Options Portfolio Update – 2021-01-07
Current Long Options Swing Portfolio: $DBX, $FISV, $NIO, $ON, $SRNE, $SURF
Newly Added: NONE
Profits Taken: $FUV, $PINS, $SNAP
Like many traders, I enjoyed today. It seemed like every time I was in the middle of something for work, I got an alert about something good, like making profit.
Now, as many things were up, it didn’t exactly give many buying opportunities for my strategy, but that is okay. I’m not chasing anything, and I’m going to enter where I think it makes sense.
Three of my positions hit targets – well, at least two hit my initial target and after watching price action for another, I decided to lower my target and still take good profit, as I’ll outline below.
Taking Profits:
I had another two holdings that hit their initial targets today, with a third one hitting my revised target. As I’ve previously mentioned, as this is a small account and my ‘full size’ holding is about $400, it is difficult to phase out of many holdings.
FUV
I picked up $FUV off my watchlist on Tuesday, getting a good entry. I originally was going to hold this for a month to month and a half for hitting a higher target. However, with the price action today, and then seeing it settle around the 50.0% retracement, I readjusted my plan to take 60% profits now.
Given the quick homerun, I didn’t want to risk losing that to price decay should it decide to settle around the new support line for an extended period of time.
This will go back on the watchlist to get in again later.
PINS
$PINS was another that I picked up on Tuesday. Like many other plays, I was looking at the channel and bought at the bottom of the channel.
For this, I was looking at playing a little above the 78.6% extension for my exit, as this ticker had been playing around that line for a few weeks and felt that it was going to pause around there again. It hit my target for a 44% profit.
SNAP
I held $SNAP for about 2 weeks for a 65% profit. For details, I outlined this trade here: https://tradingstatic.com/?p=201
Remaining Holdings
For those still in my portfolio, the three biggest winners of the day were $ON, $NIO, and $SURF.
Though $ON is one I intended for a few months, its current run could hit my target as early as tomorrow. Should that happen, this would be the second $ON holding sold for a good profit this week.
$NIO went from a red day yesterday, the day I picked it up, to back in the green overall with a chance of breaking out. Today’s action was good, and the after-market took it higher. Hoping for another good day tomorrow.
$SURF is starting to break out. And, like some others, I was looking at a bit of a longer play with this. But, it may prove to move faster than I expected, which is a good thing.
$DBX rebounded back into the green today, and I’m looking for this to pick up within the next week or so.
$SRNE remained relative flat, with $FISV taking a slight hit today.