
Cover SKX Oct 45 c 20 (after 3-for-1 split) about breakeven