Exits, 7/17/2026
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 a spreadsheet. These are the trades I exited this week.
Stocks or Exchange Traded Products
None.
Options
4-leg hybrid combo on Joby Aviation (JOBY 0.00%↑). Entered at a net debit of $1.00 on 12/16/2025; bought-to-close the March $18 calls for $0.20 on 1/29/2026; exited the March $12/$10 put spread at its $2.00 maximum debit on 3/20/2026; the July $16 calls expired worthless on 7/17/2026. Loss: 105% of max risk (320% on net debit). Signal: PA Top Names.
4-leg combo on Baidu (BIDU 0.00%↑). Entered at a net debit of $2.90 on 2/2/2026; exited the February $145/$140 put spread through assignment and exercise at its $5.00 maximum debit on 2/27/2026; the July $175/$195 call spread expired worthless on 7/17/2026. Loss: 98% of max risk (272% on net debit). Signal: PA Top Names.
4-leg combo on Rocket Lab USA (RKLB 0.00%↑). Entered at a net debit of $2.20 on 2/4/2026; exited the February $75/$70 put spread through assignment and exercise at its $5.00 maximum debit on 2/27/2026; the July $100/$120 call spread expired worthless on 7/17/2026. Loss: 96% of max risk (327% on net debit). Signal: PA Top Names.
3-leg combo on ASP Isotopes (ASPI 0.00%↑). Entered at a net debit of $1.45 on 1/27/2026; the April $7 puts were assigned; sold the resulting shares at about $5.28 on 4/17/2026; the April $5 puts expired worthless; sold-to-close the July $8 calls for $0.01 on 7/17/2026. Loss: 88% of max risk. Signal: Market Watchers.
3-leg combo on uniQure (QURE 0.00%↑). Entered at a net debit of $0.80 on 1/21/2026; exercised the March $16 put against shares assigned from the November QURE trade; bought-to-close the March $21 put for $5.16; sold-to-close the July $40 call for $1.00 on 7/17/2026. Loss: 86% of max risk. Signal: Multibaggers.
4-leg hybrid combo on uniQure (QURE 0.00%↑). Entered at a net debit of $0.60 on 11/25/2025; bought-to-close the April $37 call for $2.34; sold shares from the assigned April $25 put through exercise of the March $16 put from the January QURE trade; sold-to-close the April $20 put for $4.70; sold-to-close the July $38 call for $2.55 on 7/17/2026. Loss: 81% of max risk. Signal: Multibaggers.
4-leg hybrid combo on Abivax (ABVX 0.00%↑). Entered at a net debit of $6.13 on 4/20/2026; exited the May $110/$105 put spread at a net debit of $0.20 on 5/27/2026; bought-to-close the May $155 call for $0.20 on 5/29/2026; sold-to-close the July $150 call for $0.10 on 7/17/2026. Loss: 58% of max risk. Signal: Multibaggers.
Put spreads on Amprius Technologies (AMPX 0.00%↑). Entered at an average net credit of $1.13 as part of a 4-leg hybrid combo on 4/13/2026; one July 17, 2026 $15/$12 put spread exited through assignment and exercise at a net debit of $3.00 on 7/15/2026; exited the remaining spread at a net debit of $2.95 on 7/16/2026. Loss: 51% of max risk (164% on premium collected). Signal: Market Watchers.
Put spreads on Planet Labs (PL 0.00%↑). Entered at a net credit of $2.39 as part of a 4-leg hybrid combo on 4/7/2026; one July $30/$25 put spread exited at a net debit of $4.95 on 7/16/2026, and the other exited through assignment and exercise at a net debit of $5.00 on 7/17/2026, for an average net debit of $4.98. Loss: 37% of max risk (108% on premium collected). Signal: Market Watchers.
Calls on Tecogen (TGEN 0.00%↑). Bought-to-open for $1.67 as part of a 2-leg risk reversal on 1/7/2026. Sold-to-close for $0.01 on 7/17/2026. Loss: 32% of max risk (99% on premium outlay). Signal: Multibaggers.
3-leg combo on Evolv Technologies (EVLV 0.00%↑). Entered at a net debit of $0.70 on 1/2/2026; exited the July $6/$4 put spread at a net debit of $0.16 on 7/15/2026; the July $8 calls expired worthless on 7/17/2026. Loss: 31% of max risk (123% on net debit). Signal: Market Watchers.
