I have not been trading actively in recent weeks as the market has been very volatile and unpredictable during the earning season. Take a look at the Vix index Year-To-Date (YTD) and you will see the spike happening in April, which happens to be the earnings season.
The below are some of the trades that I have executed in the past 2 days and I hope you find the sharing useful.
Trade 1: [9 May 24] +USD321 Profit, Take Profits on Meta LEAPS CALL
I took profit on my Meta LEAPS CALL as I saw Meta’s share price rise losing some steam, so 1 bird in the hand is better than 2 in the bush.
Trade 2: [9 May 24] Bought 1 x Meta LEAPS CALL
However, the share price then recovered, so I bought another LEAPS CALL at a higher SP but a lower premium. My total loss on this position became lower than the previous position that I just closed.
Trade 3: [9 May 24] Bought 4 CALL Contracts on Palantir
I previously had a Palantir CALL position which was like a lottery play using less than USD200 capital. The premium has since dropped significantly and I took the chance to average down. A rise in Palantir share price in the second half of the year may revive this position. A total of USD191 is at stake if these 5 positions were to reduce to ashes.
Trade 4: [9 May 24] Convert 2 x SELL CALL on Palantir into 2 x SELL PUT on Palantir
I was stuck on my Palantir Covered CALL positions since Jan 2023 when I sold 14 Covered CALL before the market bottomed. I sold those Covered CALL contracts when Palantir was trading below USD10. Palantir has since rebounded over the past year to the current price of over USD20 and the premium per contract now is so much higher than I first sold.
The good thing about these stuck positions is that I did not sell naked CALL on them, unlike my Nvidia’s situation, but the only way to get out is for the stock to crash back to the price of 2022, as the SP of the contract is much lower than my average (breakeven) price on Palantir.
So, what I did recently was to use the method that I thought of to fix my Nvidia broken SELL CALL positions by turning the position from bearish (SELL CALL) to bullish (SELL PUT).
Read more here:
I had since turned 7 Palantir contracts into SELL PUT contracts. On this 9 May trade, I turned another 2 out of the 5 remaining contracts into SELL PUT contracts. My target is for the contract to become worthless as Palantir continues to rise in the future.
Trade 5: [10 May 24] Sold 1 x Covered CALL on Tesla
Tesla has lost its uptrend momentum and because I own 710 shares, it is hurting my liquidity again. I had to come out with this trade (SELL Covered CALL) to improve my excess liquidity by 5k so that it does not fall to zero with the falling share price of Tesla.
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