Market Context
Volatility remains relatively contained, although the VIX has started pushing back toward the 16 level and is testing its short-term moving averages.
SPY continues to hold above the EMA21, EMA34, SMA50, and SMA100, keeping the broader trend constructive despite the recent pullback.
QQQ has begun retracing toward its short-term support cluster after failing to hold recent highs. The primary trend remains intact, but premium opportunities may improve if the pullback extends.
The earnings calendar remains light this week, with only a handful of consumer and industrial names reporting. Most large-cap technology earnings are still several weeks away.
For now, I continue favoring patience over deployment, waiting for Wheel entries where assignment quality, structure, and timing align, not simply elevated premium.
Last Week — Trade Recap
Note: Covered call sold above the $17 assignment basis after price recovered through the EMA21 / EMA34 / SMA50 support cluster. Fair premium with acceptable upside participation. Expired worthless.
Note: Short-duration Cash-Secured Put sold near the SMA50 support zone after a controlled pullback on a high-beta fintech name. Elevated IV with acceptable assignment quality. Expired worthless.
Note: Cash-Secured Put opened near the SMA50 support area on a speculative biotech. Break-even remains near the lower support zone with earnings well outside the option cycle. Position remains open.
Note: Covered call sold above the $57 assignment basis after recovery through the support cluster. Fair premium while preserving additional upside participation. Position remains open.
Current Positions
Plan: Price remains well below assignment basis. Covered call management continues to be deferred while waiting for a stronger recovery.
Plan: Covered call active at the $59 strike. Waiting for expiration or assignment.
Plan: Covered calls expired worthless. Ready for the next covered-call cycle if price remains above acceptable exit levels.
Plan: Price remains below assignment basis. Covered call management remains deferred.
Plan: Shares remain well below assignment basis. Waiting for a higher-probability covered call opportunity.
Plan: Price remains below assignment basis. Covered call management remains deferred.
Plan: 50 contracts. Break-even: $3.38. Monitoring support around the $3.35-3.50 zone.
Watchlist
AGGRESSIVE
BALANCED
SAFE
No qualifying SAFE setups this week.
What I Am Not Touching
Crypto-linked momentum names remain extended after the recent rebound and no longer offer the assignment quality I look for.
Several AI and high-beta technology stocks also continue trading well above preferred Wheel entry levels. High premiums alone are not enough to justify new positions.
I am also avoiding names entering earnings season where the option cycle overlaps with the earnings window.
Cash remains a valid position until better assignments become available.
Process Note
Nothing in the process changes this week.
RXRX and IONQ remain under active management while SOFI becomes available for the next covered-call cycle.
No rolls are planned. No defensive adjustments are required.
The June report is now available, documenting seventeen completed trades, five assignments, and a month where the portfolio finished lower despite generating more than $8,100 in realized premium. It is a reminder that short-term portfolio performance and disciplined process execution are not always the same thing.
The objective remains the same as every week: sell premium only when assignment quality, price structure, and timing align.
— Wizolver