July was the consolidation month after June's stress test.
Twelve trades closed between Week 27 and Week 30, spanning early July through July 31.
The book stabilized: SOFI ran three consecutive covered-call cycles, HOOD delivered two clean short-duration CSP wins, and HIMS completed a full CSP-to-assignment-to-covered-call rotation in under three weeks.
AMZN and EQNR both opened fresh covered calls during the month, both carrying into August.
The Numbers
12 trades closed in July.
8 expired worthless or closed early.
4 assigned: HIMS, RDDT, ASTS, and PLTR.
$5,247 in realized premium was collected.
$3,521 came from cash-secured puts.
$1,726 came from covered calls.
Average Real APR was 156%.
Median Real APR was 142%.
Portfolio NAV moved from $254,104 on June 26 to $260,208 on July 31.
The account return for the period was +2.4%.
The S&P 500 over the same window was +1.7%.
Since inception on April 1, the account is up 4.1%.
The S&P 500 over the same period is up 17.5%.
The gap versus the index remains wide, but July marked the first month since May where the account outperformed the S&P 500 on a monthly basis.
What Worked
HIMS — Full Cycle Completed
CSP at $33 opened July 8, assigned July 17 at a close of $32.84.
A covered call at $35 opened immediately in Week 30 and expired worthless four days later with HIMS closing at $28.09.
Combined premium across both legs: $868.
The position now sits on a cost basis of $27.77 per share after premium capture.
Assignment followed by an immediate, disciplined covered call.
The same rotation pattern closed out ASTS and ZETA back in May.
SOFI — Three Covered-Call Cycles
SOFI kept doing what it did in June: repeated short-duration covered calls above assignment basis.
Strikes at $18.5, $19.5, and $20 all expired worthless between July 2 and July 17.
Combined premium: $771 across three cycles.
All were four-day-or-shorter durations.
Shares remain held at a $17.00 cost basis, still comfortably above water.
HOOD — Short-Duration CSP Discipline
Two CSPs at $98 and $109 strikes, both two-to-four days to expiration.
Both expired worthless with HOOD trading well above both strikes at $112.73 and $111.97 respectively.
Combined premium: $640.
Real APRs cleared 145% and 270%.
This remains the preferred template: short duration, defined support, elevated IV rewarded rather than chased.
AMZN — New Covered Call, Above Basis
A covered call at $265 opened July 13, expiring August 7, collecting $1,110 in premium.
The strike sits above the $262.50 cost basis.
That preserves room for the shares to appreciate before assignment risk returns.
What Needs Watching
EQNR — New Covered Call, At Basis
A covered call at $39 opened July 20, expiring August 21, collecting $660 in premium.
The strike sits exactly at the $39 cost basis.
If shares are called away, the premium is effectively the only profit on this leg.
It is a defensible trade for freeing capital, but it carries no cushion for upside participation.
RDDT and ASTS — Assignments Into Weakness
RDDT's CSP at $190 was assigned July 24 as the underlying broke down to $168.73.
That was a support failure, not a process failure, but the drawdown is real.
ASTS followed a similar path, assigned at $57 with the stock closing right at the strike at $56.20.
Both entries were structurally sound.
Both landed on the wrong side of a fast move.
PLTR — New Assignment to Close the Month
PLTR's CSP at $130 assigned July 31 with the stock closing at $123.06.
It becomes the newest addition to the shares book heading into August.
AKAM and ONDS — Still the Portfolio's Sizing Lesson
Both positions carried over from June remained the largest unrealized drawdowns through July.
These remain the open reminder from June: a valid setup can still turn into a sizing lesson when the market keeps moving against it.
Open Positions Entering August
Open CCs
Note: AMZN remains covered at the $265 strike above the $262.50 cost basis through the August 7, 2026 expiration.
Note: EQNR remains covered at the $39 strike, matching the $39.00 cost basis into the August 21, 2026 expiration.
Total pending premium on open positions: $1,770.
The shares book heading into August now includes SOFI, HIMS, RDDT, ASTS, PLTR, plus the carryover AKAM and ONDS positions.
Process Note
July turned the book green again.
That is not the important part.
The important part is that green came from the same discipline that kept the book intact when it was red in June.