Exits 8/4/2023

How we did on the trades we exited this week.

Slyzyy/Pexels

This Week’s 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. These are the trades I exited this week:

Stocks or Exchange Traded Products

None.

Options Trades

1. Skip-strike butterfly put spread on Carvana (CVNA -12.36%↓). Entered at a net debit of $1.61 on 6/13; will expire wothless. Loss: 100%.

2. Call spread on Sirius XM Holdings (SIRI 0.00%↑). Entered at a net debit of $0.23 on 7/31; will expire worthless. Loss: 100%.

3. Call spread on Fisker (FSR 0.00%↑). Entered at a net debit of $0.33 on 8/3; will expire worthless. Loss: 100%.

4. Call spread on Expedia (EXPD 0.00%↑). Entered at net debit of $0.45 on 8/2; will expire worthless. Loss: 100%.

5. Call spread on JetBlue Airways (JBLU -3.62%↓). Entered at a net debit of $0.40 on 7/31; will expire worthless. Loss: 100%.

6. Put spread on Starbucks (SBUX 0.00%↑). Entered at a net debit of $0.96 on 8/1; exited at a net credit of $0.11 on 8/3. Loss: 89%.

7. Call spread on Zillow (Z 2.97%↑). Entered at a net debit of $0.45 on 8/2; exited at a net credit of $0.38 on 8/4. Loss: 16%.

8. Put spread on Match Group (MTCH -9.95%↓). Entered at a net debit of $0.90 on 8/1; exited at a net credit of $0.93 on 8/2. Profit: 3%.

9. Put spread on Pinterest (PINS -0.36%↓). Entered at a net debit of $0.89 on 8/1; exited at a net credit of $0.96 on 8/2. Profit: 8%.

10. Put spread on Funko (FNKO -5.86%↓). Entered at a net debit of $0.75 on 8/3; exited at $1.00 on 8/4. Profit: 33%.

11. Call spread on Coinbase (COIN 0.80%↑). Entered at a net debit of $0.44 on 8/3; exited at a net credit of $0.59 on 8/4. Profit: 34%.

12. Puts on Silvergate Capital ($SICP). Entered at $1.26 on 3/9; exited at $2.10 on 8/3. Profit: 66%.

13. Call spread on Tanger Factor Outlets (SKT 0.00%↑). Entered at net debit of $0.45 on 8/3; exited at a net credit of $0.80 on 8/4. Profit: 78%.

14. Split strike butterfly on Hyatt Hotels (H -7.95%↓). Entered at a net debit of $3.13 on 8/2; exited at a net credit of $6.08 on 8/3. Profit: 94%.

15. Call spread on Wayfair (W 0.00%↑). Entered at a net debit of $0.45 on 8/2; exited at a net credit of $0.90 on 8/3. Profit: 100%.

16. Put spread on Redfin (RDFN 0.00%↑). Entered at a net debit of $0.44 on 8/3; exited at a net credit of $0.90 on 8/4. Profit: 105%.

17. Put spread on Altria Group (MO -1.04%↓). Entered at a net debit of $0.31 on 7/31; exited at a net credit of $0.69 on 8/2. Profit: 123%.

Comments

On the stock side, another week with no exits. On the option side, seventeen exits, all but two of which were earnings trades. Let’s address those two first. The #1 exit listed above was a bet against Carvana (CVNA -12.36%↓), a meme stock that had spiked in June.

Not much to say here: I got this one wrong. It kept going up. That said, we did successfully bet against this one earlier this year, and I wouldn’t rule out betting against it in the future.

The other exit that wasn’t an earnings trade was a put position on Silvergate Capital (symbol formerly SI, now SICP), exit #12 above, the crypto-focused bank that went bust in March. That’s one I wished I’d bet against earlier, but ended up betting against after it went bankrupt.

In hindsight, that was a low risk bet, as few companies make it out of bankruptcy with their common equity having any value.

As far as the earnings trades, I’m going to compare our biggest losers (Exits #2 through #6) to our biggest winners (Exits #13 through #17) over the weekend and see if I can glean anything that can help us improve our selections going forward. In any case, I plan to be more selective next week as the number of trades was a lot to keep track of this week.