Exits, 5/15/2026
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
Shares of Sivers Semiconductors (SIVEF). Bought at $2.24 on 4/15/2026; sold half at $6.75 on 5/14/2026. Profit: 201% on the shares sold. Signal: Market Watchers.
Options
4-leg combo on Kratos Defense and Security Solutions (KTOS 0.00%↑). Entered at a net debit of $2.20 on 11/11/2025; the put spread was assigned and exercised at a net debit of $5.00 on 5/12/2026; exited the call spread at a net credit of $0.01 on 5/14/2026. Loss: 100% of max risk (327% on premium outlay). Signal: PA Top Names.
4-leg combo on AeroVironment (AVAV 0.00%↑). Entered at a net debit of $1.90 on 11/12/2025; the put spread was assigned and exercised at a net debit of $5.00 on 12/2/2025; the call spread expired worthless on 5/15/2026. Loss: 100% of max risk (363% on premium outlay). Signal: PA Top Names.
3-leg combo on Forward Industries (FWDI 0.00%↑, formerly FORD). Entered at a net debit of $2.00 on 10/30/2025; exited the put spread at a net debit of $2.50 on 12/19/2025; the call expired worthless on 5/15/2026. Loss: 100% of max risk (225% on premium outlay). Signal: PA Top Names.
Put spread on Power Solutions International (PSIX 0.00%↑). Entered at a net credit of $2.51 as part of a 4-leg hybrid combo on 12/24/2025; the put spread was assigned and exercised at a net debit of $5.00 on 5/15/2026. Loss: 100% of max risk (99% on premium collected). Signal: Chartmill.
3-leg combo on Bit Digital (BTBT 0.00%↑). Entered at a net debit of $0.35 on 9/26/2025; the put spread was assigned and exercised at a net debit of $1.00 on 5/15/2026, and the call expired worthless. Loss: 100% of max risk (386% on premium outlay). Signal: Microcap ETH/AI Trade.
Put spread on IPG Photonics (IPGP 0.00%↑). Entered at a net credit of $1.70 as part of a 4-leg combo on 4/8/2026; exited at a net debit of $4.98 on 5/15/2026. Loss: 99% of max risk (193% on premium collected). Signal: PA Top Names.
Put spread on ClearPoint Neuro (CLPT 0.00%↑). Entered at a net credit of $1.33 as part of a 3-leg combo on 12/26/2025; exited at a net debit of $2.425 on 5/15/2026. Loss: 94% of max risk (82% on premium collected). Signal: Multibaggers.
4-leg combo on Ouster (OUST 0.00%↑). Entered at a net debit of $1.20 on 10/21/2025; exited the put spread at a net debit of $3.95 on 11/7/2025; exited the call spread at a net credit of $1.00 on 5/14/2026. Loss: 80% of max risk (346% on premium outlay). Signal: PA Top Names.
Risk-reversal on Sangamo Therapeutics (SGMO). Entered at a net debit of $0.05 on 12/26/2025; the short puts were assigned on 2/20/2026; the assigned shares were sold at $0.135 on 5/15/2026, and the calls expired worthless. Loss: 75% of max risk (830% on premium outlay). Signal: Market Watchers.
4-leg combo on Robinhood Markets (HOOD 0.00%↑). Entered at a net debit of $3.35 on 11/5/2025; exited the put spread at a net debit of $2.80 on 11/7/2025; exited the call spread at a net credit of $0.01 on 5/13/2026. Loss: 74% of max risk (183% on premium outlay). Signal: PA Top Names.
4-leg combo on Credo Technology Group (CRDO 0.00%↑). Entered at a net debit of $3.45 on 12/3/2025; the put spread was assigned and exercised at a net debit of $5.00 on 3/27/2026; exited the call spread at a net credit of $2.50 on 5/13/2026. Loss: 70% of max risk (172% on premium outlay). Signal: PA Top Names.
Put spread on Opendoor Technologies (OPEN 0.00%↑). Entered at a net credit of $0.88 as part of a 4-leg hybrid combo on 12/3/2025; the short put was assigned on 5/15/2026, the long put expired worthless, and the assigned shares were sold at $4.36, for an equivalent put-spread exit debit of $1.64. Loss: 68% of max risk (86% on premium collected). Signal: PA Top Names.
