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music selection: “Tainted Love” — Marilyn Manson
I closed out multiple positions that had fallen below my stop loss including CCJ, CCLP, HCR, IP, and SXC. I also got into an out of the money situation with 5 ADBE bull call spreads. I originally purchased on 6JAN2020 the 305/310 strikes BCS for 3.876 per share. I sold today for 3.004 per share. I lost 436 on 1,938 at risk or 22% over 67 days.
I have one bull call spread still open (LLY) and that is 3.8% in the money. I also have two bear put spreads that are deep in the money. All expire on the 17th. I don’t plan to resume trading next week. I intend to sit out however long it take for normalcy to return. My wheelhouse is effectively betting on low volatility. This is clearly not the time for what I do. An alert reader noted that it might be a good time to buy long dated puts on VXX or UVXY in anticipation of reversion to mean and contango.
Devour your prey raptors!