15th April 2020

OK, last week has been pretty awful. The Fed went all in on stimulus and there was a face-ripping rally of all risk assets. You lost a lot. Ugh. Lots of stops triggered. Yesterday was also a risk-on day, and you lost money, although you did sell a few puts to offset the short positions in TSLA and RUT. You sold short-dated ones to get some positive theta. Today is sort of OK, as of now (3:36).

Your gains:

• widespread. Most of your positions are negative beta,
• TSLA short put. TSLA defies gravity. You have a calendar spread: short short-dated puts, long long-dated puts. For a large move, you’ll got short, but you’re trying to stay fairly delta-neutral. You are still slightly short gamma.
• making money on the “Incredible Hulks” trade — all these tanker companies. One of your few +ve beta posns.
• you made money on your residual short FXI trade, via puts. Maybe China isn’t so strong after all.

Your losses:

• GC. It’s ugly. But you have a big posn. ($520K ). You’re thinking of getting some otm puts.

Your winners:

• Incredible hulks looking good
• KL, BX, NAV, INO, HSBA, RACE,BKLN. Some of these have been running for a long time. Only the IH trade has bee a quick win.

Your losers:

• basically, everything else. BA, RUT and TSLA stand out.