Dreadful breadth here today with $RSP down -0.5%
$QQQ slowly edging back towards ATH with memory very strong. I believe we see $SPY chopping like this till Nasdaq is back to ATH (with breadth worsening as well) before any new significant move (up or down).
$NVDA earnings next week could be the trigger to another move
Back from break.
Purchased 10 $GOOGL 370C 18/9 @ $3.60
My 21/8 calls are close to zero value, nearing a 95% loss currently. Expected a quicker bounce of Google in the last few weeks but didn't happen.
Covered all my short shares of $NOW right now at $120
up $500 on the trade (+4%)
Also sold my 4 shares of $SNDK for $1750, up nearly $1800 (+34.6%)
Still holding my $TGT and $SPY puts.
WEEK 3 Portfolio Recap : started at $50 K
Positions :
- Bought 4 $GOOGL 370C 8/21 @ $3 today, adding to my 4 existing calls bought @ $7.90 earlier this week, averaging a loss of -44% for now at -$1325
- Sold my last 6 $AAPL 320P 8/21 @ $9.5 , sold my other 6 for $19.40 after earnings. Up $10950 on the position (171.36%)
- $DRAM@ $55.85, currently priced at $50.6
Unrealised loss of -2100 dollars (-9.40%)
- 4 shares of $SNDK @ $1300.00, currently priced at $1214.83 Unrealised loss of -351.16 dollars (-6.75%)
- Bought 5 $SPY 770P 8/21 earlier this week @ $7.6 acting as hedge, priced at $4.95 now, down 34.87% currently
- Bought 5 $TGT 150P 8/21 @ $7.4, now down slightly 40 cents (down -5.41%)
- Shorting 100 shares of $NOW @ $125.00, now up 0.10% or 12 dollars, not intending on holding this for too long as software has been on a tear recently, but I still expect some profit taking to happen. Targeting a 3-6% move.
Current cash: $22725
Current $ in active positions: $43815.84
Total: $66540.84
Current gain of 33.08%
Weak performance this week, down -15.02%, mostly due to Google underperforming the market while my hedges have not been paying off ($SPY kept edging upwards and $TGT has been flat, eaten by theta).
On top of that, my longs in memory have been flat from last week, still in the red. This market is quite complicated to juggle with now we are back at ATH, struggling to find good longs that I'm not afraid of holding and I don't really want to have more semi exposure. Have reentered Google as a long and still keeping a close look on Microsoft and Amazon, especially Microsoft at that $500 level.
My latests positions have been much smaller than my initial Apple short because I didn't have the same amount of conviction, hence didn't want to risk as much capital (currently my puts on the S&P 500 cost me less than $4k while my initial Apple position was more than $15k in premiums).
The market is very optimistic with poor jobs number helping the narrative of no rate hike + new potential ceasefire/deal regarding Iran. If we don't get any important macro news or a big inflations number next week, I feel we could be dealing with a very choppy market until $NVDA earnings.
Will be away next week so fewer updates, will keep you updated if there are any changes to the portfolio's positions.
Completely flipped from tech and semis crashing and other sectors keeping market afloat to weakish market in general and semis very strong ($SOXX +1.3%)
$SNDK now at -2.5%
Will we see green?
Who pressed the sell button? The party was just getting started
Sharp retracement back towards VWAP for $SPY $QQQ
$NVDA erases gains, now trading flat despite being up 2% at open
Breadth fading completely despite being very strong premarket, mega caps helping keep the indexes close to flat right now with $NVDA $AAPL $MSFT $META all up more than 1%
$SNDK from -13% in premarket to now -5%