Recap: Trade log for the week of March 2
The geopolitical situation we flagged last week got significantly worse. The Strait of Hormuz is now effectively closed to shipping, crude surged 35% on the week to $91/bbl, and the broader market sold off across the board. SPY lost 2%, the Dow dropped 3%. Monday opened with ISM manufacturing prices coming in hotter than expected, and Friday’s February jobs report showed a large NFP miss. The stagflation narrative is getting louder.
Despite all of that, we found a few setups worth taking. HAL was the standout. With oil running, we opened three contracts of the $33 CSP on Wednesday. Thursday we added two FCX $58 CSPs. Both are commodity-sensitive names that tend to hold up when energy prices are elevated, so the macro backdrop actually worked in our favor here.
On the covered call side, we stayed busy. Closed the NVDA $192.5 CC carryover from last week on Tuesday at $0.15, capturing about 77% of the $0.64 premium. Opened a new NVDA $192.5 CC on Wednesday and flipped it Thursday at $0.06 for a quick 72% max-profit. Then put on QCOM $150 CCs in both accounts and an SMCI $40 CC on Thursday. All three share positions are generating income now.
GOOG and DG are still open as carryovers from previous weeks. Between the new CSPs and covered calls, we collected $556 in premiums on $122k deployed. Not a standout week for ROC, but capital is working. Oil at $91 with the Strait still closed is going to keep things volatile heading into next week.
| Type | OpnOpen | Exp | ClsClose | TicTicker | StkStrike | Qty | Fill | ExtExit | Fee | Cap | P/L$ | ROC |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CSP | 3/4 | 3/20 | HAL | 33 | 3 | 0.75 | 0.00 | 1.35 | 9.9k | 223.65 | 2.26% | |
| CC | 3/4 | 3/6 | 3/5 | NVDA | 192.5 | 1 | 0.21 | 0.06 | 0.69 | 19.15k | 14.31 | 0.07% |
| CSP | 3/5 | 4/17 | FCX | 58 | 2 | 1.30 | 0.00 | 1.40 | 11.6k | 258.60 | 2.23% | |
| CC | 3/5 | 3/20 | QCOM | 150 | 1 | 0.18 | 0.00 | 0.70 | 16.75k | 17.30 | 0.10% | |
| CC | 3/5 | 3/20 | QCOM | 150 | 1 | 0.18 | 0.00 | 0.67 | 16k | 17.33 | 0.11% | |
| CC | 3/5 | 3/20 | SMCI | 40 | 1 | 0.25 | 0.00 | 0.67 | 4.94k | 24.33 | 0.49% |
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Open positions from previous weeks that are counted towards deployed capital. These positions did not generate premiums this week.
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.
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