Options Portfolio Update – 2021-01-03
Current Long Options Swing Portfolio: $ACB, $DBX, $DGLY, $FISV, $ON, $SIG, $SNAP, $SRNE
Newly Added: $DKS, $SESN
The market was a bit of a roller coaster today. Media is bringing up politics and issues with vaccine deployment as key issues pushing the market down. However, I also think that there were a number of folks who had a great year in 2020 and wanted to push some of their profits into 2021.
I was hoping for more of a green day for my holdings, especially one where some targets were hit and I would sell for profit. Overall, it was a good day, where my portfolio (including stocks that I hold) was up about 2% on the day, where the stock side (and higher dollar volume) was actually lower on the day.
The only holding to hit a target was a penny stock play in my micro account. I bought $ASCT last Wednesday, and today, it my target in that account for a 25% win. I still hold a larger size investment in my primary swing account.
New Additions:
DKS
$DKS has been on my watchlist for the last couple of weeks.
The hourly chart that I posted yesterday shows that this has been playing between the 38.2 and 50.0 retracements for the last 6 sessions going into today. I set my limit order for my options purchase a little below the 38.2 ret for what I see as a good entry.
I’ll be looking for two possibilities here. One is for a play back to the top of the channel for a quick win, or a break upward to the next resistance line at 58.53 (61.8 ret).
One thing of interest for this play was a late order in the aftermarket that went for $53 for the block. This block was about $3 under the close and other transactions in the aftermarket. It could be nothing except someone selling a chunk to cover a shortage in his portfolio. But, if it is something, it is something I’ll watch.
SESN
$SESN is a penny stock that has been on my watchlist that also has options, so this can be an interesting play. Though I may look at an option play at some future date on this, I chose the stock play this time around.
For an entry, I was aiming at a line just under that 23.6 ret. that would also serve as a good psychological support itself. My limit order for 1.30 was filled today. It hung around there much of the day, and in aftermarket, I’m up a couple of cents. But, I look for this to start moving up its retracement. The next level up is 1.41 (38.2).
Existing
ACB
The star of the portfolio today was $ACB. I’ve been looking for the pot stocks to come back to life now that we are in January and the political environment for them should improve. (I also saw my shares of $SNDL rise nicely today, too.)
It popped up over the double resistance around 9.50 today (both an extension and a retracement in that area), fell back, but then was pushing against that resistance the rest of the day. After market, it broke through and finished that session above the line.
ON
$ON went to new intraday highs today and fell back with the market, but still finished above its previous peak in early December.
As I believe that this will run a bit more, I picked up longer term positions when this fell back today. But, I also look to finish cashing in my shorter term positions this week, as I believe this will challenge 34 (161.8 retracement) this week.
Others
$SRNE spiked up, and some of the others showed some life, but for the day, they were a mixed bag. However, as the market was dipping, though they went down, they still held key support levels.
For those positions that expire in this monthly cycle, I will be looking to take what I believe I can with the charts. Tomorrow’s action will give me an idea of what to possibly expect the rest of the week.