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
Put spread on Nvidia ( NVDA 0.23%↑). Entered at a net debit of $0.55 on 2/6/2025; expired worthless on 9/19/2025. Loss: 100%.
Puts on Ford (F -1.36%↓). Bought for $0.90 on 4/11/2025; expired worthless on 9/19/2025. Loss: 100%.
Calendar spread on Shopify (SHOP 0.91%↑). Entered at a net debit of $3 on 4/23/2025; long put expired worthless ono 9/19/2025. Loss: 100%.
Puts on Lions Gate Entertainment ($LGF/A) → (LION 0.00%↑). Bought for $0.90 on 5/6/2025; expired worthless on 9/19/2025. Loss: 100%.
Puts on SolarEdge Technologies (SEDG 2.95%↑). Bought for $1.04 on 4/14/2025; expired worthless on 9/19/2025. Loss: 100%.
Puts on Invesco QQQ Trust ( QQQ 0.41%↑). Bought for $3.14 on 7/25/2025 as a market hedge; expired worthless on 9/19/2025. Loss: 100%.
Calls on Sana Biotechnology (SANA -6.34%↓). Bought for $0.45 on 8/8/2025; expired worthless on 9/19/2025. Loss: 100%.
Risk-Reversal on Tecogen (TGEN 15.54%↑). Entered at a net debit of $0.38 on 8/8/2025; both legs expired worthless on 9/19/2025. Loss: 100%.1
Calls on Mara Holdings (MARA -1.19%↓). Bought for $2.15 on 3/26/2025; sold for $0.29 on 9/19/2025. Loss: 91%.
Calls on Arcutis Biotherapeutics (ARQT 1.64%↑). Bought for $2.50 on 3/13/2025; sold for $0.45 on 9/18/2025. Loss: 82%.
Calls on Harmony Gold Mining (HMY 8.57%↑). Bought for $1.60 on 5/16/2025; sold for $0.35 on 9/19/2025. Loss: 78%.
Calls on Vnet Group (VNET 0.10%↑). Bought for $2.05 on 3/26/2025; sold for $1 on 9/19/2025. Loss: 51%.
Risk-Reversal on Sana Biotechnology (SANA -6.34%↓). Entered at a net credit of $0.07 on 8/7/2025; both legs expired worthless on 9/19/2025. Profit: 2.9%.
Diagonal Risk-Reversal on Opera (OPRA -3.81%↓). Entered at a net debit of $0.68 on 8/15/2025; exited the call leg for $2.10 on 8/15/2025; the put leg expired worthless on 9/19/2025. Profit: 209%.2
Call spread on Palantir (PLTR 3.90%↑). Entered at a net debit of $4.80 on 5/23/2025. Exited at a net credit of $16 on 9/18/2025. Profit: 233%.
On outlay; return on maximum risk (if TGEN went to $0 by today’s close) was -4.8%.
On outlay; return on maximum risk (if OPRA went to $0 by today’s close) was 9%.
Comments
Stocks or Exchange Traded Products
No exits this week, but our top names performance remains strong, as you can see here.
Options
Today was the big options expiration date for the month, so as usual, our losses collect on big opex days (since we usually exit winners before expiration). This one included losers from trades we entered as far back as February. That trade was a bearish bet on Nvidia placed after the big DeepSeek news. We profited on a couple of shorter-term bearish bets on Nvidia last winter, but this longer term one didn’t pan out. Maybe Jevon’s Paradox came into play after all.
Exits 2-5 were bearish bets placed last spring, betting on negative impacts of tariffs that apparently didn’t happen.
Exit 15, our Palantir trade, would have had a higher return had we used one of our 4-leg combos instead of a 2-leg call spread. Probably we would have exited for 350% or 400% instead. Going forward with our new structures, we should see a higher percentage of wins, and higher profits on average when we win.