Friday, January 29, 2016

Weekly: too clever by half

I got a bit too cute this week. I eek out a gain, but traded myself into all sorts of crap. Overall, I am still down for 2016. This week, I took a big loss in Tesoro, and got scorched by huge earnings moves in Facebook and Under Armor. 

Here are the trades (c = calls, p = puts, sell means sell-to-open, cover means buy-to-close, all are third week expiration)

Mon Sell MCD Mar 105 p 56
Sell MCD Mar 130 c 39
Sell SPY Mar 200 c 113 rebalance

Tue Sell SPY Mar 170 p 156 rebalance
Sell MCD Mar 105 p 49 rebalance

Wed Sell BA Feb 126 c 48 Boeing gaps lower earnings.
Sell AAPL Feb 105 c 28 Apple also lower on earnings.
Sell NFLX Feb 121 c 23
Cover TSO Feb 82.5 p 435 about a 600% loss

Buy FB call backratio 50 debit:
Buy FB Feb 101 c
Sell 2x FB Feb 106 c

Thu Facebook and Under Armor gap up on earnings. I buy shares to compensate for sold calls.
Buy UA shares 81.61
Buy FB shares 107.21

Sell to close IWM Feb 117 c 01 for buying power
Sell UA Feb 87 c 45 Rebalance as Under Armor fades.

Sell FB Feb 97 p 49
Sell FB Mar 97.5 p 144

Sell UA Mar 70 p 97
Sell UA Feb 75 p 61

Fri Need to free up some buying power
Cover DIS Feb 110 c 05
Cover BA Feb 140 c 05
Cover BA Feb 150 c 02

Cover TSO Feb 120 c 03
Cover V Feb 60 p 05
Cover CMG Feb 365 p 310 about a 5% profit

Cover 1x FB Feb 106 c 649 about a 1200% loss on this leg
New record high for FB and I am taking some lumps. My position after this move is extremely complicated, net long: long some shares and short a bunch of different options, and long the Feb 101 calls.

Sell FB Feb 100 p 50
Cover MCD 130 c 32 about a 10% gain

Cover UA Feb 87 c 225 about a 500% loss
Sell UA Feb 80 p 90

Sell SPY Mar 178 p 180

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