Saturday, June 11, 2016


It was a see-saw week and I got the short end of the stick at the end. My account was down, mostly from CMG and TSLA. Just when I thought we might be settling in for calm summer trading, there is a sharp drop on Friday. We will see if there are more storms and I get stopped out on my positions, or if blue skies return and I escape. 
Here are the trades (c = calls, p = puts, all are third week expiration unless noted, sell means sell-to-open, cover means buy-to-close, number is price per contract):

Mon Sell to close TSLA Jun 200 p 72 for a 92% loss
I bought these puts for over $800 per contract, so getting out at $72 seems terrible. The big picture is that I used this leg to sell many layers of weeklies puts so overall I am on the sum of all TSLA positions.

Sell TSLA Jun 202.5 p 82
Sell TSLA Jun 250 c 16
A bit later, I sell a layer of strangles with a bullish skew.

Tue Sell VRX Jun 28.5 c 16 Valeant lower after earnings
Sell XLE JunW4 64 p 16 rebalance

Sell TSLA JunW4 200 p 88
Sell TSLA JunW4 260 c 36
Tesla rally rolls on, I sell another brace of strangles

Sell VRX strangles 56: Sell VRX Jul 15 p 26
Sell VRX Jul 35 c 30

Sell TSLA Jun 210 p 60 rebalance
Sell VRX Jul 15 p 15 rebalance

Sell SCTY Jun 20 p 20 rebalance

Wed Sell TSLA Jun 217.5 p 81 rebalance
Cover TSLA JunW1 200 p 02 buying power
Sell TSLA JunW4 217.5 p 140 rebalance

Thu Sell TSLA Jun 257.5 c 22

Fri Cover GLD Jun 109 p 01 95% profit
Sell TLSA JunW4 240 c 112 rebalance

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