Happy September monthly options expiration!

We do have several positions that expire today.

The choppiness caught us flat footed on these positions while sitting and waiting. 

The good news is that these are off our screens and I’ll cover those in a minute.

What’s interesting is after the cash market closed, the S&P 500 futures continued to sell-off. 

It will be interesting to see how the futures open Sunday evening going into Monday. 

Now, the CBOE Volatility Index (VIX), aka the “fear” index, is at 20.81 above our key 15 level.

We did see the same reading last week and that indicates markets will continue to be choppy or a sell-off. 

But We’re still in a bullish regime and we’ve seen fear revert back the following day. 

With the debt ceiling on the horizon, things will get very interesting in the coming weeks - buckle up! 

Now let’s talk shop.

Portfolio Update

Today, these positions expire.

• FCX September 17, 2021, $38/$41 call spread
• SNAP September 17, 2021, $80/$90 call spread
• JNPR September 17, 2021, $29/$31 call spread

Unfortunately, we don’t have more time.

There’s nothing that you need to do, and they will be removed from your account over the weekend.

Taking losses isn’t fun, but without the bitter, the sweet isn’t as sweet.

But remember…

The sweet part is making money and losses are part of the process.

Here’s a recap of what we did this week.

On Monday:

Buy-to-open the OXY October 15, 2021, $27/$30 call spread

On Tuesday:

No action.

On Wednesday:

No action.

On Thursday:

Buy-to-open the AAPL October 15, 2021, $150/$155 call spread

On Friday:

No action.

Right now, we’re holding:

• YELL October 15, 2021, $7.50/$10 call spread
• ACM December 17, 2021, $70/$75 call spread
• DIDI September 24, 2021, $9.50/$11.50 call spread
•  AAPL October 15, 2021, $150/$155 call spread
• OXY October 15, 2021, $27/$30 call spread

Trade Journal

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.

FCX September 17, 2021, $38/$41 call spread

Outcome:Expired worthless.

Notes: We took our shot and this didn’t work out. It’s frustrating to see a position slowly go in our direction and then quickly drop lower. 

SNAP September 17, 2021, $80/$90 call spread

Outcome:Expired worthless.

Notes: We took our shot and this didn’t work out. After the big move higher after earnings, it’s traded in a tight range for the last 7 weeks.

JNPR September 17, 2021, $29/$31 call spread

Outcome:Expired worthless.

Notes: We took our shot and this didn’t work out. This was slowly going in our direction, but then started to drift lower. 

Now it’s time to get my 7 mile run in before I head to the pool with a fresh jalapeno margarita - TGIF! 

Have a great weekend and talk with you on Monday.

To your wealth, freedom, and options!

Joshua M. Belanger