Everything looks overcooked at the moment except the biotechs and some of the chips. You guys were busy yesterday, I was at the beach. Last week we need wetsuits, water warming up quickly!

#pietrades, #optionsexpiration, and assigned early

Expiring today or assigned early:
TNA 69 cc cost basis 64.87 and was assigned early so get to redeploy that capital early-thanks mr market
FAS 61 CC at 56.36 cb
FAS 61 CC at 59.31 cb and will reload this account Monday
FAS 61 cc at 53.91 cb and will reload something on Monday
FAS 63 CC at 60.53 cb and 100 shares at 63.14 so a minor loss but overall this account was profitable and will reload on Monday.
XME 35 CC at cb of 34.44 and will reload Monday. This is a tiny account now from the SVXY losses.

#pietrade rolls:
AMAT 49 put rolled up to 52.5 put for 0.53 credit. Total credit now 1.7 and if assigned cost basis 50.8

#pietrade new position starter
IBB 104.5 put at 1.15 credit so 103.35 cb if assigned and would take it there

malingerers
GM 38 CC at cost basis of 38.04 expires in 14 days. I will gladly get rid of it at a 0.04 loss just so I can use the $ somewhere else. This is week 17 of this trade, just stuck and this one sucks for #pietrades, it is off the list until the premiums double. Anyone else trading this one with me it is getting taken out of the rotation.

Additional trading thoughts now that I finally have all the SVXY cleared out from the Feb 6 losses and can finally use all 6 trading accounts again.
1. Capital preservation is key. Now that I have had 3 account blowing out losses, at age 45 and 47 realize I cannot afford to lose my capital base again, it is the only way I can replace my income.
2. Keeping segregated accounts that trade different tickers is ideal. This time SVXY only took out 2 accounts and small portions of 2 others. Had I not been diversified it would have been ugly and I would be working 7 days a week in the office and urgent care or ER just to try to make some back. Spread out the trading vehicles and even accounts, may save your bacon someday.
3. Trading for income is a great way to trade. Trading for extreme income and weekly is even better. Most of my losing trades can be converted to winners or break even by always bring in cash. Cash up front is easier to manage than trying to convert a losing directional trade.
4. #pietrades will make up the majority of my trades with some #supercharger s thrown in for the small accounts
5. Even with income trading you can target 50-100% annualized returns if you do it right. Guess we can call it extreme income trading!
6. Trading with the group has really helped my consistency. Thanks Bistro’ers 🙂 🙂

Hope everyone has a good expiration and Happy Mother’s Day!

Will have some trades ready for Monday morning.

One last announcement, we are still working out the details but I have had such good results with the #pietrades that I have been asked to become a contributor to the Options Income Blueprint service. Will keep you posted. It is mostly as a live and ongoing case study. I will not actually be sending out the recommendations, just how I am managing them live.

#fuzzy