Exits, 4/17/2025
How we did on the trades we exited this week.
Dids/Pexels
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 Apple (AAPL 1.18%↑). Bought for $1.50 on 4/9/2025; (second half) expired worthless on 4/17/2025. Loss: 100%.
Call spread on Delta Air Lines (DAL 0.52%↑). Entered at a net debit of $0.77 on 2/21/2025; expired worthless on 4/17/2025. Loss: 100%.
Puts on SPDR Gold Shares ETF (GLD -0.79%↓). Bought for $2.24 on 4/4/2025; expired worthless on 4/17/2025.
Call spread on Centrus Energy (LEU 4.48%↑). Entered at a net debit of $1.17 on 11/4/2024; expired worthless on 4/17/2025. Loss: 100%.
Calls on Qifu Technologies (QFIN -3.23%↓). Bought for $0.70 on 3/28/2025; expired worthless on 4/17/2025. Loss: 100%.
Call spread on Semler Scientific (SMLR 0.00%↑). Entered at a net debit of $1.50 on 1/10/2025; expired worthless on 4/17/2025.
Calls on UP Fintech Holding Limited (TIGR 0.00%↑). Bought for $1.70 on 11/8/2024; expired worthless on 4/17/2025. Loss: 100%.
Calls on Tradr 2X Short TSLA Daily ETF (TSLQ 0.00%↑). Bought for $2.40 on 4/9/2025; expired worthless on 4/17/2025. Loss: 100%.
Call spread on Rocket Lab (RKLB 0.00%↑). Entered at a net debit of $0.23 on 12/4/2024; expired worthless on 4/17/2025. Loss: 100%.
Put spread on Atour Lifestyle Holdings (ATAT 0.00%↑). Entered at a net credit of $3.50 on 3/24/2025; assigned the higher strike put on 4/16/2025 and sold the lower strike put and shares on 4/17/2025. Profit: 27.2%.*
Call spread on the iShares 20+ Year Treasury Bond ETF (TLT 0.50%↑). Entered at a net debit of $0.66 on 4/9/2025; exited at a net credit of $0.98 on 4/16/2025. Profit: 48%.
Comments
Stocks and Exchange Traded Products
No exits this week, but since we started this Substack in December of 2022, our top names have averaged returns of 17.55% over the next six months, versus SPY’s average of 11.24%.
Options
This was the big options expiration date for the month (and one of the biggest for the quarter), and that’s where our losing trades tend to collect (because we usually exit our winners before expiration). Today, we have losing trades appearing that were opened as long ago as last November. But this Exits post is worse than usual for a big OpEx one, because of the bear market. Most of these on the bullish side were attractive names (e.g, QFIN and TIGR) that just got repriced during the bear market. A couple of exits where that wasn’t the case, along with takeaways that might help us do better next time:
Puts on Apple (AAPL 1.18%↑). We exited the first half of these puts for a gain of 167% last week, and held out for more gains with the other half, as we normally do. Maybe we need to reconsider that approach for short-dated options.
Calls on Tradr 2X Short TSLA Daily ETF (TSLQ 0.00%↑). Maybe next time something like this pops on our top names, we’ll try a spread. Options on these leveraged ETFs are expensive and we would have needed a much steeper drop in TSLA to make a profit on this one.
Onward and upward.
*ChatGPT 4.5 elaborates:
You sold your 200 shares at $24.62 = $4,924 proceeds
You sold 2x $30 puts for $5.45 each = $1,090 credit
🧮 Step-by-Step Return Calculation
🔹 Step 1: Cost Basis for the Stock
You were assigned 200 shares at $35 = $7,000
You already received $700 credit from the original put spread → This offsets your cost, so:
Net cost basis for stock=7,000−700=6,300\text{Net cost basis for stock} = 7,000 - 700 = \boxed{6,300}Net cost basis for stock=7,000−700=6,300
🔹 Step 2: Sale of Stock
You sold 200 shares at $24.62 = $4,924
🔹 Step 3: Sold 2x $30 Puts for $5.45 = $1,090
🔹 Step 4: Total Cash Flow
ActionAmountReceived from stock sale+$4,924Received from selling $30 puts+$1,090Original cost basis-$6,300Net Result= $1,714 gain
🔚 Final Return
Return=1,7146,300≈27.2% gain\text{Return} = \frac{1,714}{6,300} ≈ \boxed{27.2\% \text{ gain}}Return=6,3001,714≈27.2% gain
✅ Summary
📉 You were assigned stock during a losing trade
💡 But you sold premium again and exited the stock smartly
🔁 End result: a +27.2% return on the capital you committed