4-leg hybrid combo on Symbotic (SYM 0.00%↑). Entered at a net debit of $3.40 on 12/5/2025; bought-to-close the short call at a net debit of $0.20 on 2/5/2026; exited the put spread at a net debit of $1.74 on 2/20/2026; sold the long call at a net credit of $0.01 on 5/14/2026. Loss: 63% of max risk (157% on premium outlay). Signal: PA Top Names.
3-leg combo on Vnet Group (VNET 0.00%↑). Entered at a net debit of $1.40 on 10/14/2025; exited the put spread at a net debit of $0.20 on 11/20/2025; sold the calls for $0.10 on 5/14/2026. Loss: 44% of max risk (107% on premium outlay). Signal: PA Top Names.
4-leg combo on Enova International (ENVA 0.00%↑). Entered at a net debit of $3.10 on 2/6/2026; exited the put spread at a net debit of $0.20 on 5/1/2026; exited the call spread at a net credit of $0.10 on 5/13/2026. Loss: 40% of max risk (103% on premium outlay). Signal: Chartmill.
4-leg combo on Cloudflare (NET). Entered at a net debit of $1.87 on 10/17/2025; exited the put spread at a net debit of $0.20 on 10/31/2025; exited the call spread at a net credit of $0.01 on 5/15/2026. Loss: 30% of max risk (110% on premium outlay). Signal: PA Top Names.
Put spread on Robinhood Markets (HOOD 0.00%↑). Entered at a net credit of $2.32 as part of a 4-leg hybrid combo on 3/5/2026; exited at a net debit of $2.55 on 5/15/2026. Loss: 9% of max risk (10% on premium collected). Signal: Market Watchers.
3-leg combo on Delcath Systems (DCTH 0.00%↑). Entered at a net debit of $1.10 on 12/2/2025; exited the put spread at a net debit of $0.15 on 1/15/2026; sold the calls for $1.11 on 5/15/2026. Loss: 4% of max risk (13% on premium outlay). Signal: Market Watchers.
3-leg combo on TIM S.A. (TIMB 0.00%↑). Entered at a net debit of $1.30 on 11/19/2025; exited the put spread at a net debit of $0.08 on 1/22/2026; sold half of the calls for $3.00 on 2/11/2026; the remaining calls expired worthless on 5/15/2026. Profit: 9% (return on max risk: 3%). Signal: Chartmill.
4-leg hybrid combo on Synaptics (SYNA 0.00%↑). Entered at a net debit of $3.40 on 3/27/2026; exited the put spread at a net debit of $0.20 on 4/24/2026; exited the calendar spread at a net credit of $5.00 on 5/14/2026. Profit: 41% (return on max risk: 17%). Signal: Market Watchers.
Put spread on Balchem (BCPC 0.00%↑). Entered at a net credit of $0.27 as part of a 4-leg combo on 4/8/2026; exited at a net debit of $0.10 on 5/11/2026. Profit: 63% (return on max risk: 4%). Signal: PA Top Names.
Put spread on Richardson Electronics (RELL 0.00%↑). Entered at a net credit of $0.70 as part of a 4-leg hybrid combo on 2/19/2026; exited at a net debit of $0.20 on 5/14/2026. Profit: 71% (return on max risk: 28%). Signal: Market Watchers.
Short call on NexGen Energy (NXE 0.00%↑). Sold-to-open for $0.37 as part of a 4-leg hybrid combo on 3/26/2026; bought-to-close for $0.10 on 5/13/2026. Profit: 73%. Signal: PA Top Names.
Put spread on Babcock & Wilcox Enterprises (BW 0.00%↑). Entered at a net credit of $0.43 as part of a 4-leg hybrid combo on 4/6/2026; exited at a net debit of $0.10 on 5/11/2026. Profit: 77% (return on max risk: 58%). Signal: Market Watchers.
Put spread on Green Plains (GPRE 0.00%↑). Entered at a net credit of $0.66 as part of a 4-leg hybrid combo on 4/9/2026; exited at a net debit of $0.15 on 5/11/2026. Profit: 77% (return on max risk: 38%). Signal: PA Top Names.
