I never quite get it right. Only partially right or sometimes very wrong. I sold my SPY puts too early and missed most of this downside while still exposed with my long position. I have also been faked out twice with dead cat bounces, each time dropping more money down for the dip that hasn't yet bounced.Oh well, here we go again. I have been selling stock to raise cash to buy more calls when the market turns. I also gave up on some of my GRMN calls to preserve capital. The way I have been handling GRMN has been a rookie mistake. Yesterday, I played it well. Today has been a disaster.
I sold my GRMN Jan110's and bought some Jan95's. That roll over was ugly and I took huge losses. It is just when calls get too far out-of-the-money, that the bounces in the stock don't bounce those calls. I want to keep the delta maxed, if possible. Deep in-the-money is the way to go, but the capital needed there keeps me from mixing it up with other stocks.
PCP is a rock. What downturn? The damn thing is still up. This is a huge tell.
I still have cash now (after selling some stock at less than desirable exits) to plow into options. That cash will be applied tomorrow - there is still a lot of time to get positions in place here. This is not a strategy I would recommend to anyone, but it works really well for me.
I still think we hit new highs again this year.
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