3-leg combo on Energy Fuels (UUUU 0.00%↑). Entered at a net debit of $1.50 on 11/21/2025; exited the April $12/$8 put spread at a net debit of $0.12 on 4/8/2026; the July $17 call expired worthless on 7/17/2026. Loss: 28% of max risk (108% on net debit). Signal: PA Top Names.
4-leg combo on United States Oil Fund (USO 0.00%↑). Entered at a net debit of $0.85 on 4/7/2026; exited the July $145/$150 call spread at a net debit of $0.20 on 6/16/2026; the July $110/$100 put spread expired worthless on 7/17/2026. Loss: 17% of max risk (124% on net debit). Signal: Me.
Put spread on SandRidge Energy (SD 0.00%↑). Entered as part of a 4-leg hybrid combo on 3/12/2026. After the OCC strike and cash adjustment, the July $14.80/$12.30 spread had an effective net credit of $0.78. The short puts were assigned; sold the resulting shares for $13.52 on 7/15/2026; the long puts expired worthless on 7/17/2026. The October calls remain open. Loss: 17% of max risk (65% on premium collected). Signal: Chartmill.
4-leg combo on Amazon.com (AMZN 0.00%↑). Entered at a net debit of $1.60 on 2/4/2026; the February 6, 2026 $222.50 / $217.50 put spread exited through assignment and exercise on 2/6/2026; then exited the July $265 / $275 call spread for a net credit of $0.50 on 7/15/2026. Loss: 16% of max risk (69% on premium outlay). Signal: Me, ChatGPT.
4-leg combo on Fabrinet (FN). Entered at a net debit of $0.70 on 1/26/2026; exited the February 20, 2026 $440/$430 put spread at a net debit of $0.20 on 2/18/2026; exited the July 17, 2026 $580/$600 call spread at a net credit of $0.05 on 7/15/2026. Loss: 8% of max risk (121% on premium outlay). Signal: PA Top Names.
4-leg hybrid combo on Zoom Video Communications (ZM 0.00%↑). Entered at a net debit of $1.60 on 2/9/2026; exited the June 18, 2026 $80 / $75 put spread at a net debit of $0.20 on 5/22/2026; bought-to-close the June $110 call for $0.20 on 6/9/2026; sold-to-close the August $105 call for $2.09 on 7/16/2026. Profit: 6% on net debit (1% on max risk). Signal: Me.
Half of the calls on Green Plains (GPRE 0.00%↑). Bought-to-open for an average of $2.05 as part of a 4-leg hybrid combo on 4/9/2026. Sold-to-close for $2.70 on 7/17/2026. Profit: 32% on premium outlay. Signal: PA Top Names.
Short call on T1 Energy (TE 0.00%↑). Sold-to-open for $0.66 as part of a 4-leg hybrid combo on 7/1/2026. Bought-to-close for $0.15 on 7/13/2026. Profit: 77% on premium collected. Signal: Market Watchers.
Short calls on Nokia (NOK 0.00%↑). Sold-to-open for $1.02 as part of a 4-leg hybrid combo on 6/15/2026. Bought-to-close for $0.20 on 7/14/2026. Profit: 80% on premium collected. Signal: Market Watchers.
Short calls on Bioventus (BVS 0.00%↑). Sold-to-open for $0.28 as part of a 4-leg hybrid combo on 3/18/2026. Bought-to-close for $0.05 on 7/14/2026. Profit: 82% on premium collected. Signal: Chartmill.
Short calls on POET Technologies (POET 0.00%↑). Sold-to-open for $1.31 as part of a 4-leg hybrid combo on 6/23/2026. Bought-to-close for $0.20 on 7/16/2026. Profit: 85% on premium collected. Signal: PA Top Names.
Short call on Amtech Systems (ASYS 0.00%↑). Sold-to-open for $1.78 as part of a 4-leg hybrid combo on 5/29/2026. Bought-to-close for $0.20 on 7/17/2026. Profit: 89% on premium collected. Signal: Market Watchers.
Short call on NextNav (NN 0.00%↑). Sold-to-open for $2.46 as part of a 4-leg hybrid combo on 6/10/2026. Bought-to-close for $0.20 on 7/15/2026. Profit: 92% on premium collected. Signal: Market Watchers.
