Hey Guys,
The market is still in roughly the same place as it was when I emailed yesterday. The S&P 500 is around 5,160 right now. It would have been nice to see a sharp rebound after the big drop early Wednesday morning, but at the same time, at least it didn't keep dropping. That said, no one knows for sure what will happen next.
My LYFT option position jumped up and hit its profit target this morning, which was a fun surprise amidst all the red in market right now. My final LOW stock position reached its time limit, so I manually closed that for a small loss.
I've only taken on one new position so far today: GM options in the options account. And I'm in that situation again where I have almost no buying power available in my main account, so I'm very limited on new positions I can take on there.
I have a ton of option positions (11 in total) that reached their time limits today. I'll be manually closing those near the end of the trading session today unless they reach their profit targets first. Those positions represent a lot of risk, so the next several hours could have a pronounced impact on my account value. Keep in mind that you can always cut the cord on a position if you no longer want to carry the risk, but I personally am aware with the risk and comfortable with it, so I will stick to the plan as always and follow in lock step with the back-tested approach.
If you have any questions or feedback, I'd love to hear from you.