Friday Position Update

GLD - closed @ 1.32, up from 0.78.

• Comments: Losses happen, I'm glad that it was small though. I did every thing right on this trade, just sometimes the market moves against you. Total loss was reduced thanks to rolling to about 0.32.

SPY - March-24 192/194/198/200 @ 0.84, mark = 1.80. (-0.96)

• IVP = 14
• DTE = 14
• PoP = 18%
• Comments: Another big rally today. Looking to go inverted on Monday. I mean, I can only lose 0.20 more, and it's early on in my fiscal year, so I'm going to use this opportunity to experiment with some funky trade management, so long as risk isn't added. I mean, how often do you see a 200 point rally in the SPX in a month period? Never. Just got unlucky - that's my story and I'm stickin' to it.

FXE - April-1 102/105/110/113 @ 0.95, mark = 0.63 (+0.32)

• IVP = 14
• DTE = 22
• PoP = 71.23%
• Comments: After the ECB IV was crushed, which was expected. Despite yesterday's big rally, this position is still very positive. Plan on taking this off next week for a profit. Yay! An actual profit?! *knocks on wood*

EWZ - April 23.5/26 @ 0.40, mark = 0.57 (-0.17)

• IVP = 76
• DTE = 36
• PoP = 58.88%
• Comments: Boy, I know how to pick em. Looked like EWZ was going to drop, then it shoots up ~1.16 in three days. Nothing has changed, still looks overextended, and I have plenty of time before expiration to let EWZ drift downward and for IV to decline. Not currently worried.

GDX - April-4 15.5/17.5/23.5/25.5 @ 0.45, mark = 0.46 (+0.01)

• IVP = 65
• DTE = 43
• PoP =  69.04%
• Comments: Put this trade on at about 3:20pm today. I considered the GLD trade bad luck. Had I put that position on ONE DAY LATER, it would have been a profitable winner. This time, I'm pricing in a larger move to the upside for GDX, the gold miners ETF. It has to go up about 25% to reach my break even and 16% down to reach my break even. Consolidation on the chart hopefully means a decline in IV, but who knows. Hopefully 2nd time's the charm in gold ETFs, right?

Portfolio Comments: Since inception, I'm down about 2%, ex-commissions and capital contributions. A couple of unlucky trades got me here, nothing to do with execution ... although I definitely should have gotten John Holmes on the market once we bagged-and-tagged those 1812 lows on SPX. Oh well. The year is 12 months long, I've been through one. Here's to a profitable March ... ! (Oh who am I kidding I'll probably lose $$$$$$ :P)