I know, I didn’t post an update yesterday. I was pissed, plain and simple. That and we received about 3 inches of rain in less than an hour so I had to go pick up my wife since I didn’t want her driving in that mess. Anyways, yesterday was a mess.
Yesterday’s Trades: 4 contracts traded. Closed out V puts for a loss and BHP for a small gain.
Yesterday’s Profit / Loss: -$84
No new account highs 
Toward the close, not only was I in a better mood, I was pissed I sold my V and BHP puts. But that’s how life goes. In retrospect, I should have never sold BHP since it didn’t violate any of my rules. No matter.
Today’s Trades: 0 Sales
Today’s Profit / Loss: None
Today’s Profit / Loss On Paper: 
And that’s why today I’m in a hell of a mood. Second $1k day in the past couple of weeks.
*** New Account High ***
P.S. I’m only giddy until I hit $10k. At this rate, it may happen by the end of the summer. I don’t expect it to but one never knows. I would like to see $10k by the end of the year though.
Hope everyone had a great 4th of July. While I enjoyed the break, I was itching to get back into the market. The morning action wasn’t a surprise and neither was the dip in my account. I’m about 50% cash right now so I’m feeling fairly comfortable. I’m still heavily negative delta which is a concern. I can’t for the life of me hold on to any calls without getting stopped out. I may end up hedging against a bounce with some index calls but I need to figure out how to implement that into my trading plan. A contingency plan of sorts I suppose.
Contracts traded: 9 (ILMN loss, V roll, STT roll)
Profit / Loss : $933
*** New Account High ***
I’m now looking at a 30% profit from my initial investment last year + the loan I gave my account earlier this year. The longer this keeps up,the more I’m thinking maybe things are falling into place. We shall see I suppose!
I know.. yesterday’s update is a tad late. Had some personal business to attend to which is carrying over into today. If everything goes as planned, things may change around here much sooner than I anticipated but we’ll see. Anyways, here’s a quick recap of yesterday’s events:
Trades Taken
- 1xNQ
- -1x V Jun 95 Call
- -1x NYX Jun 75 Call
Profit / Loss for the Day / Open: -$18.00 / -$37.50
NYX is the subject of a heated debate on the Option Addict boards. Personally, it violated the main reason I entered so I exited. As for Visa, the chopfest the past 4-5 trading days ate the time value in my option. In order to be profitable, I would need Visa to jump about 8 points over the next week or so which, with the current state of the market, doesn’t appear to be likely. In the event Visa breaks out of the range it’s been trading in, I’ll go ahead and jump back in. My futures trading saved my portfolio with a short off the NQs for a $70 gain, bringing my portfolio to near even in spite of being heavily bullish. Pays to be diversified, regardless of what your account size is!
Keeping it short since I just came from class. I apologize for the lack of updating during the weekend but I’ve been ill for a couple of days now. Having a nasty headache right behind your eye really, really hurts! Anywho, quick update:
No Trades Taken
Profit / Loss for the Day / Open: -$77.00 / -$174.00
Amazing what happens when volatility begins to contract. Visa finally broke above $83 today and closed almost a point higher and yet my contracts were down. Theta and volatility suck. Seems to be the story with the rest of my holdings. I think at this point I’m going to switch from playing an options/futures game to strictly options. There’s quite a bit of cash sitting in my account that I could potentially put to good use. I’ll have a more complete update at work tomorrow. Sigh…
Overall, while still another loss, it wasn’t a bad day. Once again, however, tight stops on futures got the best of me. It’s a work in progress though. Once I refine my futures trading skills, I’ll be able to post more consistent profits. I did notice around lunch time trading in a zone somewhat. Remember that scene from Office Space where they head to the psychoanalyst and that funky music plays in the background as Peter’s hypnotized? Yeah, it was almost like that. Anywho…
Trades taken
- 2xNQs
- 1 June 95 V Call
- 2 June 25 JASO Calls
- 2 June 25 BBD Calls
Today’s Profit / Loss: -$25
Minor loss although off my lows for the day. Some strength near the close helped cut my NQ losses in half. Other than that, while I’m concerned I’m overly bullish, I couldn’t find many put plays today. I noticed the Option Addict boards discussing Valero (VLO), but if oil prices do begin to come down, I think VLO and other refiners benefit due to the decrease in crack spreads, making it more profitable for them to crank out the good stuff. Volume was awful as well as I’m sure others are saying. I haven’t been trading long enough to understand what the differences are between a low volume and a high volume day, but it appears there is quite the difference.