Saturday, March 26, 2016

Weekly: TSLA VRX

Most of my trades this week are in Tesla and Valeant. With Sequoia fund dumping 1.5 million shares of VRX, a short term bottom may be in. Tesla has a big news event on Friday April 1st, the launch of the new car. 

As I often do, I am selling naked strangles. I start way out of the money, then add layers. I'm thinking that both these stocks are going to stabilize. My mental stops are the strike price of each layer of sold options.

Happy Easter everyone.

Here are the trades (c = calls, p = puts, weeklies denoted by W suffix, W1 is week1, sell means sell-to-open, cover means buy-to-close, number is price per contract).

Mon Sell TSLA AprW1 200 p 89
Sell BRKB May 125 p 47

Sell VRX strangles 73 gross
Sell Apr 15 p 54 / Apr 50 c 19

Tue Sell SPY strangles 54 gross
Sell Apr 191 p 33 / Apr 211 c 21
Sell VRX AprW1 19 p 20

Wed Sell VRX Apr 20 p 38
Sell TSLA AprW1 265 c 46

Thu Sell TSLA Apr 280 c 65
Sell VRX Apr 45 c 22
Sell TSLA AprW1 192.5 p 57
Sell IWM May 90 p 36

Good Friday market holiday.

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