Waiting, holding & managing

Guys I just can't help but think we're on the verge of rolling over... clearly that's already happened in many stocks - HELLO TWTR! 

But it's this thinking that has got me hesitant to put on any plays for the moment. I mean, I've already got enough to deal with in my portfolio right now anyway. The aforementioned TWTR is getting SMOKED, and someone had the bright idea to sell to open the June $47 put! Yep, that someone - ME - ain't so bright after all! So I'm trying to manage that mess right now.

Staying in the slop... MO just WILL NOT pull back. My May 38/39 call spread is fried and I've conceded that the MAX LOSS of $285 is in my future. I was just too hard-headed on the outset of this play. I simply did not admit that I was wrong. Instead I stayed in it because I'm a stubborn jackass.

Another mess I've made for myself - selling puts nonetheless - is DDD. I'm in @ 53.97. I was however very encouraged to see this thing up on a down tape. So maybe there's hope!

And speaking of stocks bucking the downtrend, my GM 33/32 June put spread is profitable by $210. I collected a total premium of $420 on 10 contracts when I set this play up back on April 15th. So if I can capture $250 or better AFTER commissions I'm closing it out!

But that's not my only profitable position, my June 189/190 SPY call spread is looking nice! On April 24th I played 10 contracts collecting a premium of $500. If we get a nice pullback collecting $300 of the original premium shouldn't be a problem.

So that's where I stand today. I'm almost 40% cash and I've got a solid amount of buying power.

I'm just waiting, holding and managing!