Put spread on Suncor Energy (SU 0.00%↑). Entered at a net credit of $1.18 as part of a 4-leg hybrid combo on 4/22/2026; exited at a net debit of $0.20 on 5/15/2026. Profit: 83% (return on max risk: 26%). Signal: PA Top Names.
Put spread on Solstice Advanced Materials (SOLS 0.00%↑). Entered at a net credit of $1.20 as part of a 4-leg hybrid combo on 4/28/2026; exited at a net debit of $0.20 on 5/13/2026. Profit: 83% (return on max risk: 26%). Signal: Market Watchers.
Put spread on Aeluma (ALMU 0.00%↑). Entered at a net credit of $1.64 as part of a 4-leg combo on 3/5/2026; exited at a net debit of $0.20 on 5/11/2026. Profit: 88% (return on max risk: 43%). Signal: Market Watchers.
Put spread on Targa Resources (TRGP 0.00%↑). Entered at a net credit of $1.66 as part of a 4-leg hybrid combo on 4/20/2026; exited at a net debit of $0.20 on 5/14/2026. Profit: 88% (return on max risk: 18%). Signal: PA Top Names.
3-leg combo on Harmony Gold (HMY 0.00%↑). Entered at a net debit of $0.95 on 10/9/2025; exited the put spread at a net debit of $0.20 on 10/15/2025; sold half of the calls for $4.00 on 10/16/2025; the remaining call expired worthless on 5/15/2026. Profit: 89% (return on max risk: 29%). Signal: Gold Trade.
Put spread on Rocket Lab (RKLB 0.00%↑). Entered at a net credit of $2.56 as part of a 4-leg combo on 3/10/2026; exited at a net debit of $0.20 on 5/11/2026. Profit: 92% (return on max risk: 97%). Signal: PA Top Names.
Short calls on dLocal (DLO 0.00%↑). Sold-to-open for $0.60 as part of a 4-leg hybrid combo on 3/27/2026; bought-to-close for $0.05 on 5/15/2026. Profit: 92%. Signal: Market Watchers.
Put spread on Fabrinet (FN 0.00%↑). Entered at a net credit of $3.02 as part of a 4-leg combo on 5/1/2026; exited at a net debit of $0.20 on 5/14/2026. Profit: 93% (return on max risk: 40%). Signal: PA Top Names.
Put spread on Powell Industries (POWL 0.00%↑). Entered at a net credit of $3.99 as part of a 4-leg combo on 3/19/2026; exited at a net debit of $0.05 on 5/15/2026. Profit: 99% (return on max risk: 66%). Signal: PA Top Names.
Short call on Nektar Therapeutics (NKTR 0.00%↑). Sold-to-open for $5.95 as part of a 4-leg hybrid combo on 2/13/2026; bought-to-close for $0.20 on 5/11/2026. Profit: 97%. Signal: Multibaggers.
Short call on Hubbell Incorporated (HUBB 0.00%↑). Sold-to-open for $14.30 as part of a calendar spread on 4/28/2026; bought-to-close for $0.20 on 5/13/2026. Profit: 99%. Signal: Market Watchers.
4-leg hybrid combo on Freeport-McMoRan (FCX 0.00%↑). Entered at a net debit of $2.60 on 2/4/2026; exited the put spread at a net debit of $0.20 on 4/17/2026; bought-to-close the short call at $0.20 on 4/28/2026; sold the long call at $8.75 on 5/13/2026. Profit: 221% (return on max risk: 76%). Signal: Macro Trade.
4-leg hybrid combo on Viavi Solutions (VIAV 0.00%↑). Entered at a net debit of $1.76 on 3/20/2026; exited the put spread at a net debit of $0.20 on 4/24/2026; exited the call calendar at a net credit of $6.80 on 5/14/2026. Profit: 275% (return on max risk: 72%). Signal: Market Watchers.
4-leg combo on Western Digital (WDC 0.00%↑). Entered at a net credit of $3.30 on 2/13/2026; exited the call spread at a net credit of $8.00 on 5/5/2026; exited the put spread at a net debit of $0.20 on 5/11/2026. Profit: 336% (return on max risk: 166%). Signal: Market Watchers.
