Friday, May 19, 2017

Weekly: Paying the piper FL

FootLocker earnings blew apart what would have been an okay week. FL dropped on news, resulting in a 2500% loss. This Jekyll and Hyde market has land mines. Hard to say if market Jekyll or Hyde shows up next. I still think that a significant correction of 5% or more, is much more likely in September or October, not during the summer months. 

As always, predictions are for entertainment, and mine tend do about as well as coin flips. Profits are made by managing risk, not making predictions.

Here are the trades (p = puts, c = calls, cover means buy-to-close, sell means sell-to-open, number near the end is price per contract, percentage gain/loss uses option premium as the basis):

Mon Sell NVDA May 150 c 14 hedge
Tue Close some positions for $1 for buying power:
Cover (buy-to-close) AAPL May 139 p 01 for 95% gain
Cover NFLX May 135 p 01 for 95% gain
Cover SPY May 214 p 01 for 98% gain
Sell TGT May 50 p 17 ahead of earnings
Sell WYNN Jun 115 p 50 rebalance
Wed Market gaps down and closes near its lows. I do a bunch of trades, hedging longs, closing a few positions, and adding a SPY put backratio.
Sell AAPL MayW4 157.5 c 41
Sell BA Jun 195 c 15
Sell TSLA MayW4 335 c 35
Sell SPG Jun 170 c 30
Sell BRKB Jun 165 c 112
Sell IWM Jun 143 c 25
Sell NVDA Jun 155 c 31
Sell WYNN Jun 135 c 59
Sell SPY backratio Jul 212/218: 
Sell x2 SPY Jul 212 p 81 per
Buy 1x SPY Jul 218 p 118 per
Cover (buy-to-close) AAPL May 120 p 01 for a 95% profit
Cover TGT May 50 p 01 for a 93% profit
Cover TLSA May 290 p 24 for a 50% profit
Thu Cover IWM May 123 p 01 for 98% profit
Cover IWM Jun 150 c 03 for a 75% profit
Fri Cover FL May 67.5 p 740 for a 2500% loss
Sell ADSK Jun 95 p 33 earnings
Sell NVDA Jun 110 p 30 rebalance

I'll do my monthly summary post soon.

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