October 2024 Report

I was on a small winning streak for a few months but gave some back in October. This was the start of the Q3 earnings report and many sold off on the results. The only change to the portfolio was Ginkgo Bioworks, which I sold to harvest the tax loss. I may jump back in as my original intention was to hold onto the position for a while. 

I continued the option selling game and dodged a couple of bullets. I almost jumped into the short puts for Capri Holdings as the premium looked attractive, while the market was anticipating a positive antitrust outcome. I was surprised that the judge blocked the deal and the stock plummeted, which would have destroyed me if I had entered the short puts. The other close call was the Tesla earnings report and was going to short the calls. I would not have expected Tesla to jump 20% on the earnings report, which would have hit me hard. Fortunately, I decided at the last minute to sell the Tesla puts. These are the dangers of selling naked options.

The market is rallying big time with the upcoming change in administration. With the fed cutting and a market friendly administration, it’s hard not to be bullish. I think it’s pretty much an all clear signal to put some cash into this market.

 
2024 Performance = + 11.90% with the running monthly returns as follows:

January + 0.02%
February +0.99%
March – 0.33%
April - 3.07%
May + 5.16%
June + 3.52%
July + 2.42%
August + 2.52%
September + 2.11%
October – 1.76%