2020: Week 11

Weekly Portfolio Chart

I felt like someone with a boogie board trying to surf the Pipeline this week. While I’ve been sticking to my strategy as much as possible since the market started dropping, this week felt especially wild.

I closed out of my one bearish position earlier in the week when it looked like things might be bouncing up for a bit. I made $5 on it, but the next day the market continued to drop and I would have been much more profitable if I had held it. That’s when I finally (my head can be thick) realized I needed to trade with what the market was actually doing and not what I thought it was going to do. It’s another on of those simple concepts that is much harder to do than it sounds.

New Positions

To that end, I opened another debit spread in SPY as close to ITM as I could. It was a 245/244 spread expiring 3/20 and it cost me $35. I’ve been sticking to trading SPY right now because it has the best liquidity and volume, and everything in the market is basically moving in lockstep for the time being. Even still, the options spread has been wider and less liquid than I would like.

I would have closed by Iron Condor in XBI weeks ago, but there has literally been 0 bid on it. So I am left to hold it till expiration and hope the statistics play out in my favor.

Position Brief

Next week it all comes due. I’ll be doing my best to manage and mitigate losses and maximize gains. Like I said when this all started, I probably would have been better off sitting on my hands. However, I feel like trading in this market environment has been another great semester in my education.

TickerPositionUnrealized P/L
SPY -$19.00 (-95.00%) -$24.00 (-68.57%) -$19.00 (-95.00%) -$24.00 (-68.57%)
SPYCredit Spread (Exp: 3/20 $311/$310 Puts) -$77.00 (-350.00%)
XBIIron Condor (Exp: 3/20 $80-$97 Strikes) +$1.00 (+2.86%)
FLong Call (Exp: 9/18 $9 Strike) -$7.00 (-35.00%)
F5 Shares -$14.60 (-34.35%)
DOGE2235 Shares -$0.6079 (-13.60%)

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