Short and sweet since I’m feeling a bit under the weather. I need to learn to not leave so much money on the table. It’s frustrating and starting to get on my nerves!
Trades Taken
- -1 x JASO June 25 Call
- -1 x LVS June 65 Put
- 1x VLO June 45 Put
Profit / Loss on the Day / Open: -$58.00 / -$95.50
Closed out my JASO calls around the high this morning only to see it fade the rest of the day. Solar play may be over for now especially with oil potentially fading from these levels. LVS took off like a rocket and hit my intraday stop and as a result I exited with little damage. VLO looks ripe for the drop so we’ll see what happens.
Okay.. someone explain to me what the heck just happened. Here’s a 1 minute chart of the Q’s.
Around 2:30 (yes, that 2:30 reversal period), the Qs and the rest of the market went right down the toilet. I think the bears were mocking the bulls and were loading up just to give them some false sense of hope before they brought out the bombers and obliterated any rally today. Now that the carnage is over, how’d I do?
Trades Taken
- 2 x NQ
- -1 x JASO June 25 Call
- 1 x LVS June 65 Put
- 1 x BBD June 25 Call
Profit / Loss for the Day: $132.50
Profit / Loss Currently Open: $32.50
I think something odd happened when I sold half of my JASO position. I sold one JASO contract at $2.75 for a profit of ($2.75 – $1.25) $150. However, my P/L for the day in JASO is $87.50 (JASO declined during the nasty selloff). Anywho, on the NQ front, I managed to escape with $80 on the day. I need to begin letting my NQs run a bit more. I could have easily captured another 5-10 points on the NQs had I let them run and watched my indicators. But that’s how one learns. It’s a matter of learning by experience.
Took a position against LVS near the close. LVS in the past has been very good to me so we’ll see if it cooperates with me this time around. I have a very tight leash on it with an entry near $72.20 and a stop around $72.50 + 0.5%. I also went ahead and increased my max risk level on BBD. Over the past couple of days, I’ve noticed BBD consolidating. While it’s close to violating my trendline, it’s still in play and so I increased my position to my max risk (using the initial purchase price for my BBD contracts).
Options expiry is Friday and I’m glad I’m done with my May options. Another options cycle is close to being in the books. Any thoughts on what tomorrow’s action will bring?
