Dear Trader,
Broad markets were sluggish this week.
But that didn’t stop our hot streak by putting two more winners on the board.
That means we’ve been able to close our 6 winning trades in a row for an overall gain of 444%!
However, that means we’ve closed 10 winning trades out of the last 12.
That’s amazing and take a moment and celebrate these victories.
Life moves quickly and we often don’t take enough time to pat ourselves on the back for taking action.
Now, the CBOE Volatility Index (VIX), aka the “fear” index, is right above our key 15 levels, trading at 16.
That means there’s not much fear and market bias continues to be higher, but also choppy.
Now let’s talk shop.
Here’s a recap of what we did this week.
On Monday:
Buy-to-open the CVE July 16, 2021, $10/$11 call spread
On Tuesday:
Sell-to-close the VLDR July 16, 2021, $12.50/$15 call spread
Sell-to-close the OUT July 16, 2021, $25 call
On Wednesday:
Sell-to-close the RKT June 18, 2021, $25 call
On Thursday:
Buy-to-open the LI June 25, 2021, $25 put
Buy-to-open the LUMN July 16, 2021, $16 call
On Friday:
No action.
Right now, we’re holding:
This is my journal which is a debrief of every trade closed or expired to analyze what happened, why it happened and how it can be done better — like what the military uses after missions.
VLDR July 16, 2021, $12.50/$15 call spread
Outcome: Closed for a 62% gain.
Notes: We executed this perfectly.
OUT July 16, 2021, $25 call
Outcome: Closed for a 28% gain.
Notes: We executed this perfectly for this position. There’s a few other trade structures that would’ve benefited more like a longer dated call or a spread.
RKT June 18, 2021, $25 call
Outcome: Closed for a 12% gain.
Notes: We executed this perfectly for this position. There’s a few other trade structures that would’ve benefited more like a longer dated call or a spread.
That’s all for today.
Now it’s time to head to the pool with a fresh jalapeno margarita - TGIF!
I'll have a new trade on Monday and have a great weekend.
To your wealth, freedom, and options!
Joshua M. Belanger