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Trade Alert: Selling the IBB puts

January 14, 2016 by Cody Willard

Turns out the IBB puts have been a pretty decent hedge after all. I bought January IBB puts back in October to help hedge the portfolio against a major market sell-off and they have kicked in as the markets have tanked so far this year.

They expire tomorrow and with the $280 strike prices now “in the money” there’s some meat to the position despite the fact that just a few weeks ago I wrote “These puts will expire in January and it looks like I’ll be taking a loss on this hedge and will re-evaluate this position at that point.”

I’m going to go ahead and sell the rest of my IBB puts today. I’ll sell about half of my remaining IBB puts right now this morning and the rest later today, just in case the markets tank again intraday and we can capture a little more upside in the puts. I’m going to put the cash on the sidelines as we continue to use this market sell-off to increase our long exposure slowly but surely, according to our playbook.

Some of our long positions are getting to levels where I’m thinking about adding more to them, including Facebook and Netflix, but not quite yet.

 

 

 

Related posts:

Trade Alert: Get More Defensive in a Fog of War
Trade Alert: Getting a little longer as the market panics
Trade Alert: Sell Something You Bought During The Crash To The Casino Crowd Tomorrow
Trade Alert: Flip the market psychology script
Trade Alert - Two nibbles, one stemming from my initial thoughts on the iPad Mini
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Filed Under: Trade Alert

Disclosure: At the time of publication, the firm in which Willard is a partner and/or Mr. Willard had positions in some of the stocks mentioned above although positions can change at any time and without notice.

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This does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation of any security or cryptocurrency or token any other product or service by Cody Willard or any other third party. Furthermore, nothing in this is intended to provide tax, legal, or investment advice and nothing in this should be construed as a recommendation to buy, sell, or hold any investment or security or cryptocurrency or token or to engage in any investment strategy or transaction. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your business advisor, attorney, or tax and accounting advisor regarding your specific business, legal or tax situation.

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