It
was Ground Hog day this week, and the January sell off blues came
back. There were a number of huge landmines such as Linked In (LNKD)
and Tableau Software (DATA). I got caught in a couple of difficult
trades, Facebook FB and Under Armor UA. It is looking more and more
like a bear market. If so, the time frame projects out to July 2016
before the skies clear, perhaps even July 2017 if it is a nasty bear
market.
It
is a time to regroup, and perhaps even become more cautious. Bear
market rallies tend to be violent and quick, so it is not a time to
get complacent on the short side.
Here
are the trades (c = calls, p = put, sell means sell-to-open, cover
means buy-to-close, all option are third week expiration).
Tue Roll FB puts up:
Cover
FB Feb 97 p 11
Sell
FB Feb 106 p 40
Cover
FB Feb 85 p 03
Wed
Cover UA Feb 80 p 280 about a 300% loss
I
got clobbered on both ends on Under Armor, and still have open
positions in the red. Yikes.
Sell
BA Feb 110 p 33
Sell
FB Feb 123 c 29
Sell
V Mar 62.5 p 27
Thu
Rebalancing moves:
Sell
NFLX Feb 107 c 29
Sell
MCD Feb 127 c 17
Sell
UA Mar 92.5 c 40
Sell
FB Mar 125 c 81
Cover
AAPL Feb 120 c 02 (buying power moves)
Cover
BA Feb 145 c 01
Cover
CMG Feb 300 p 05
Fri
Cover NFLX Feb 80 p 156 about a 140% loss
I
am still short several layers of Netflix calls, and the profit from
those is about the loss from this leg. So am getting out while the
overall is near break even.
Cover
FB Feb 106 p 266 about a 800% loss
Sell
FB Feb 118 c 28
I
was way too long Facebook on this sharp pullback. Hate to do it, but
covered the 106 puts even though I think that is a good support
level. 117 was the recent high so may be resistance. FUBAR on what
coulda, shoulda been a good winner.
Cover
UA Feb 75 p 280 stopped out for a 600% loss
Cover
FB Feb 123 c 05 80% profit
Sell
FB Feb 114 c 48 roll
Sell
V Mar 80 c 16 hedge
Cover
SPY Feb 180 p 82 40% profit
Cover
DIS Feb 115 c 02 95% profit
Cover
VLO Mar 57.5 p 357 about a 600% loss
Sell
half position in FB shares 103.58 about a 4% loss
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