Eoin's personal portfolio: breakeven stop triggered on stock market index short October 28th
Comment of the Day

November 01 2022

Commentary by Eoin Treacy

Eoin's personal portfolio: breakeven stop triggered on stock market index short October 28th

Eoin Treacy's view

One of the questions subscribers ask most often is how to find details of my open trades. To make it easier I will simply repost the latest summary daily until there is a change.

Apple’s sales of iPhones and Services declined but were not as bad as either Meta Platforms or Amazon so the share has rebounded emphatically today. I remain of the view this will not last and phone sales will decline significantly next year. However, the rebound was enough to trigger a breakeven stop on my latest Nasdaq-100 short, opened on Wednesday at 11483.

I remain convinced we are on the cusp of a global recession so I continue to hold my put options. I deployed 5% of my available capital to purchase this hedge on August 11th.

I purchased close to equal notional values of puts in Alphabet (GOOGL US 06/21/24 P60 for $2.10), Microsoft (MSFT US 06/21/24 P175 for $6.55), Apple (AAPL US 06/21/24 P100 for $4.55), Amazon (AMZN US 06/21/24 P100 for $8.70), Tesla (TSLA US 06/21/24 P200 for $7.65), Nvidia (NVDA US 06/21/24 P50 for $2.34), Berkshire Hathaway (BRKB US 01/19/24 P200 for $5.25), Exxon Mobil (XOM US 06/21/24 P50 for $2.76) and the Nasdaq-100 ETF (QQQ US 06/21/24 P195 for $7.58). The downside of buying long-dated options is the bid/offer spreads tend to be wide, so the relative cost of executing the trades is quite high.

I have introduced several leveraged and unleveraged purchase orders in gold futures and GLD below prevailing prices in an effort to enter both trading and investment positions at bargain prices.

My original position in the VanEck Vectors Gold Miners ETF was purchased on March 25th 2020 at $20.12. I bought another unit at $35.79 on December 1st 2020. I continue to shop for opportunities in the gold sector.

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