Put spread on Atai Beckley (ATAI 0.00%↑). Entered at a net credit of $0.41 as part of a 4-leg hybrid combo on 4/20/2026. Exited at a net debit of $0.03 on 7/17/2026. Profit: 93% on premium collected. Signal: Multibaggers.
Short call on Alcoa Corporation (AA 0.00%↑). Sold-to-open for $3.38 as part of a 4-leg hybrid combo on 5/4/2026. Bought-to-close for $0.20 on 7/14/2026. Profit: 94% on premium collected. Signal: PA Top Names.
Short call on Aeluma (ALMU 0.00%↑). Sold-to-open for $3.62 as part of a 4-leg hybrid combo on 6/3/2026. Bought-to-close for $0.20 on 7/13/2026. Profit: 94% on premium collected. Signal: Market Watchers.
Short call on Firefly Aerospace (FLY 0.00%↑). Sold-to-open for $3.77 as part of a 4-leg hybrid combo on 5/8/2026. Bought-to-close for $0.20 on 7/16/2026. Profit: 95% on premium collected. Signal: PA Top Names.
Put spread on Advanced Energy Industries (AEIS 0.00%↑). Entered at a net credit of $4.24 as part of a 4-leg combo on 3/13/2026. Exited at a net debit of $0.20 on 7/17/2026. Profit: 95% on premium collected (34% of max risk). Signal: PA Top Names.
Short call on Century Aluminum (CENX 0.00%↑). Sold-to-open for $6.57 as part of a 4-leg hybrid combo on 5/4/2026. Bought-to-close for $0.20 on 7/16/2026. Profit: 97% on premium collected. Signal: PA Top Names.
2-leg risk reversal on Lesaka Technologies (LSAK 0.00%↑). Entered at a net credit of $0.05 on 2/3/2026; the March $5 puts expired worthless on 3/20/2026; the July $5 calls expired worthless on 7/17/2026. Profit: 100% on premium collected (1% of max risk). Signal: Market Watchers.
3-leg combo on Silvercorp Metals (SVM 0.00%↑). Entered at a net debit of $1.35 on 12/10/2025; exited the April 17, 2026 $7.50/$5 put spreads at a net debit of $0.15 on 1/20/2026; sold half of the July 17, 2026 $7.50 calls for $6.90 on 1/26/2026; sold the remaining call for $2.00 on 7/14/2026. Profit: 219% on net debit (77% on max risk). Signal: Chartmill.
4-leg hybrid combo on Novo Nordisk (NVO 0.00%↑). Entered at a net debit of $1.30 on 4/10/2026; exited the July 17, 2026 $35/$30 put spread at a net debit of $0.20 on 5/7/2026; exited the September $40 / July $45 call calendar for a net credit of $5.40 on 7/16/2026. Profit: 300% on net debit (62% on max risk). Signal: Multibaggers.
4-leg hybrid combo on Personalis (PSNL). Entered at a net debit of $0.42 on 2/11/2026; bought-to-close the March 20, 2026 $12.50 calls for $0.15 on 2/23/2026; exited the March 20, 2026 $10/$7.50 put spread through assignment and exercise at a net debit of $2.50 on 3/20/2026; sold the July 17, 2026 $10 calls for $5.20 on 7/15/2026. Profit: 507% on net debit (56% on max risk). Signal: Multibaggers.
3-leg combo on AmpliTech Group (AMPG 0.00%↑). Entered at a net credit of $1.30 on 2/3/2026; sold-to-close half of the July $5 calls for $1.30 on 5/21/2026 and the other half for $4.60 on 6/17/2026; sold the 300 assigned shares for $9.81 on 6/18/2026; the remaining July puts expired worthless on 7/17/2026. Profit: 512% on net credit (555% of max risk). Signal: Multibaggers.
4-leg hybrid combo on Targa Resources (TRGP 0.00%↑). Entered at a net debit of $2.45 on 4/20/2026; exited the July 17, 2026 $210/$200 put spread at a net debit of $0.20 on 5/14/2026; then exited the September $270 / July $280 call calendar for a net credit of $18.25 on 7/15/2026. Profit: 637% on net debit (125% on max risk). Signal: PA Top Names.
4-leg hybrid combo on Personalis (PSNL 0.00%↑). Entered at a net debit of $0.45 on 3/5/2026; bought-to-close the July $15 call for $0.20 on 4/20/2026; sold-to-close the October $7.50 call for $5.00 on 5/29/2026; the July $10/$5 put spread expired worthless on 7/17/2026. Profit: 967% on net debit (77% of max risk). Signal: Market Watchers.
