The markets again remained in correction mode this past week…however, the Nasdaq was able to eke out a 0.06% gain!
Weekly Market Snapshot:
| Index | Previous Week Close | Current Week Close | Change | % Change |
| Dow | 33,963.84 | 33,507.50 | –456.34 | –1.34%% |
| SPX | 4,320.06 | 4,288.05 | – 32.01 | –0.74%% |
| Nasdaq | 13,211.81 | 13,219.32 | + 7.51 | + 0.06% |
Stock Performance of Options2Wealth Portfolio Companies:
|
Company |
Weekly Close | Previous Close | Change | Percentage Change |
|
Intel Corporation |
$35.55 | $34.18 | + $1.37 |
+4.00% |
|
Invesco QQQ Trust |
$358.27 | $357.91 | + $0.36 | +0.10% |
|
Tetra Technologies |
$ 6.38 | $ 6.17 | + $0.21 |
+ 3.40% |
| Microvast Holdings | $ 1.89 | $ 1.76 | + $0.13 |
+ 7.39% |
Now let’s see how my O2W portfolio fared over the past week:
Options2Wealth Options Portfolio:
| Company | Options | Quantity | Purchase Price | Weekly Close * | Price Change | Current Value |
| INTC | Nov 17, 2023 $35 Calls | 10 Contracts | $2.85 | $2.40 | – $0.45 | $2,400.00 |
| INTC | Oct 27, 2023 $43 Calls | 10 Contracts | $0.85 | $0.02 | – $0.83 | $ 20.00 |
| TTI | Dec 15, 2023 $5 Calls | 20 Contracts | $1.10 | $1.40 | +$0.30 | $2,800.00 |
| MVST | Dec 15, 2023 $2.5 Calls | 10 Contracts | $0.50 | $0.15 | – $0.35 | $ 150.00 |
| QQQ | Oct 20, 2023 $345 Puts | 2 Contracts | $3.70 | $2.42 | –$1.28 | $ 484.00 |
*Bid Price
Total Value of Options Position: $5,854
Cash on Hand: $3,165.78
Total Portfolio Value: $9,019.78
Options2Wealth Portfolio Snapshot (Week ending Sept 29th, 2023):
|
Current Week |
Previous Week | Weekly Change | Weekly % Change | Total Current Value | YTD % Change |
Avai. Cash |
| $9,019.78 | $8,537.08 | +$ 482.70 | +5.65% | $9,019.78 | –9.80 |
$3,165.78 |
I am pleased, and relieved, that in the first month of my O2W trading portfolio, I was able to navigate through the treacherous month of September, historically one of the 2 worst months of the year, with only a 10% haircut! Now let’s see how I do in October, the other treacherous month… 🙂
Weekly Musings:
Intel & Nvidia
This past week both INTC and NVDA substantially outperformed the overall market:
|
Stock |
Closing Price on Sept 22, 2023 | Price on Sept. 29, 2023 | Price Change | Percentage Change |
|
NVDA |
$416.10 | $434.99 | +18.89 |
+4.54% |
| INTC | $34.18 | $35.55 | +1.37 |
+4.00% |
Let’s see how the two stocks have fared since I postulated 4 weeks ago that the market-cap multiple between the 2 stocks will shrink:
|
Stock |
Closing Price on Sept 1, 2023 | Price on Sept. 29, 2023 | Price Change | Percentage Change |
|
NVDA |
$485.09 | $434.99 | —50.10 |
—10.33% |
| INTC | $36.61 | $35.55 | —1.06 |
—2.90% |
It looks like that so far, the market-cap of NVDA has shrunk substantially more than INTC and therefore the multiple has also come down…
General Market Direction:
With the immediate threat of a government shutdown behind us and September, historically the worst performing month for the stock market firmly in the rearview mirror, it looks like the market may have bottomed and is now ready for the next leg up…Currently the futures are telegraphing that the markets will have an up day tomorrow. With the 3rd quarter earnings season on deck, and tomorrow being the start of the historically bullish 4th quarter, I am feeling a lot more optimistic of my O2W portfolio.
I plan to sell out of my defensive QQQ puts tomorrow, at a substantial loss, and with my $3,000+ cash on hand, I plan to add to my INTC November 17, $35 calls position.
Furthermore, I also plan to buy 10 Calls of Palantir (PLTR) November 17, 2023 $16 Strike Price. The current ask is $1.62
Will update the board in the morning!
Happy Monday!
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.