Options Portfolio Update – 2021-02-15
Current Long Options Swing Portfolio: $BTG, $CCL, $CLR, $CSIQ, $GOCO, $HL, $JKS, $KALA, $NIO, $PCG, $SOLO, $SRPT
Newly Added: $EHTH, $IGT, $PLUG
Profits Taken: NONE
Stop-Loss Activated: NONE
Day Trade: NONE
$BTG, $CCL, $CLR, $CSIQ, $GOCO, $HL, $JKS, $KALA, $NIO, $PCG, $SOLO, $SRPT, $EHTH, $IGT, $PLUG
I have some position expiring this week, so I look to take action on most early in the week. About half of those are in the money, so that does give a little more play in how I handle them, but I will be adjusting my upper targets accordingly, taking profits where I can, but also limiting loss where I need to.
The indexes are about out of steam and will need to rest for a bit. For me, the $SPY mark of 395.50 is likely the upper bounds before a retracement while the market consolidates. (At least that is what the fibs are telling me.)
But, there is a wild card for the market still in play, and that is the stimulus bill going through Congress. That could provide a bit more energy for pushing higher, but probably not for too long.
EV has been at rest of a little while, so I’m looking for a pop in that, with some attention coming back to it. Volume has been low across the board with these plays and it appears the sellers are about done.
So, on to the portfolio.
Day Trade:
NONE
Taking Profits:
NONE
Activating Stop Loss
NONE
New Holdings
EHTH
$EHTH took a dip and I picked up a position looking for it to close at least some of the gap down. My target is around 71.25, though it does have the potential to go higher.
IGT
For $IGT, I looked for a dip under the 161.8% to the 21D EMA, which hit on Thursday. I am looking for a target of 21.25.
PLUG
I looked for dip to the 21D EMA on Friday (about 62), and got a good break on a quick hit on Friday. I made this a short play (expires this week), so I have an initial target around 66.50. However, if it is breaking out, this could hit 70+ this week.
Other Holdings
BTG
The $5 mark is a key resistance/support for $BTG. That is also the strike price for my options. The fundamentals for the company (such as no debt and a healthy credit line), combined with the charts, make this a good play. Add in that certain commodities, such as gold, will do well with inflation and other issues that may impact the markets and the economy, I like this. In some ways, it is a hedge against a correction in the market. Though down a touch on this at present, there are no alarm bells signaling at this time.
CCL
I was looking to take the $CCL profits off the table this past week, but even with the target being close, it never quite hit. So, I’m looking for the market to have one more good week and be able to close out this post opening play with a profit.
CLR
$CLR has been showing some strength and I am looking for it to continue. I have a target price around 27.
CSIQ
This is one of two solar plays that I have left. $CSIQ has performed decently since picking it up about a week ago. My target is still around the psychological barrier of 65, which is a touch under its 52-week intraday high.
GOCO
$GOCO showed some strength for a couple of days and then fell back in the second half of the week. The $15 mark is key to a breakout, and then for it to get above and hold the 15.12 fib. My target is around 16.
HL
$HL held above the $6 mark on Friday, if it holds, it can be time for it to move a little north. A target of 7 is still a possibility, but 6.55 may be the fib target.
JKS
The second solar play I still have is $JKS. This has been a bit of a laggard compared to $CSIQ. As this is a Chinese company, that may be a big part of the lag. My target is currently around 78.50.
KALA
$KALA looks to have settled in at the new levels, but we will see if it holds the new levels (above 8.60). Target is still around 11.
NIO
This is a do or die week for $NIO. The matrix seems to not like $NIO. But, it has been lagging with a lack of volume. I look for volume to pick up this week for EVs, and with them, their prices.
PCG
$PCG continues to have trouble at the $12 psychological barrier. Once it breaks through this, a target around 14 is within quick reach..
SOLO
I thought this was going to go a couple of times about a week ago. But, with the other EV plays, it pulled back too. Still have a target a little over 10.
SRPT
If this lottery play doesn’t start to move early this week, it is all about damage control and keeping at least some of the capital. I do believe that this will rebound, but looks like my timing was bad.