Hello readers! I hope everyone is having a great week so far! This is just another routine update on my trading blog. Here is the update:
For my AMD position, it has been profiting very nicely over the past couple of days. After the last update, I bought an AMD straddle At the money, which was a strike price of 121 at the time. In the beginning of this week, AMD went down in share price, so I tightened my position by closing out of the 121 calls and buying 117 calls. I am very happy that I made that decision, because over the rest of the week, AMD skyrocketed up, and now its is sitting at around 129 dollars per share. Because of that, my calls started to make money early, and although my 121 puts are losing almost all of their worth, the profits on the 117 calls are much greater than the losses on the 121 puts. So, right now, my AMD position is profiting at around $5,500 overall. Also, the straddle was purchased in the December 15th expiration cycle, and all of the adjustments were also made in that expiration cycle.
For the QQQ position, I ended up closing it on December 1st, and I was happy with that since I profited around $6,000 on that position on that day. I received $16,700 credit when closing the position, but that does not take into account the amount of money I used to originally put on the position. Overall, I think that position was a great success.
For the SPY position, the short December 1st 437 calls ended up losing a lot of money for me, around $15,000 to be exact, but that is fine as my SPY position right now is profiting around $17,000 right now. I did not make any new adjustments to the SPY position, as the underlying SPY asset continued to steadily go up. Thus, my long 437 calls made money, and so did my short 454 puts. But, my long 459 puts did not make any money, but the huge profits from the other two options are covering the losses of the long puts and a lot more.
My plan is to maybe tighten the AMD position a little bit, by exiting out of the current puts and buying some puts near the ATM strike price right now, just to hedge against a big downside move. Overall, I am very happy with my positions right now as I am profiting a lot from them right now. I hope to maintain the profits all the way until expiration, where I can secure the profits.
Here is a picture of my current positions:
