And the slide continues…now 6 weeks and counting!
🙁
But first an update on last week’s overall markets’ performance(s):
This past week was again bad for all 3 indices. The Dow corrected the most, down 2.37% while the S&P was down more than 1.5%. Only the Nasdaq’s slide was somewhat modest, down 0.45%.
| Index | Previous Weekly Close | Current Week’s Close | Change | Percentage Change |
| $DOW | 38,904.04 | 37,983.24 | –920.80 | –2.37% |
| $SPX | 5,204.34 | 5,123.41 | –80.93 | –1.56% |
| $COMPX | 16,248.52 | 16,175.09 | –73.43 | –0.45% |
The week’s performance of the O2W portfolio companies:
| Company | Stock’s Previous Weekly Close | Current Weekly Close | Price Change | Percentage Change |
| Advanced Micro Devices (AMD) | $170.42 | $163.28 | –$ 8.77 | –5.15% |
| Amprius Technologies (AMPX) | $ 2.04 | $1.88 | –$ 0.16 | –7.84% |
| ARM Holdings | $124.82 | $126.33 | +$ 1.51 | +1.21% |
| Oracle Corporation (ORCL) | $ 124.90 | $121.11 | –$ 3.79 | –3.03% |
| Palo Alto Networks (PANW) | $269.01 | $279.07 | +$ 10.06 | +3.74% |
| StoneCo Ltd. | $16.83 | $16.12 | –$ 0.71 | –4.22% |
Unlike the previous week when it was a complete sea of red, this past week, 2 of the 6 portfolio companies were thankfully in the black. However, the NAV of the O2W’s portfolio was unfortunately again down, this time down 9.6%
Performance of my O2W portfolio’s long positions:
| Company | Option | Quantity | Purchase Price | Weekly Close* | Price Change | Current Value |
| AMD | May 17, 2024, $200 calls | 15 | $ 12.22 (average) | $ 1.67 | –$ 10.55 | $ 2,505.00 |
| AMPX | January 17, 2025, $5 calls | 10 | $ 1.05 | $ 0.00 | –$ 1.05 | $ 0.00 |
| ARM | May 17, 2024, $140 calls | 20 | $10.12 (average) | $6.40 | –$ 3.72 | $ 12,800.00 |
| ORCL | May 17, 2024, $125 calls | 20 | $ 5.73 (average) | $2.12 | –$ 3.61 | $ 4,240.00 |
| PANW | July 19, 2024, $300 calls | 5 | $ 15.60 | $16.25 | +$ 0.65 | $ 8,125.00 |
| STNE | May 17, 2024, $18 calls | 20 | $0.85 | $0.40 | –$ 1.10 | $ 800.00 |
| Sub-Total | $28,470.00 | |||||
| Available Cash | $ 12,612.50 | |||||
| Total Portfolio Value | $ 41,082.50 |
* Bid Price
Options2Wealth Portfolio’s NAV Snapshot (Week ending April 12, 2024):
| Current Weekly Close | Previous Week | Weekly Change | Weekly % Change | Total Current Value | YTD % Change* | Available Cash |
| $ 41,082.50 | $ 45,447.25 | —$4,364.75 | —9.60% | $ 41,082.50 | +310.83% | $12,612.50 |
* Portfolio’s start date: September 5, 2023 with $10,000
Final Thoughts:
I believe the markets are in correction…My next post will explain my thinking in greater detail…The DOW is furthest along in its correction and the S&P and the NASDAQ should be catching up soon…Those who have been following my blog may recall that I have been leery of the markets’s direction for more than a month when I first expressed my plan to move 80% into cash…But I did not follow my own instincts and now my portfolio is down almost 70% from its highs! Not good karim!
In any case, I intend to sell out of all of my positions and move 100% into cash. However, since I believe the markets are in correction, I plan to buy puts in QQQ, which closely mimics the Nasdaq. As I type this update, the futures are pointing to an up open tomorrow…I hope the markets open up tomorrow so that I exit at a better price than Friday’s close and at the same time I will get my QQQ puts at a decent price…
Let’s see how the week unfolds…
karim
DISCLAIMER: I am not a licensed broker or securities dealer. All postings made here are strictly for my personal record keeping and in no way, shape or form, am I even remotely suggesting others to follow my Buy and Sell moves. Trading options is not for the faint of heart as one’s portfolio can move up, or down 10%-50% or more during a single trading day, so trade with extreme caution. Past performance is no guarantee of future results.
Full Disclosure: I own options in the stocks of companies mentioned in my posts.