4-leg combo on Nebius (NBIS 0.00%↑). Entered at a net debit of $0.25 on 11/4/2025; exited the put spread at a net debit of $5.00 on 11/14/2025; exited the call spread at a net credit of $16.28 on 5/13/2026. Profit: 4,412% (return on max risk: 210%). Signal: PA Top Names.
Comments
Stocks or Exchange Traded Products
Shares of Sivers Semiconductors (SIVEF) were our lone stock exit this week. We took a 201% profit on half of our shares after less than a month.
The reason we bought the stock instead of placing an options trade is Sivers is a Swedish company that currently only trades OTC here, without options traded on it. The company has filed to dual list in the U.S., so when that listing happens and options trade on it, we may look at structuring an options trade on it in the future.
But for subscribers following our stock-only basic strategy, Portfolio Armor’s Top Names from 6 months ago had a great run.
Options
A Good Week, Despite The Usual OpEx Cleanup
This was the big Options Expiration (OpEx) week for May, and OpEx weeks are usually where our losing trades collect, since most of our winners get taken off before expiration when our preset exit orders trigger. What tends to be left for OpEx are the trades that didn’t work cleanly: calls expiring worthless, put spreads getting assigned or exercised, and older trades where the bullish side never recovered enough. This week’s exits included losing trades from as far back as last September.
In that context, this week’s exit list was a good one. Out of 40 exits overall, 22 were profitable and 18 were losses. Of those 18 losses, most (13) were partial losses: Cloudflare lost 30% of max risk. Enova International lost 40%. Vnet Group lost 44%. Delcath Systems lost only 4%. Robinhood Markets’ May put spread from the March hybrid trade lost 9% of max risk. The point of using defined-risk structures is that when trades don’t work, the damage is limited.
Where The Structures Worked
Nebius was the biggest example this week.
That trade shows how these structures can still work even when one side goes wrong. The put spread took a full $5.00 loss back in November, but the call spread later exited at $16.28, turning the overall trade into a 4,412% winner on premium outlay and a 210% return on max risk.
That’s exactly why we don’t just buy calls in every case, and why we don’t just sell naked puts either. The structure matters. Sometimes the financing leg goes against us, but the bullish side still has enough convexity to more than make up for it.
Western Digital was a cleaner all-around win: the call spread exited profitably, and the put spread was later bought back cheaply. Freeport-McMoRan and Viavi Solutions showed the value of hybrid structures, where the put spread and short call/calendar components helped finance the trade while the long call side ultimately delivered the profit. Harmony Gold was different again: we sold half of the calls early for $4.00, which was enough to make the full trade profitable even though the remaining call expired worthless.
Sometimes the structure works because the bullish side more than offsets a loss on the financing side, as with Nebius. Other times it works because the financing legs lower the cost basis, decay in our favor, or give us enough staying power for the bullish side to work. Either way, the structure matters.
The quieter partial exits matter too. Put spreads on Powell Industries, Fabrinet, Rocket Lab, Targa Resources, Aeluma, Suncor Energy, Solstice Advanced Materials, Green Plains, Babcock & Wilcox Enterprises, Richardson Electronics, and Balchem all came off profitably. Short calls on Hubbell Incorporated, Nektar Therapeutics, dLocal, and NexGen Energy also did what they were supposed to do.
They’re the machinery of the strategy: collect premium, reduce risk, and leave the higher-upside side of the trade alive when appropriate.
Improving The Process
Credo Technology Group is a useful process marker. That trade predated our current practice of applying RSI and Chartmill Setup screens not just avoid potential falling knives, but also to avoid potentially overextended names.
The point is to keep taking repeatable, high-quality swings while avoiding technically lower-quality setups.
A Constructive Week
This wasn’t an all-winners kind of week. OpEx weeks rarely are.
But it was a constructive week. We had more winners than losers. Most
of the losing exits were only partial losses. The premium-harvesting legs continued doing their job. And the biggest winner of the week, Nebius, showed why it’s worth using structures that preserve enough upside for a trade to recover from early damage.
That’s the broader goal here: not to avoid every losing trade, but to keep losses contained, take profits when our preset exits trigger, and let the occasional big winner do enough work to more than justify the swings.