The market has shot up in the past couple weeks. AAPL has gapped up significantly on 3 of the 4 past openings. Up about $20 or 15% in the in the last 2 weeks. I'm not complaining my bullish positions are doing well, but it puts a wrench in my plans for the rest of the year. If catastrophe days are gone, then the days of collecting fat premiums for selling puts at risk-averse valuations are also gone.
With my short AAPL $140 put marked at $4.90 with 88 days til expiration my positions stand little to gain if this monster rally continues. However, I have little to lose if it fizzles out. I could chase again and roll up the position, but I feel like this time is different. If after earnings tomorrow I find reasons for a higher valuation at $150 or $155 for AAPL I'll consider rolling it up then.
I am gaining confidence in my short Sunoco (SUN) put as I see $20 as a huge support. A road trip up to Ithaca this weekend also boosted my confidence as the drive through Pennsylvania is Sunoco-country. Even got a Sunoco trucker to honk his horn!
Maybe the world and the market is back to normal and I should hold some long-term stock positions. I'm considering dollar averaging into CMG, buying 10 shares a month for at least the next 5 months. The B shares of course, since they are at a huge discount.
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