Oh my gosh, rolling time already?
The Wednesday before expiration day is the day we need to make some choices and next Wednesday is DDay for having our changes for the month lined up. As with last week's update, don't be alarmed that we are making no progress in our header - we're only adding in the profits as we close positions from our April 10th start with our virtual $100,000. We are not including profits from the positions still working because: IT ISN'T REALLY A PROFIT UNTIL YOU CASH IT OUT... OK then, week 8 and this will be our 2nd major expiration week (we sold May puts and calls in April) so let's get serious!
The primary goal of this virtual portfolio is to be conservatively hedged. The secondary goal of this virtual portfolio is not to mess around with it. These are meant to be nice safe(ish) positions that do not require you to sit glued to a monitor all day. If you are new to this section, please read the May 25th update as there was much wisdom in there. This week we have some work to do so no fortune-cookie notes today!
We have still deployed only 1/3 of our capital as we are STILL waiting for the S&P and NYSE to confirm our breakouts over the 40% lines. While the market is pretty much at the same level we left it at last week, oil and other commodities have gone totally nuts whether they hold it or not will very much color what new capital we deploy next week...
As I said last week, it's a good thing to do is open the older post in another window and see the beauty of doing nothing! This past week, the market fell from over 8,800 on the Tuesday we did the update down to 8,600 and now all the way back to 8,763 this afternoon.
