Weekly: Bulls are back in town

The bulls reign supreme this week with six straight up days for SPY (five this week). My trading account recovers off the lows, but is down over 3% for 2018. As almost always, could have been better, could have been worse. Mostly, I added long delta all week, trying to stay delta positive on QQQ and SPY. One call leg on QQQ was closed for a loser, the rest came in.

Looks like big money at work. Small money tends not to move the markets so quickly. What next? I don’t know. I’ll try to stay on the correct side of the market, but the big money elephants may spook. Even though every day closed higher, there were some intra-day swings.

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 Markets move higher. The ride is bumpy. I add more layers, all way out of the money. My account recovers, up 4.7% for the day. Now down about 5% for 2018 after Monday’s close.

Sell IBB Feb 93 p 20
Sell NVDA Feb W4 265 c 20

Sell QQQ MarW1 135 p 23
Sell QQQ Feb 149 p 18

Sell SPY MarW1 225 p 41
Sell SPY Feb 252 p 33

Sell TSLA FebW4 240 p 30
Sell TSLA Feb 350 c 20

Sell WYNN Feb 180 c 22

Tue Sell IBB Mar 88.33 p 20
Sell NVDA FebW4 195 p 25

Sell QQQ FebW4 148 p 25
Sell SPY FebW4 244 p 25

Wed Stock market gaps lower on inflation news, then rallies for a decent up day. Some bears are dazed and confused by the action. It is their turn to be frustrated. I add long delta and keep adding as the rally builds.

Sell QQQ MarW1 148 p 39
Sell SPY MarW1 239 p 31

Sell QQQ MarW2 150 p 57
Sell IWM MarW1 140 p 27

Sell QQQ Mar W4 141 p 40
Sell SPY MarW4 232.5 p 58

Sell IBB Mar 95 p 35
Sell NVDA MarW1 205 p 38

Sell NFLX FebW4 240 p 33
Sell AAPL MarW1 150 p 21

Sell TSLA Mar 240 p 68

Thu The bulls have returned, running for the fifth straight up day. I add long delta all day long. I cover one call leg for a big loss. New legs are mostly way out of the money, just in case the bears come in. Up 0.8% for the day, which under normal conditions would be a good day, but feels like not enough given how strong the markets have been. I am still down about 3% for 2018.

Sell NVDA FebW4 220 p 31
Sell QQQ FebW4 153 p 16

Sell QQQ MarW1 155 p 57
Sell SPY MarW1 155 p 51

Sell NVDA Mar 200 p 61
Sell QQQ Mar 150 p 54

Sell AAPL Mar 155 p 62
Sell IWM Mar 135 p 30

Sell BRKB Mar 180 p 46
Sell QQQ Apr 143 p 83

Sell SPY Apr 235 p 113
Sell RTN Mar 190 p 33

Sell BA MarW1 320 p 78
Cover QQQ Feb 165 c 86 for loss

Fri Sell SPY FebW4 262 p 32
Sell QQQ FebW4 157 p 18