It is the last day of August, and it was another month where markets pushed to new highs. Being the last day of the month, I am expecting to see a sideways or slightly down overall market day as people book out some wins for their mark to market PnL. A lot of bonuses are structured off continued monthly profits and beating the market performance.
I expect to see continued volatile on stocks like GME and AMC, so we today I will continue to hold the calls I purchased and trade around it. I expect a slight sell off on FANG stocks like AAPL, GOOG and AMZN, where we hold long positions, but I expect all the puts I sold to expire worthless, giving us a 100% return.
SPRT is another meme stock that I have had my eye on , and we sold some puts yesterday on the stock. It is volatile and a bit risky, and meme stocks have been known to crater after posting high 50%+ daily returns , so I closed my position.
TSLA is still in a good trading range, and I expect to add some more long positions using theta trading to capture more PnL on this trading range without any big fundamental changes coming in.
Overall, I don't expect many changes to my position and it will be more of a market watching day as we continue to profit on our high theta positions.