Freaky Fast Profits Portfolio (8/3/20)

Today was another freaking fantastic day for the Freaky Fast Profits Portfolio. We finished up more than $600, or more than 4% of the portfolio value. In addition, we took some profits in a few companies that have earnings reports on the way.

I closed out of our shares in the QQQ, not because I’m not bullish the index, but because I wanted to get off margin and start getting some cash on hand for the next pullback. Tomorrow I will do the same with my shares in the SPY. I sold a couple shares each of VIPS, NET and TTGT. And with CHGG reporting earnings and with me having a large profit on it, I sold CHGG when it reached my profit target at the top of the day.

The big winners today were our options positions. We made nearly $200 on paper with NVDA’s move to $440 and were able to sell that call I discussed against it for $94. The COST position gained $126 on Costco’s small move today. We’re still watching that one like a hawk to make sure we hold our profits there. And we made another $50 on ZNGA’s move. Oh, also LVGO went up another $10 a share, like it seems to do pretty much every day.

The markets look fantastic still, but I’d be hesitant to add much of anything tomorrow. We had two strong up days in a row and Tuesday’s are notorious for opening higher and reversing to close lower. Instead, raise some money so you can attack the next brief pullback we get.

In addition to selling SPY tomorrow, I’ll be selling our MNST call and doing some light profit-taking on other positions. If we open significantly higher, I’ll consider doing some significant selling. If all goes well, we’ll be looking to add some positions later in the week.

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