Options Portfolio Update – 2021-01-11
Current Long Options Swing Portfolio: $DBX, $FISV, $ON, $SRNE, $SURF
Newly Added: $ED, $ZNGA
Profits Taken: NONE
Today was a day that I had few entries and no holdings hit their targets.
From a market perspective, the day ended up being flat, however, both the VIX and UVXY are up. In looking at the Fibonacci lines that I had previously drawn for the SPY, the SPY walked along the same fib that it danced around on Friday. Add in the 13, 30, and 200 SMA lines, the charts look very similar to the previous two sets of pullbacks as the market recharged.
As such, even though much of what was on my weekly watchlist advanced some, I will leave most entry points as they are as I feel the market will pull back to recharge while maintaining their channels.
Taking Profits:
Nothing hit sell targets today.
Holdings
DBX
$DBX had a positive day, climbing sharply early in the day, retreating some with the general market, but holding the new resistance levels when it did.
For a while, I though this might pop up a little more and hit my target. It came within earshot, but not quite there. This should be ready to hit within the next day or so.
FISV
Financial stocks did well on Friday, but today at least some stepped backward a little, like $FISV. It is still well within my play area, but much of the green faded today. Looking for this to work itself back up soon.
ON
$ON is pausing around $36 for at least a couple of days here. It should be making its climb to the next resistance point soon, which is my target around 37.50.
SRNE
$SRNE continues to play on the lower end of the channel, but never really testing the strong support. But, the question is, how much longer will it meander here and cost me time decay. Though, I’m in the money, I’d like to be further in the money soon. So, I’ll be watching this one.
SURF
$SURF rode the wave up to the next channel today and held above the $11 level, which is both a psychological and a chart resistance/support line (78.6 retracement). One more push up and this one could hit my target.
New Holdings
I picked up two positions that hit my entry points off my weekly watchlist.
ED
I liked the chart setup on this and am looking for $ED to run back up to the top of the channel. However, given the nature of this ticker, it was one of the riskier ones. As such, I’ll be watching the stop-loss on it.
This dipped down to my entry point, and then continued to go down a bit further. There is still a little room, and I did give plenty of time in my option selection for this to do what it should do.
ZNGA
Yes, I did pick up a position in my Moby Dick. $ZNGA has been frustrating, but signs are there that says this is ready for a breakout.
I picked up my positions around the lows of the day at support. This should turn around and I hope to be able to hit my target this week. But, I did give myself a little time just in case.