Exits, 5/22/2026
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
Short calls on Green Plains (GPRE 0.00%↑). Sold-to-open the June 18th, 2026 $19 calls for $0.80 as part of a 4-leg hybrid combo on 4/9/2026; bought-to-close those calls for $0.20 on 5/21/2026. Profit: 75% (return on max risk: 22%). Signal: PA Top Names.
Short call on Dow (DOW 0.00%↑). Sold-to-open the July 17th, 2026 $47.50 call for $1.08 as part of a 4-leg hybrid combo on 4/30/2026; bought-to-close that call for $0.20 on 5/22/2026. Profit: 81% (return on max risk: 14%). Signal: PA Top Names.
Put spread on Helmerich & Payne (HP 0.00%↑). Entered at a net credit of $1.31 as part of a 4-leg hybrid combo on 4/14/2026; exited at a net debit of $0.20 on 5/18/2026. Profit: 85% (return on max risk: 30%). Signal: PA Top Names.
Put spread on Canadian Natural Resources (CNQ 0.00%↑). Entered at a net credit of $1.31 as part of a 4-leg hybrid combo on 4/17/2026; exited at a net debit of $0.20 on 5/19/2026. Profit: 85% (return on max risk: 30%). Signal: PA Top Names.
Put spread on Zoom Video Communications (ZM 0.00%↑). Entered at a net credit of $1.32 as part of a 4-leg hybrid combo on 2/9/2026; exited at a net debit of $0.20 on 5/22/2026. Profit: 85% (return on max risk: 30%). Signal: Anthropic Exposure.
Calls on T1 Energy (TE 0.00%↑). Bought the December 18th, 2026 $8 calls for $1.33 as part of a 3-leg combo on 5/13/2026; sold half for $4.00 on 5/20/2026. Profit: 201%. Signal: Market Watchers.
Calls on Redwire RDW 0.00%↑). Bought the November 20th, 2026 $12 calls for $2.60 as part of a 3-leg combo on 4/14/2026; sold half of the calls for $8.00 on 5/22/2026. Profit: 208% on the calls sold. Signal: Market Watchers.
Calls on AmpliTech Group (AMPG 0.00%↑). Bought the July 17th, 2026 $5 calls for $0.40 as part of a 3-leg combo on 2/2/2026; sold half of the calls for $1.30 on 5/21/2026. Profit: 225% on the calls sold. Signal: Multibaggers.
3-leg combo on Navitas Semiconductor (NVTS 0.00%↑). Entered at a net debit of $1.55 on 12/8/2025; exited the March $9/$7 put spread at a net debit of $0.20 on 3/11/2026; sold half of the June $12 calls for $7.50 on 4/22/2026 and sold the second half for $13.00 on 5/21/2026. Profit: 548% (return on max risk: 233%). Signal: PA Top Names.
4-leg combo on Advanced Micro Devices (AMD 0.00%↑). Entered at a net credit of $0.60 on 12/12/2025; exited the February $200/$195 put spread at a net debit of $0.20 on 2/20/2026; exited the June $380/$400 call spread at a net credit of $16.00 on 5/22/2026. Profit: 2,733% (return on max risk: 357%). Signal: PA Top Names.
Comments
Stocks or Exchange Traded Products
No exits this week, as I haven’t been doing our basic strategy, which involves buying stocks and ETFs, and have been focusing on options instead. Nevertheless, the performance of our system’s top names over the next six months continues to be strong, as you can see below.
Options
A Clean Options Week
This was a strong week for the options side: 10 options exits, 10 winners (our losing exits tend to collect on OpEx days; you can see examples of those in last week’s Exits post).
Some of those were the “machinery” of the strategy working as intended: profitable exits on put spreads in Helmerich & Payne, Canadian Natural Resources, and Zoom Video Communications, plus profitable buy-to-close exits on short calls in Green Plains and Dow. Those aren’t the most exciting lines in the exit list, but they matter. They reduce risk, harvest premium, and leave the higher-upside side of the trade alive when appropriate.
That’s exactly what we want from hybrid and combo structures.
Small Names, Fast Reratings
The more exciting exits came from the call side.
T1 Energy was the cleanest example of how quickly smaller names in key themes can rerate. We entered that trade last week, buying December $8 calls as part of a 3-leg combo. After the stock jumped this week, we sold half of those calls for a 201% profit in less than a week, locking in a profitable trade while keeping the rest of the position open for more.
Redwire was another good example. The SpaceX tailwind helped lift the space/defense-adjacent names, and we sold half of our November $12 calls for a 208% profit. AmpliTech Group worked similarly: we sold half of our July $5 calls for a 225% profit, while still keeping upside exposure.
That is one of the advantages of buying multiple calls in these structures. We can take enough off the table to lock in a win, then let the remaining calls run.
Two Excellent Full Exits
We also had two full combo exits this week.
Navitas Semiconductor was a power-efficient semiconductor trade from December. We exited the put spread in March, sold half of the calls in April, and sold the second half this week. The full trade finished with a 548% profit on premium outlay and a 233% return on max risk.
Advanced Micro Devices was the standout.
That trade is a useful example of how to trade an expensive, high-quality stock aggressively without simply buying common shares or naked calls. We used a 4-leg combo: a bullish call spread, financed in part by a defined-risk put spread. The call-spread strikes capped our upside, but they were set using Portfolio Armor’s aggressive six-month potential return estimate for AMD. As it turned out, that estimate slightly undershot AMD’s actual move, and the call spread exited at $16.00.
At the same time, elevated implied volatility let us enter the whole trade for a net credit. We collected $0.60 at entry, bought back the put spread for $0.20, and later exited the call spread for $16.00. The final result was a 2,733% profit on premium collected and a 373% return on max risk.
That’s the structure doing what it was designed to do: define the downside, use volatility to finance the trade, and still leave enough upside to matter when the stock makes a big move.
The Common Thread
The common thread this week was not one sector or one signal. We had exits tied to AI infrastructure, power semiconductors, space, energy infrastructure, materials, biotech-adjacent AI exposure, and telecom infrastructure.
The common thread was structure.
Sometimes that meant collecting premium from put spreads or short calls. Sometimes it meant selling half of a call position after a fast rerating. Sometimes it meant holding a capped call spread long enough for a big stock move to do the work.
This was one of those weeks where all of those pieces showed up in the exit list.