Exits, 10/9/2026

How we did on the trades we exited this week.

Oct 09, 2026

Our year-to-date trade performance through October 9th appears below.

2026 YTD: 261 fully exited trades through October 9; win rate 51.0%; average return on maximum risk +25.0%; average duration 142 days; average winner +112.2%; average loser -65.6%; illustrative annualized return +64.3%.

This Week’s Trade Exits

As soon as I exit a trade, I note that in the comments of the post where I first mentioned the trade; at the end of the week, I try to track them all in one post. Starting in July, 2024, I have also been tracking them in a spreadsheet. These are the trades I exited this week.

Clicking on one of the exit cards should take you to the original alert where we mentioned the trade; exits will be documented in the comments on the dates they occurred.

Stocks or Exchange Traded Products

No stock or ETF exits this week.

Options

4-Leg Hybrid Combo On TechnipFMC (FTI). Entered on 03/23/2026 at a net debit of $2.50. Bought back the July $80 short call for $0.20 and exited the $60/$55 put spread at a $0.20 net debit on 06/18/2026. Sold the remaining October $75 call for $0.70 on 10/05/2026, completing the trade. Full exit. -29.3% return on original risk. -88.0% return on net debit.

4-Leg Hybrid Combo On Penguin Solutions (PENG). Entered on 06/25/2026 at a net debit of $1.40. Bought back the September $85 short call for $0.20 on 08/20/2026. Sold the October $80 long call for $1.60 on 10/06/2026 and exited the October $50/$45 put spread at a $0.09 net debit on 10/07/2026, completing the trade. Full exit. -1.4% return on original risk. -6.4% return on net debit.

4-Leg Hybrid Combo On Ovintiv (OVV). Entered on 04/16/2026 at a net debit of $2.00. Bought back the July $65 short call for $0.20 on 06/16/2026 and exited the $50/$45 put spread at a $0.20 net debit on 07/07/2026. Sold the remaining October $60 call for $2.80 on 10/05/2026, completing the trade. Full exit. +5.7% return on original risk. +20.0% return on net debit.

Put Spread On Knowles (KN). Entered as part of a 4-leg hybrid combo at a net credit of $0.95 on 06/26/2026. Exited the December 18, 2026 $30/$25 put spread at a $0.20 net debit on 10/06/2026. One December $45 long call remains open. Partial exit. +18.5% return on original component risk. +78.9% return on premium collected.

2-Leg Call Calendar On GE Vernova (GEV). Entered on 05/04/2026 at a net debit of $15.51. Bought back the September 18 $1,060 short call for $0.30 on 09/14/2026. Sold the remaining October 16 $1,060 call for $18.75 on 10/06/2026, completing the trade. Full exit. +19.0% return on original risk. +19.0% return on net debit.

Put Spread On Zoom Communications (ZM). Entered as part of a 4-leg hybrid combo at a net credit of $1.07 on 07/16/2026. Exited the November 20, 2026 $75/$70 put spread at a $0.15 net debit on 10/06/2026. One November $105 long call remains open. Partial exit. +23.4% return on original component risk. +86.0% return on premium collected.

4-Leg Hybrid Combo On dLocal (DLO). Entered on 03/27/2026 at a net debit of $0.90. Exited the May $11/$9 put spread at a $0.12 net debit on 04/27/2026. Bought back the May $14 short calls for $0.05 on 05/15/2026. Sold the remaining two November $14 calls for $1.80 on 10/09/2026, completing the trade. Full exit. +25.2% return on original risk. +81.1% return on net debit.

Put Spread On Advanced Micro Devices (AMD). Entered as part of a 4-leg hybrid combo at a net credit of $4.06 on 07/07/2026. Exited the November 20, 2026 $440/$430 put spread at a $0.20 net debit on 10/06/2026. The November $760/$770 call spread remains open. Partial exit. +65.0% return on original component risk. +95.1% return on premium collected.

Put Spread On The GEO Group (GEO). Entered as part of a 3-leg combo at a net credit of $1.34 on 09/10/2025. Exited the two-contract January 15, 2027 $20/$17 put spread at a $0.15 net debit on 10/05/2026. One January $25 call remains open. Partial exit. +71.7% return on original component risk. +88.8% return on premium collected.

Call On The GEO Group (GEO). Bought two January 15, 2027 $25 calls for $4.17 each on 09/10/2025 as part of a 3-leg combo. Sold one for $9.00 on 10/05/2026. The put spread was also exited; one January $25 call remains open. Partial exit. +115.8% return on original component risk. +115.8% return on call premium.

4-Leg Hybrid Combo On Twist Bioscience (TWST). Entered on 07/15/2026 at a net debit of $4.50. Exited the January $130/October $135 call diagonal at a $17.25 net credit on 09/23/2026. Exited the January 15, 2027 $80/$75 put spread at a $0.20 net debit on 10/06/2026, completing the trade. Full exit. +132.1% return on original risk. +278.9% return on net debit.

4-Leg Hybrid Combo On Ouster (OUST). Entered on 05/21/2026 at a net debit of $1.45. Exited the November $40/August $45 call diagonal at a $10.22 net credit on 08/17/2026. Exited the remaining November $25/$20 put spread at a $0.20 net debit on 10/05/2026, completing the trade. Full exit. +132.9% return on original risk. +591.0% return on net debit.

Put Spread On Richardson Electronics (RELL). Entered as part of a 4-leg hybrid combo at a net credit of $1.52 on 06/02/2026. Exited the two-contract December 18, 2026 $15/$12.50 put spread at a $0.20 net debit on 10/08/2026. Two December $22.50 calls remain open. Partial exit. +134.7% return on original component risk. +86.8% return on premium collected.

Comments

Stocks or Exchange-Traded Products

No stock or ETF exits this week.

Our Top Names’ performance remains strong. The April 2nd cohort gained an average of 25.08% over six months, versus 17.35% for SPY, as the chart below shows.

*Screen capture via the Portfolio Armor iPhone app.*

Options

Penguin Solutions finished with a $9 gross loss, or 1.4% of its original maximum risk, after we exited the remaining put spread on October 7th.

A fresh review using only information available on October 2nd supported retaining the $1.60 long-call target ahead of October 6th earnings.

Losing Money On A Winning Business

Portfolio Armor

Oct 8

A Growing Business, An Expiring Trade

Read full story

Ouster gave us a 132.9% return on original maximum risk, before fees, as its shares gained 25.7% on cash invested from May 21st through October 5th.

Losing Money On A Winning Business

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