Exits, 1/16/2026
How we did on the trades we exited this week.
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 this spreadsheet. These are the trades I exited this week.
Stocks or Exchange Traded Products
None.
Options
Puts on CH Robinson (CHRW 0.00%↑). Bought the $75 strike puts for $3.70 on 4/22/2025; expired worthless on 1/16/2026. Loss: 100%.
Puts on PACCAR (PCAR 0.00%↑). Bought the $75 strike puts for $4.50 on 5/1/2025; expired worthless on 1/16/2026. Loss: 100%.
3-leg combo on Abivax (ABVX 0.00%↑). Entered at a net debit of $2.20 on 12/23/2025; calls expired worthless and the $130/$120 put spread finished fully in the money with ABVX at $117 on 1/16/2026, realizing the max loss. Loss: 100% on max risk (555% on premium outlay).
3-leg combo on ThredUp (TDUP 0.00%↑). Entered at a net debit of $0.85 on 9/22/2025; calls expired worthless and the $10/$7.50 put spread finished fully in the money with TDUP at $5.58 on 1/16/2026, resulting in the max loss. Loss: 100% on max risk (394% on premium outlay).
Puts on iShares MSCI India ETF (INDA 0.00%↑). Bought the $49 strike puts for $0.80 on 7/31/2025; expired worthless on 1/16/2026. Loss: 100%.
Risk-reversal on Cardlytics (CDLX 0.00%↑). Entered for a net credit of $0.06 on 7/23/2025; the $3 puts were assigned and the shares sold at $1.21 on 8/15/2025, and the $5 calls expiring on 1/16/2026 expired worthless. Loss: 59% on max risk (2883% on premium collected).
4-leg combo on Abivax (ABVX 0.00%↑). Entered at a net debit of $5.60 on 12/10/2025; exited the put spread for a net debit of $0.10 on 1/12/2026, and the call spread expired worthless on 1/16/2026. Loss: 54% on max risk (102% on premium outlay).
3-leg combo on Joby Aviation (JOBY 0.00%↑). Entered at a net debit of $2.20 on 8/11/2025; exited the put spread for a net debit of $0.20 on 10/3/2025, and the calls expired worthless on 1/16/2026. Loss: 45% on max risk (109% on premium outlay).
3-leg combo on Up Fintech Holding (TIGR 0.00%↑). Entered at a net debit of $1.05 on 8/20/2025; exited the put spread for a net debit of $0.25 on 9/5/2025, and the calls expired worthless on 1/16/2026. Loss: 29% on max risk (124% on premium outlay).
Put spread on Delcath Systems (DCTH 0.00%↑). Entered at a net credit of $0.71, as part of a 3-leg combo on 11/28/2025; exited at a net debit of $0.15 on 1/15/2026. Profit: 79% on premium collected (31% on max risk).
Call spread on IonQ (IONQ 0.00%↑). Entered at a net debit of $4.80 on 7/14/2025; exited at a net credit of $8.50 on 1/15/2026. Profit: 77%.
Put spread on ZIM Integrated Shipping (ZIM 0.00%↑). Entered for a net credit of $0.95 as part of a 3-leg combo on 12/5/2025; exited at a net credit of $0.20 on 1/12/2026. Profit: 79% (19% on max risk).
Put spread on Ondas Holdings (ONDS 0.00%↑). Entered for a net credit of $1.04 as part of a 3-leg combo on 12/18/2025; exited for a net debit of $0.20 on 1/13/2026. Profit: 81% (58% on max risk).
Cash-covered puts on Tecogen (TGEN 0.00%↑). Sold the $5 strike puts for $1.10 on 7/21/2025; expired worthless on 1/16/2026. Profit: 100% on premium collected (28% on max risk).
Call on Intel (INTC 0.00%↑). Bought for $3.75 as part of a 3-leg combo on 9/26/2025; sold for $8.00 on 1/13/2026. Profit: 113%.
Calls on Bit Digital (BTBT 0.00%↑). Bought for $0.56 on 4/21/2025; sold half at $2.00 on 7/7/2025 and the second half at $0.40 on 1/14/2026. Profit: 114%.
Call spread on SanDisk (SNDK 0.00%↑). Entered at a net debit of $4.35, as part of a 4-leg combo on 12/4/2025; exited at a net credit of $16.00 on 1/15/2026. Profit: 268%
4-leg combo on Celsius (CELH 0.00%↑): Entered on 8/5/2025 for a net debit of $0.90; exited the put spread for a net debit of $0.13 on 8/7/2025; exited the call spread for $3.50 on 1/15/2026. Profit: 274% on premium outlay (50% on max risk).
3-leg combo on SkyWater Technology (SKYT 0.00%↑). Entered at a net debit of $2.20 on 10/31/2025; exited the put spread at a net debit of $0.20 on 11/6/2025; exited half the calls at $6.00 on 11/10/2025; exited the second half at $11.50 on 1/15/2026. Profit: 289% on premium outlay (102% on max risk).
4-leg combo on Mueller Industries (MLI 0.00%↑). Entered at a net debit of $1.80; exited the put spread at a net debit of $0.20 on 1/9/2026; exited the call spread at $8.00 on 1/14/2026. Profit: 333% on premium outlay (88% on max risk).
4-leg combo on Powell Industries (POWL 0.00%↑). Entered at a net debit of $5.80 on 8/6/2025; exited the call spread for a net credit of $40 on 10/29/2025; exited the put spread for a net debit of $0.20 on 1/16/2026. Profit: 586% on premium outlay (131% on max risk).
3-leg combo on ZIM Integrated Shipping (ZIM 0.00%↑). Entered at a net debit of $0.40 on 9/22/2025; exited the put spread at a net debit of $0.20 on 11/13/2025; exited half the calls at $2.00 on 11/25/2025; exited the second half at $6.00 on 1/15/2026. Profit: 850% on premium outlay (136% on max risk).
Comments
Stocks or Exchange Traded Products
No exits this week, but our system’s top names continue to outperform, as I noted in last night’s Top Names post:
Options
Today was the big options expiration day for January, and as usual, that’s where our losses collect (because we usually exit winners before expiration). This post includes losing trades we entered as long ago as last April. Nevertheless, we had more winners (13) than losers (9) today, which is pretty good for an OpEx day. Of our 9 losers, 3 were bearish bets against predicted tariff losers. We’ve been more selective in short bets recently, as they seem to be harder to get right. Two of our losers were bullish bets on a buyout of Abivax (ABVX 0.00%↑). I still think it’s going to get bought out, but I made a mistake here in using the same expiration for both of our trades.
With the winners, one approach that maximized our gains on 3-leg combos on SkyWater Technology (SKYT 0.00%↑) and ZIM Integrated Shipping (ZIM 0.00%↑) was selling half of our calls at 3x what we paid for them, and then setting a more aggressive price target for the runners.