Thirteen
winners, one loser for the June option cycle, grade B-. The one loser was a leg
of a backratio, so really no losers as that went out for a net
credit. The stock market was modestly lower. I avoided the carnage
for in bonds and gold, on the half empty side, I wasn't short those
markets.
Worms
are the theme of the month. Using the fishing analogy, the premiums I
am collecting are so small they don't even qualify as small fish,
more like digging for worms. However, 13 worms doesn't make much of a
meal, so hopefully, better days are ahead. The most recent put sales
of NSC and XOP are deep in the red, but those the July puts that I
sold earlier on are in mostly in the black.
I
keep tabs on a few ETFs, year to date:
SPY
+11.7 S&P 500
IWM
+13.8 Russell 2000
TLT
-10.5 U.S. 20-year bond
EEM
-15.7 Emerging markets
GLD
-22.8 gold
SLV
-34.0 silver
Sentiment
in the metals is still mixed, same with bonds and stocks. There are too
many bulls to be calling bottom. There is also the time factor, two
weeks ago (June 7 post) I wrote about expecting four more weeks of downside chop in
the stock market. So that would project two weeks from today or July
5th. The stock almanac indicates that next Wednesday 7/26 as a buy
point, or at least a time to look at selling puts.
Long
APC BA BRKB IWM LGF NSC PG XOP XRT
Net
long SPY
No comments:
Post a Comment