Markets were choppy this week as a major rotation played out. The Dow surged to 50,000 for the first time while the Nasdaq slipped nearly 2%, driven by AI capex anxiety and a shift toward value and small caps. With that said, we cautiously leaned into the volatility. When our UAL $106 CSP moved against us mid-week, we rolled down and out to $97.5 for a net credit, giving more cushion against further downside. The next day we closed the position for a quick profit as Friday’s risk-on snapback kicked in, completing the recovery. Defense wins championships, right? 400 HPE shares were called away at $23.50, successfully completing a full wheel cycle on the position. On the offensive side, we opened new CSP positions in AEO and FCX to capture elevated premiums in the retail and materials sectors. Carryover QCOM positions from last week closed out, reducing concentrated tech exposure. With NVDA, NEE, and SMCI still in the carryover book, capital remains steadily deployed (just under 50%) heading into next week.

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This Week’s Totals

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This Week’s Trades

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This Week’s Assignments

• 4 x HPE 2/6 CC @ $23.50 called away

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Open Carryover Positions

Open positions from previous weeks that are counted towards deployed capital. These positions did not generate premiums this week.

• 1 x NEE 2/13 CC @ $85
• 1 x SMCI 3/20 CC @ $60
• 1 x NVDA 2/13 CC @ $192.50

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Closed Carryover Positions

Closed positions from previous weeks that are counted towards deployed capital. These positions did not generate premiums this week and may have reduced premiums earned from previous weeks.

• 4 x HPE 2/6 CC @ $23.50
• 1 x QCOM 2/6 CC @ $167.50
• 1 x QCOM 2/6 CC @ $160

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