Playing with Fire!

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It is exceptionally rare that I can honestly type the following words, but here goes: every decision I made today was the right one. This list is not exhaustive but, among these actions are:

  • Selling SPY puts promptly after the market opened (Made 118%; by day’s end, they were worthless)
  • Selling April DIA puts (which means all my options have at least until June for expiration now)
  • Judiciously trimming some larger options positions for more even-handed risk
  • Closing IBIT position and instead buying bonds by way of TLT
  • Tidying up the stop-loss levels of every single position.

I guess when the permabulls at Zerohedge made their top story going ‘tactically bearish‘ the writing was on the wall………this is truly Gartman level:

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What’s In a Name?

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I think I’ve mentioned this before, but after 50,000 posts, I can never be sure: when I was in high school, our business class teacher told us that Coca Cola’s name alone – – nothing to do with the actual product itself being sold – – was worth as much as a billion dollars. We could hardly believe it, since the notion of something totally abstract as four letters being strung together as “Coke” being worth that much seemed unreal – – but that was a long time ago.

Weirdly Mellow

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For all the anxiety leading up until today (I probably woke up ten times last night to see what time it was), it has been incredibly mellow. I have:

  1. Closed out my entire SPY puts position for a respectable 118% overnight profit;
  2. Reduced time risk by selling my one and only “earlier than June expiration” position, the DIA puts
  3. Trimmed a few options to reduce risk

As for my dozens of little equity shorts, I have, as usual, merely examined them one by one and tightened up stop-loss levels where appropriate, which was in many cases.

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