The Week Ahead
Volume 103 - Stock pickers market
Much better quarter compared to Q1, +10.94%. Ended the quarter strong with some tactical trades - NKE 96 straddle expiring 7/5 (paid 7.8, started selling at 20), CCL 06/28 16c (paid 43c, sold at 1.5). Largest positions in the book (GOOGL and META) continue to perform well… META I bought the dip at 414.56 after the earnings drop which brought my average from 91 to 99. Some gains have been taken before the earnings report back in April but still sits at 7.5% weight and up 412%. GOOGL sits at 8% weight and is up just over 100%. Tactical equity trades contributed to half of the quarter’s gains and my USD/JPY long contributed to a fifth (that trade I have banged on about since the first day of this year).
Feeling a lot more in sync with markets after that quarter, Q1 I couldn’t really wrap my head around it, overthought things and when I finally decided to dumb it down I began to perform.
Going to do this post in bullet points as I am trying to get the 2H24 post out ASAP + short week with independence day.
Carry remains attractive, keep owning and buying dips.
Keep hold of USD/JPY long but cut recent tactical EUR/JPY short. Don’t see an imminent intervention. Market feels long gamma up to 163 and with 1w vols still cheap - seems market doesn’t think an intervention is round the corner. Not much budge in 1m implied vol either.