Comments
Stocks or Exchange Traded Products
No exits this week. I’ve focused on options instead of our basic strategy, which involves buying stocks and ETFs. Nevertheless, the performance of our system’s top names over the next six months continues to be strong.
Options
A Strong OpEx Week
OpEx weeks are when our losing trades tend to collect. Standing exit orders often remove winning trades before expiration, while positions still open on OpEx Friday disproportionately include the ones that never worked cleanly.
Even with that bias, this was another strong batch of exits: 21 of 37 were profitable. Most of the losing trades retained some value, too. Eight of the 16 losing exits—exactly half—lost less than 50% of max risk.
That’s the distribution we want over time: contained losses, premium-harvesting legs that keep improving the math, and winners large enough to more than offset the trades that don’t work.
Why The JOBY Loss Exceeded Max Risk
The 105% loss on Joby Aviation (JOBY) may look odd, since this was a defined-risk trade.
The original alert used a maximum entry debit of $1.05 for two combos, which put the published max risk at $610. We actually filled at $1.00, but later paid $0.20 per contract to buy-to-close two short calls. Add that $40 to the $600 loss implied by our actual entry and the put spread reaching its maximum debit, and the total loss was $640—105% of the original $610 benchmark.
That doesn’t mean the defined risk failed. It means the original max-risk figure modeled the position through expiration and didn’t budget for a later decision to pay to remove the short-call cap. We think it’s more transparent to show the actual result against the risk figure we published at entry.
When A Macro Winner Reverses
The United States Oil Fund (USO) trade offers a different lesson. Its July $110/$100 put spread was worth roughly $3 last week, and exiting it then would have made the overall trade profitable. We held it for more downside in oil; renewed strikes between the U.S. and Iran pushed oil higher, and the spread expired worthless.
That’s one of the risks with macro trades: a new headline can change the path abruptly, even after a position has moved into profitable territory. It also illustrates the recurring balance in options trading between trying to maximize a payoff and taking a good profit before time and event risk can take it back.
No rule eliminates that trade-off. But as expiration approaches, we can take an attractive exit more readily when the remaining payoff increasingly depends on headline risk breaking our way.
Re-Entering Without Round-Tripping
AmpliTech Group (AMPG) shows the other side of the process. We entered the original trade at a net credit, harvested the upside in stages, and sold the assigned shares for $9.81 near the stock’s year-to-date high. The remaining puts expired worthless, completing the trade at a 512% profit on the net credit and a 555% return on max risk.
This week, with AMPG trading below $7, we entered a new trade on it.
Same company, same broad theme, different setup and structure. The goal isn’t to marry a stock or abandon a previous winner forever. It’s to avoid round-tripping a gain after a blow-off rally, then return when the price and risk/reward become attractive again.
What We Keep Improving
Personalis (PSNL) was another useful example. In our February trade, the short March puts were assigned; we exercised the long puts at the spread’s maximum loss, but the July calls more than offset it. The complete trade still earned 507% on the net debit and 56% on max risk. A separate March PSNL trade produced one of this week’s largest gains: 967% on the net debit and 77% on max risk.
Those older trades led us to favor longer-dated put spreads. That gives the thesis more time to work, brings in more financing for the long upside exposure, lowers the break-even point, and reduces the chance that the downside leg expires before the rest of the trade has had time to play out. In hindsight, that change likely would have produced a larger profit on the first PSNL trade.
We’ll keep making adjustments like that. We now review the next month’s expirations immediately after each OpEx and harvest gains more readily on in-the-money long options when the underlying stock loses its 50-day EMA.
That’s why we document every exit, including the losing ones: to feed the results back into the process, not just to keep score.
Protecting Your Portfolio
The exits above also show why investors benefit from managing risk before a position goes wrong. With volatility returning—and AI-related momentum names suffering sharp drawdowns—investors may want to decide in advance how much downside they’ll tolerate.
The Portfolio Armor iPhone app lets you enter a U.S.-traded stock or ETF and the maximum decline you are willing to accept, then scans the available put options for the least expensive optimal hedge for that threshold. Optional in-app subscriptions add optimal collar scans, which can reduce the cost of protection, and access to our daily Top Ten Names.