Options Portfolio Update – 2021-02-04
Current Long Options Swing Portfolio: $BTG, $CCL, $CLR, $GOCO, $HBI, $HL, $KALA, $NIO, $PCG, $SOLO, $SRPT, $SURF, $UTZ
Newly Added: $SPWR, $JKS, $CSIQ
Profits Taken: NONE
Stop-Loss Activated: NONE
Day Trade: NONE
$BTG, $CCL, $CLR, $GOCO, $HBI, $HL, $KALA, $NIO, $PCG, $SOLO, $SRPT, $SURF, $UTZ, $SPWR, $JKS, $CSIQ
Friday was good and frustrating at the same time.
Thursday night, in looking at a number of things, I decided it was time for a solar play, as the group seemed to be a bit depressed and was due to come out of it, especially as the political environment will be pushing in their direction.
What I typically do is to find at least a few potential targets, figure out good entry points that minimizes risk, place limit orders to pick them up around those points, and see if any of them hit. Typically, my goal is 25-33% of what I put in an entry order for to actually fire and get picked up. My plan was that once I picked up one, I would cancel the other two orders.
But, on Friday, all three of my targets unexpectedly had a sharp dip at the same time, and all three hit the target around the low of the day within a minute of each other. As I have a day job and cannot watch charts, etc. all day, I now have all three positions. But, so far, it is working out very well, as all three ended the day nicely, with one being up over 50% on the day.
Overall, the portfolio was up on the day, with a big boost from the solar tickers. But, the frustrating thing was that there were three existing positions that were within a hair of target that never quite got there. In fact, for two of them, I was on the ask line for some stretches but never quite got filled.
As the $SPY, /ES, and /NQ all opened up on this evening, they were all up higher. We’ll see where they are when I awaken in the morning.
Day Trade:
NONE
Taking Profits:
NONE
Activating Stop Loss
NONE
New Holdings
CSIQ, JKS, SPWR
Given that these are all solar plays and are all seemingly acting together, for this edition, I don’t see the need to write the same thing over and over again. About 7 minutes after the Friday open, all three plays took a big dip to their lows, all under their fib supports. And, then, just about as quickly, they all went back to previous levels and at least two finished the day higher than the previous.
Based on charting, I’ve set my targets accordingly for each. From an expected profit, I see $SPWR outpacing the other two, but not necessarily by much
Holdings
BTG
The $5 mark is a key resistance/support for $BTG. It was able to pull itself over this in the morning and stay above it the rest of the day. If it can hold itself over 5, it may have the opportunity to start moving higher. The next Fib level is at 5.49.
CCL
Re-opening stocks seem to be coming back in favor, and CCL has been moving from one fib step up to the next. As it inches closer to target, I’ve been tempted to take the profits off the table a bit early, but I need to trust my plan. My target is a little above a 161.8 (about 24.35).
CLR
$CLR stayed above the 261.8 extension on Friday. The candle was smaller than most days with this, but it looked to be taking a little breath as it separated itself from the 21D EMA. As long as it continues to stay above the 33D EMA, this remains in play. The target is a bit north of 25.
GOCO
$GOCO was flat on Friday, looking as it is consolidating a bit above the previous resistance and getting ready to move north some more. Target is a little short of 16.
HBI
$HBI has earnings after market on Monday. My primary target is reachable with a good day, but I may have to settle for something a slight bit lower if I am to be out before the earnings call, as I don’t like to hold through earnings. Target is about 16.50, but, anything north of 16 may be okay.
HL
$HL stayed above the fib it closed at on Thursday and challenged the next fib up, ending close to that one. I look for this to challenge the $7 mark by the end of the week, especially if silver is still being targeted.
KALA
$KALA has been spiking recently and is nearing my target. In fact, this is one of the positions where I was on the ask line for some periods of time on Friday. Currently, the estimated pricing is actually a bit short of the Fib lines that I actually look to as my target. I’ll take a look at the pre-market action and determine if I should adjust my option target price to my actual stock target, or just leave it and see if I get filled for a good 60% win.
NIO
$NIO. What do we do with $NIO? It isn’t faltering below my red line, but it isn’t doing anything either. (It is close to the red line, though.) But, as some of the EV plays have had very little volume over the last week, and as sellers may have been shaken out, it may only be a matter of days before this (and others) gain energy again and move north. I wouldn’t be surprised if they do so in rapid fashion. But, in the meantime, I feel like the matrix is against me here, and I’m watching this closely.
PCG
$PCG just moved sideways on Friday. That $12 mark is the key level. Once it gets above that, it can run just a little. My stall target is around 12.60, and if it gets there, I may be taking it off the table at that point.
SOLO
$SOLO was another that slide sideways on Friday. But, given the strength it was showing this week, I’m okay for it taking a breath and regaining some energy for hopefully a move to target (about 10.40).
SRPT
$SRPT took another fib step up on Friday. I look for this to keep climbing. I would like to see it move a little faster, but I am trying to be at least somewhat patience. But, time decay will be setting in.
SURF
I’m looking for a catalyst on this to get closer. But, in the meantime, it is up a little since acquiring the position, so that is always a good thing. I am looking for this to move again toward its recent high, and my target is a little short of that around 13.
UTZ
I picked this up from my watchlist last week and it has performed well since then. As this has steadily moved upward, I may see it reach my target of 25 sometime in the first part of this week.