I changed my bias today

I bought  10 credit put spread  104/105 w2 $NVDA when the market open with a hope that this stock lifted but I got disappointed by price action. I was biased long $NVDA and $VRX using credit put spread until today. After a careful look at charts, my bias is modified. I changed everything today by buying credit call spread. and selling some of the put spreads from yesterday. I took some loss but better than losing more.

I still have 10 credit put spread for w4 108/109 and 10 credit put spread for w2 104/105. I kept them as a hedge in case $NVDA rally tomorrow( I strongly doubted) since I am short $NVDA  until the expiration of options this week, however,  I am ready to get rid of put spreads soon.

price action is so poor for $ NVDA and $VRX. low volume and exhausted for $NVDA and a lot of sellers for $VRX.  I think we will visit 101 $NVDA soon.BWT, There is no hope for $VRX too.

Below are my positions

15 w2  105/106 NVDA

10 w2 VRX 15.5/16 VRX

all credit call spread.

I know it sounds complicated, but I am transforming from long to short by adding call spreads and slowly selling the put spreads along the way.

 

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