Dids/Pexels
Recent Trade Exits
As soon as I exit a trade, I note that in the comments of the post where I first mentioned the trade; at the end of the week, I try to track them all in one post. A couple of weeks ago, we had a few options get assigned at expiration (on April 19th), and we didn’t fully exit the last of those positions until today. Hence the delay in posting this. These are the trades I exited since our last Exits post on April 6th:
Stocks or Exchange Traded Products
CleanSpark (CLSK 0.00%↑). Bought at $15.14 on 3/19/2024; stopped out at $13.75 on 4/16/2024. Loss: 9.2%.
Netflix (NFLX 0.00%↑). Bought at $290.95 on 12/30/2022; stopped out on 4/22/2024 at $543.49. Profit: 89%.
Nvidia (NVDA 0.00%↑). Bought at $230 on 2/24/2023; stopped out at $825.06 on 4/18/2024. Profit: 259%.
Options Trades
Put spread on Guess (GES 0.00%↑). Entered at a net debit of $0.45 on 3/18/2024; this turned into an accounting mess with options adjusted, etc. End result, Loss: 100%.
Call spread on Guess (GES 2.17%↑). Entered at a net credit of $0.50 on 3/20/2024; this turned into an accounting mess with options adjusted, one leg assigned, and a dividend charged. End result, Loss: 100%.
Call spread on Citi Trends (CTRN -1.42%↓). Entered at a net debit of $1.50 on 3/18/2024; expired worthless on 4/19/2024.
Call spread on Tesla (TSLA 14.61%↑). Entered at a net debit of $2 on 3/1/2024; expired worthless on 4/19/2024. Loss: 100%.
Call spread on Shoe Carnival (SCVL 0.68%↑). Entered at a net credit of $2.08 on 3/19/2024. Assigned one of the call legs on 4/19/2024, closed on the short position on 4/29/2024. Loss: 80%.
Put spread on Shoe Carnival (SCVL 0.68%↑). Entered at a net debit of $2.50 on 3/18/2024; exited at net credit of $2.25 on 4/19/2024. Loss: 10%.
Call on United Airlines (UAL 0.00%↑). Bought at $3.50 on 10/20/2023; sold at $8.40 on 4/17/2024. Profit: 140%.
Call spread on Tesla (TSLA 14.61%↑). Entered at a net debit of $0.75 on 4/23/2024; exited at a net credit of $2.05 on 4/24/2024. Profit: 173%.
Comments
Stocks or Exchange Traded Products
Instead of using a trailing stop on CleanSpark (CLSK 0.00%↑), I used a trailing limit stop, which unfortunately kept me from exiting this one for a nice profit at over $20 per share. I then switched to a trailing stop which got me stopped out for a 9.2% loss. No complaints about exiting Netflix (NFLX 0.00%↑) and Nvidia (NVDA 0.00%↑) for gains of 89% and 259%, respectively. Overall, our core strategy continues to outperform, driven by the outperformance of our top names.
Options Trades
Most of the losers here are legacies from our past earnings trading approach, where we
Placed a lot of earnings trades.
Relied on a quantitative system aggregating ten different metrics.
This quarter I am being more selective. On the bullish side, I’m focusing on stocks that are recent Portfolio Armor top names, may be benefiting from a major macro trend, or both. On the bearish side, ones that are facing a major macro headwind. In both cases, we’ll try to take advantage of price action ahead of time, when possible, and we’ll aim for >150% gains on our winners. I have a bullish one teed up for tomorrow, if the price action cooperates.