June ended with the portfolio up 4.71% on the year, with the S&P up 1.09% for the year, for an over-performance of 3.62%. Basically the portfolio stayed even for the month, and the S&P dropped 2.09%. So an over 2% gain on the index in one month is pretty pretty pretty good!
I did quite a bit of short term position trading which worked out. If I had to identify the biggest winners, I’d say the Ambarella short, which I got out of too soon, but accomplished what I wanted. I played the FitBit IPO buying 300 shares at the open, and caught the rise in that. And there were some nice options in there. But generally, it looks like a bunch of smaller trades grinding out a tenth of a percent here, a tenth there. Towards the end of the month, I was positioned excellently with Greece, build cash up until July 1, when I blew my cool and went back into the market based of a momentary opening surge.
So far in July, some ground has been lost. And the most recent selloffs had me liquidate all my positions… and go into the S&P index. I have a few small side positions, but basically I’ve been working with the S&P index. I’m pegged to it, with about 95% of the portfolio in the S&P 500 index.
I have a lead, I’m going to keep it, and just grind out a few more tenths here and there and try to finish the year with around a 4% out-performance vs the S&P.
As for where the market is heading, I think this dip is a buying opportunity. I’d like the S&P to break the 200 day moving average for a bit, and possibly go down to around 1990… a touch at 1990 would be a trigger moment for me. I’m buying, hand over fist. But I don’t think it’ll go down there, but you never know. There’s a lot of headline news risk: China’s market crash, the Greek debt debacle, and Puerto Rico. Anyway, not much for me to worry about now, as I’m going to track the S&P and just maintain the lead… but I am watching for a larger drop and if we do drop, I’ll lever up by converting some of the SPY shares into SPY call options.
Here’s the statement for the month & a snapshot of the portfolio as of July 1.