following the stock market activities of Tom Denham
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21 March 2014

My gains from trading March options, shares, futures, and collecting dividends was 1.29 percent of February’s ending portfolio value.

March was quiet compared to the excitement of February. My exposure to the market is about as low as it has been in years.

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17 March 2014 Comment

I have gotten tired of updating trades on a daily basis. I think I will continue to update the site on a monthly basis, but am planning to stop daily updates as of this past Friday.

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21 February 2014 Trades

My gains from trading February options were 3.59 percent of my January portfolio value. Profits were higher because I traded much more aggressively than usual when the market was weak with short positions, bearish spreads, and naked calls. I reduced bearish trades as the market rallied and maintained a good portion of the profits made.

My big mistake over the past month was exiting positions in utility companies too aggressively. I had been holding losing positions for months and saw the rally as a chance to exit. The rally continued high enough that I regretted not staying along for the ride longer. However, I have not made big commitments to utilities for March, at least not yet.

I bought puts at 104 and sold three times as many puts at 101 in IWM. My thought is that I can hedge if IWM falls through 101. The ideal development would be to fall to 101, making the puts I own valuable, but not beginning to erode profits by penetrating 101.

I took losses on several share positions.

Option sales:
UNH Feb70Put $0.05
GLD Feb127Put $0.07
TUR Feb44Put $0.05
UNH Feb28-65Put $0.04
EEM Feb28-37Put $0.04
EEM Mar7-35.50Put $0.05
EMB Mar100Put $0.13
KOL Mar17Put $0.10
WPC Mar55Put $0.10
HK Mar4Call $0.25
Spread Trades:
IWM Mar7-104Put -$0.09
IWM Mar7-101Put $0.15
$0.06
SPY Mar181Put -$1.46
SPY Mar179Put $1.05
SPY Mar176Put $0.68
$0.27
CVE Mar22.50Call $3.36
CVE Mar25Call -$1.00
$2.36
Adjustments:
EWT Shares 1/13/2014 $13.93
EWT Shares 2/21/2014 -$14.03
-$0.10
CYB Shares 2/21/2014 $25.42
CYB Shares 1/17/2014 -$25.59
-$0.17
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17 January 2014 Trades

My gains from trading January options were 1.49 percent of my December portfolio value.

I closed short positions in AGQ, GLD, and FXC with losses. I sold in the money puts to close AGQ and GLD and bought back FXC puts.

Here was my activity on expiration day…

Option sales:
GLD Jan121Put $0.25
AGQ Jan17.50Put $0.25
FXC Jan92Put 1/3/2014 $0.10
FXC Jan92Put 1/17/2014 -$1.45
-$1.35
FXA Feb92Call $0.05
FXB Feb166Call $0.13
Shares:
CYB Shares $25.59
ECH Shares-short 1/13/2014 $45.52
ECH Shares 1/17/2014 -$45.43
$0.09
AGQ Shares-short 1/9/2014 $15.92
AGQ Shares 1/17/2014 -$17.50
-$1.58
GLD Shares 1/9/2014 $118.26
1/17/2014 -$121.00
-$2.74
Spread Trades:
FXE Shares $133.74
FXE Jan24-133.50Put $0.35
$134.09
APC Shares $80.63
APC Jan24-80Call $1.38
$79.25
GS Shares $176.13
GS Jan24-175Put $0.95
$177.08
C Shares $52.36
C Jan24-52Put $0.31
$52.67
HAL Shares $50.70
HAL Jan24-51Put $1.05
$51.75
SPY Short-Feb180Put $1.37
SPY ShortFeb177Put $0.87
SPY Long-Feb182Put -$1.89
Put ratio spread profit - $0.35
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20 December 2013 Trades

My paper gain for trading December options was 1.50 percent, but the fall of all the shares I am holding has drug my portfolio down. My performance for 2013 as of the close is -3.92 percent.

BVN closed under 11. I was short December puts at 11, so I will own shares on Monday. I sold calls against those shares late today.

Option sales:
MOS Jan40.50Put $0.05
BVN Jan11Call $0.30
UPL Jan18Put $0.05
FE Jan40Call $0.05
EXC Jan30Call $0.05
ETR Jan65Call $0.35
Spread Trades:
BVN Shares $10.89
BVN Jan10Call $1.04
$9.85
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