Well folks, this was definitely the time we have been waiting for since the inception of our portfolio and the site. The market has rallied to 3 year highs and still counting.
Our options plays yesterday were enacted to take advantage of the momentum from the fed without using much cash and defining our risk. Because, afterall, we do not want to commit serious, long-term capital at the peak of a run. So we felt the options were the way to go.
We bought calls on spy, qqq and phm recently. We received 50-200% in all. We closed out those positions along with selling half of core holdings: FCX, NOG, & TEX. We also trimmed shares of FWLT and AEM. Just balancing the portfolio.
Now the market has pulled back 50 points- to being up only 50 points, as we post this update. But we are waiting on a more substantial pullback before adding back to our core holdings, as well as exploring more option plays.
