Haw! I have for a while wanted to own equity of Holiday Inn because I'm just a sucker for it. But... they are not exactly public themselves. That said, they are part of the InterContinental Hotels Group PLC (IHG) brand. I still need to do some more analysis before I begin to buying up the ticker. What I don't like is you can't trade options on the underly 'IHG'. That said, today is expiration thursday. I may end buying some of my Ethereum contracts 'ETHH.B', as I already own just too much ether ETFs at this moment. Slowly I am trying to shift into getting more traditional equities into the portfolio. Besides, ETHH.B charges a high MER, while something like ETHX.B is much cheaper.
Friday morning, and time to update the portfolio stats now that the OCC has done their thing overnight. For a recap on my trades yesterday: I closed out ETHH.B which cost me over half a grand. But still left me with a 1K profit over-all. Shorted two more PUTs on ROKU while the Nasdaq tech-wreck continued... Shorted 12 PUTs total on Sonos as the price dipped along with all the other Nasdaqs. And now, for the portfolio stats up to this period:
Today, April 20 is definitely the Historic day for Netflix. Despite yesterday's horrendous 25% drop, we dropped AGAIN close to 40% this morning. And this isn't even including the land-slide that started earlier this year. Looks like the Nasdaq Tech-Wreck is till here and no signs of leaving for 2022. It just loves to keep playing whack-a-mole even on the SAME equities. So, as any dumb trader would do, we decide to double-down on losing trades and hope to reduce our cost-basis. Shorted ANOTHER put today on NetFlix, expiring at end of the year around the 220 strike. I do expect some rebound (come on,a dead-cat bounce maybe?), sometime before then. Come what may, I may have fun re-reading this log at the end of the year to see how wrong my predictions are, haw! With many other tech-stocks being sucked into the vortex today by over-leveraged players, I decided to sell more PUTs on Sonos as well. So, that's it for the day. The good news, is I officially am staring at over half-a-million in cash in my primary trading account. The bad news is, by expiration Friday a big chunk of that will be missing. Oooops! There should be a good lesson in there somewhere. Like don't trust the CEO of Netflix, or the stupid army of analysts that were still promoting this at a buy when it was already over $700 a share just recently. LMAO!!
So! What a shit-show in the Nasdaq today. NetFlix was down again, and related equities began getting sucked toward the vortex yet again! Roku got sucked so far down the rabbit-hole that it triggered the circuit breaker. Of course, I couldn't help myself just before that happened, and shorted some more PUTs on it YET AGAIN. Geeze, I need to take a day off tomorrow and stop laying trades. I keep digging myself into deeper and deeper value-holes. And I am not kidding. Tomorrow I plan to just ignore the markets, aside from checking in time to time on my iPhone as I'll go driving and try to enjoy shopping or something for a change. Shorting options is becoming too much an addiction to me right now.
So, during yesterday's market-crash (May 5th), someone panic-assigned me on my May NutFlix contract. There was almost half a month left in that one, but I suppose they needed the cash ASAP. Now, that is one less contract I'll have to figure out how to roll. One trade I had been thinking, was to roll it into 4-put-contracts and selling them out all the way to January 2024. They would be moderately OTM too. Well... it was a thought. But now we no longer have to worry about it. The sad part, is I had taken my 12K debt in my US account, turned it into an 18K profit the last few months, and now it's down to -14.5K At least I hold a FAANG stock now. I had wanted to short a CALL today just to get something out of the deal, but the panic selling continued. I'll see what happens monday, but even if there is no more herd selling, we may be stuck flat with too many people in shell-shock.