Hertz (HTZ) continues to steadily fall.
music selection: “Two Princes” — Spin Doctors
Whenever one of my short positions declines by more than 300 dollars, I top up the position. I’m currently maintaining a 5,000 dollar position in HTZ, CAR, GM, F, and CNQ. Today, I sold 42 shares of HTZ short at 9.02. I now hold 554 shares short and have accumulated 3,003 in unrealized capital gains on HTZ.
Across all short positions, I am up 4,043. CAR is up 1,088, CNQ is up 478, and GM and F are both down. The traditional shorts provide 23,972 in leverage that is negatively correlated to the market. This could significantly boost returns for the portfolio while reducing volatility.
In other news, four options positions expire today. EOG and MU will expire out of the money. NVDA will be called away and ADM will be assigned. I will continue to write covered calls on EOG and ADM. But will seek new opportunities for MU and NVDA. I’m currently leaning to getting back to my roots with put writing on Big Cheap Tech names.
Devour your prey raptors!