The opening week of 2019 was full of volatile moves. $AAPL came out with a warning cut on their quarterly earnings and that sent the entire market down. Holding short ES with a cover strike at 2470 short put was a good move. But the next day the market rebound +80 on the ES. That’s a $4000 loss on the ES position but other long positions help lower the impact. Overall loss was only $500 on the account for that big move on Friday. So I decided to chase the move by rolling up the short put to 2500. If the short put is ITM, the trade will be a scratch at zero exactly.
The goal is 0.40% per week and this week we opened with a good 0.93% positive performance. It will be difficult to keep up this type of performance when the $VIX is down.
/VX is already dropping to 22.00 from a recent high of 27
$VXX closed at 43.94