"The only way to trade with Fibonaccis" journal

7/11:

Open positions:
SPY: $1,296
SH: -$176

Net for this trade:
$550.64 (estimated dividend payment)
$1,120 (net SPY/SH position)
-----------------------------
$1,670.64

SPY closed 2 cents higher than yesterday and SH closed at the same price as yesterday so only the SPY position value changed today.

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Attachments

6/12:

Open positions:
SPY: $776
SH: $11

Net for this trade:
$550.64 (estimated dividend payment)
$787 (net SPY/SH position)
-----------------------------
$1,337.64

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Attachments

7/13:

Open positions:
SPY: $2,568
SH: -$660

Net for this trade:
$550.64 (estimated dividend payment)
$1,908 (net SPY/SH position)
-----------------------------
$2,458.64

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Attachments

7/16:

Open positions:
SPY: $2,312
SH: -$594

Net for this trade:
$550.64 (estimated dividend payment)
$1,718.00 (net SPY/SH position)
-----------------------------
$2,268.64

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Attachments

7/17:

Open positions:
SPY: $3,056
SH: -$880

Net for this trade:
$550.64 (estimated dividend payment)
$2,176.00 (net SPY/SH position)
-----------------------------
$2,726.64

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Attachments

7/18:

Open positions:
SPY: $3,864
SH: -$1,144

Net for this trade:
$550.64 (estimated dividend payment)
$2,720.00 (net SPY/SH position)
-----------------------------
$3,270.64
 
Quote from Wide Tailz:

Cash register time?
More...

Getting close, I think.

I've been running some numbers to see what my options are for closing this position by selling ITM Aug SH calls.

Let's say I sold 11 Aug $34 calls for $2.55. That's $2,805 premium and if price keeps going up I will keep making money on SPY and if SH happens to close below $34 then I can close the position anyway and pocket the premium (vs closing the position anyway but not having the premium). If SPY reverses and goes back down, SH may turn profitable but that won't matter because I will be forced to sell it at $34 for a loss of -$3,454 which won't offset the premium I received, and my SPY will be worth less at that point.

Or I may just close the position outright by selling all my SPY and SH.
 
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