Down 7% for me this week. Whack, whack, whack. Hermosa Beach, CA
residents may remember a bar that went by the acronym FFFF (Fat Face
Fenners Falloon). This stock market week started with Facebook, then
the Fed, then the huge fade on Thursday and Friday. Use your
imagination for additional F’s.
Gamma did me in, as delta expanded on the sharp decline. Friday’s decline caught me by surprise. I thought we might get a balancing day, but down we went. After poking my head above break even for the year, down 7% for a week is horrible. I didn’t do anything incredibly stupid. However, being long and wrong, with volatility expanding, and it ended up as a very bad week.
Astrology fans can take note that Mercury went retrograde on 3/22/18 Thursday, and goes back to direct on 4/15/18.
Here are the trades (p=puts, c=calls, number near end is price per contract, sell means sell-to-open, cover means buy-to-close):
Mon Facebook gaps lower on news
Sell QQQ May 184 c 33
Sell QQQ Apr 180 c 18
Sell SPY May 290 c 39
Sell FB Apr 195 c 40
Sell TSLA MarW5 350 c 60
Sell IWM May 168 c 34
Sell BRKB Apr 220 c 36
Wed FedEx up after earnings
Sell FDX Apr 230 p 89
Sell FDX Apr 280 c 40
Sell FB Apr 125 p 19
Sell FB Apr 195 c 20
Sell ULTA Apr 190 p 65
Sell CMG Apr 290 p 70
Sell SPG May 130 p 62
AMZN butterfly June 1450/1400/1350 puts for debit
Buy AMZN Jun 1350 p 2309
Sell 2x AMZN Jun 1400 p 3218 each
Buy AMZN Jun 1450 p 4430
Thu Crunch. Market gap down, then close near their lows. SPY down about 2.5% for the day. Gamma bites me and I am down 4.2% for the day. Yikes. Nothing got stopped out, but a whole lot of pain. The new positions from Wed, especially FDX are deep in the red. I sell some calls but the small premiums are almost nothing compared to the decline.
Sell SPY Apr 281 c 37
Sell QQQ Apr 176 c 23
Sell FDX Apr 265 c 69
Sell BRKB Apr 215 c 57
Sell FB Apr 190 c 42
Sell AAPL Apr 185 c 43
Sell QQQ May 180 c 42
Sell BA May 385 c 193
Sell BA Apr 365 c 105
Sell SPY May 285 c 49
Sell CAT Apr 165 c 52
Fri Market opens flat then tumbles into the close. Another day at the whipping post for me, down another 3%. Astrology fans might take note that Mercury went retrograde yesterday. SPY down 5% since then. My account down 7%. Mercury goes direct 4-15-2018. Not sure if I can stand another couple of weeks of this. I cover three legs for losses, sticking to my stop loss levels. These are ball buster losses 600% to 1000%. Especially FDX which I just sold to open two days ago.
Sell ULTA Apr 230 c 62
Sell IWM Apr 161 c 32
Sell BRKB May 210 c 191
Sell BRKB shares for 193.64 per for gain
Sell AAPL 182.5 c 57
Sell SPY Apr 275 c 52
Sell QQQ Apr 172 c 37
Sell BRKB Apr 175 p 100
SPY backratio for small credit: Buy SPY Jun 250 p 644
Sell 2x SPY Jun 235 p 361 each
Sell SPY Jun 282 c 85
Sell CAT Apr 110 p 24
Sell COST Apr 195 c 51
Sell FB Apr 185 c 43
Gamma did me in, as delta expanded on the sharp decline. Friday’s decline caught me by surprise. I thought we might get a balancing day, but down we went. After poking my head above break even for the year, down 7% for a week is horrible. I didn’t do anything incredibly stupid. However, being long and wrong, with volatility expanding, and it ended up as a very bad week.
Astrology fans can take note that Mercury went retrograde on 3/22/18 Thursday, and goes back to direct on 4/15/18.
Here are the trades (p=puts, c=calls, number near end is price per contract, sell means sell-to-open, cover means buy-to-close):
Mon Facebook gaps lower on news
Sell QQQ May 184 c 33
Sell QQQ Apr 180 c 18
Sell SPY May 290 c 39
Sell FB Apr 195 c 40
Sell TSLA MarW5 350 c 60
Sell IWM May 168 c 34
Sell BRKB Apr 220 c 36
Wed FedEx up after earnings
Sell FDX Apr 230 p 89
Sell FDX Apr 280 c 40
Sell FB Apr 125 p 19
Sell FB Apr 195 c 20
Sell ULTA Apr 190 p 65
Sell CMG Apr 290 p 70
Sell SPG May 130 p 62
AMZN butterfly June 1450/1400/1350 puts for debit
Buy AMZN Jun 1350 p 2309
Sell 2x AMZN Jun 1400 p 3218 each
Buy AMZN Jun 1450 p 4430
Thu Crunch. Market gap down, then close near their lows. SPY down about 2.5% for the day. Gamma bites me and I am down 4.2% for the day. Yikes. Nothing got stopped out, but a whole lot of pain. The new positions from Wed, especially FDX are deep in the red. I sell some calls but the small premiums are almost nothing compared to the decline.
Sell SPY Apr 281 c 37
Sell QQQ Apr 176 c 23
Sell FDX Apr 265 c 69
Sell BRKB Apr 215 c 57
Sell FB Apr 190 c 42
Sell AAPL Apr 185 c 43
Sell QQQ May 180 c 42
Sell BA May 385 c 193
Sell BA Apr 365 c 105
Sell SPY May 285 c 49
Sell CAT Apr 165 c 52
Fri Market opens flat then tumbles into the close. Another day at the whipping post for me, down another 3%. Astrology fans might take note that Mercury went retrograde yesterday. SPY down 5% since then. My account down 7%. Mercury goes direct 4-15-2018. Not sure if I can stand another couple of weeks of this. I cover three legs for losses, sticking to my stop loss levels. These are ball buster losses 600% to 1000%. Especially FDX which I just sold to open two days ago.
Sell ULTA Apr 230 c 62
Sell IWM Apr 161 c 32
Sell BRKB May 210 c 191
Sell BRKB shares for 193.64 per for gain
Sell AAPL 182.5 c 57
Sell SPY Apr 275 c 52
Sell QQQ Apr 172 c 37
Sell BRKB Apr 175 p 100
SPY backratio for small credit: Buy SPY Jun 250 p 644
Sell 2x SPY Jun 235 p 361 each
Sell SPY Jun 282 c 85
Sell CAT Apr 110 p 24
Sell COST Apr 195 c 51
Sell FB Apr 185 c 43
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