The majors have made a big turn around this week. SPX and Nasdaq booked five consecutive days of gaining. RUT had 4 out of 5 positive days. Fed Chairman softened his tone on the rate hiking which gave the market a big boost. The trade talk summit this weekend also gives the market hope of easing tensions between China and the US. However, there will be a big selloff if there is no positive outcome from the summit.
My big surprise was that the AMZN got assigned on Wednesday morning. I planned to split the one bull put to two in hope of scaling out a little quicker and rollout to avoid possible assignment. It was an intense experience. There are some good lessons learned. I will not trade large cap stock options that I can't afford to get assigned. I will take stops when and if the plan calls for it. I also made some adjustments in my portfolio to stay afloat under margin pressure. My patience paid off today. I was able to exit 4 near the money positions which helped to deleverage my portfolio and recovered $17,000 losses. Spent another $230 to hedge for next week. Hope I will get a couple more positions off my back next week.
My net liq is $130K after sending 5K back to ET and paid myself 1.5K first time this month. The margin is below 50% for the first time in the last two weeks. The leverage is below 4.0.
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