Market Context
Volatility remains compressed near 14 after continuing its broader decline. Premium levels remain relatively modest across the broader market.
SPY retains constructive structure above its key moving averages. QQQ remains range-bound around its short-term moving averages after losing recent momentum.
Earnings activity remains meaningful across technology names despite fewer major reports. Broadcom keeps concentrated event risk relevant later this week.
Market behavior remains orderly but lacks consistent momentum across indices. Current conditions favor patience, cleaner structure, and selective premium exposure.
Last Week — Trade Recap
Note: Cash-secured put sold roughly 11% OTM. The $0.46 premium lowered effective assignment to $13.54, below recent support, using the lower strike to compensate for weak trend structure.
Note: Cash-secured put sold as a cost-basis recovery add. The $1.75 premium lowered effective assignment on new shares to $143.25, materially below the existing assignment basis.
Note: Cash-secured put sold as an additional entry into the existing AKAM Wheel position.
Note: Covered call sold above the $98 assignment basis as a capital-release position while preserving additional recovery upside.
Note: The existing cash-secured put reached expiration after being opened near SMA100 support. Full premium retained and collateral released.
Note: The existing covered call reached expiration with SOFI remaining below the strike. Shares remain in the portfolio.
Note: The existing covered call reached expiration with HIMS remaining below the strike. Shares remain in the portfolio.
Current Positions
Plan: Covered calls expired worthless. Waiting for the next favorable covered call opportunity.
Plan: Price remains below preferred call-writing levels.
Plan: Covered calls expired worthless. Waiting for the next favorable covered call opportunity.
Plan: Price remains below preferred call-writing levels.
Plan: Covered calls expired worthless. Waiting for the next favorable covered call opportunity.
Plan: Price remains below preferred call-writing levels.
Plan: Covered call active at the $100 strike through September 4. Position remains under Wheel management.
Plan: 10 contracts. Break-even: $13.54. Position remains open.
Plan: 1 contract. Break-even: $143.25. Position remains open.
Plan: 1 contract. Break-even: $99.30. Position remains open.
Watchlist
AGGRESSIVE
BALANCED
SAFE
What I Am Not Touching
No earnings exposure. The calendar is lighter than recent weeks, but concentrated event risk remains. Short-dated CSPs that overlap a scheduled report stay outside the process.
No weak-trend CSPs without sufficient downside room. Low volatility does not make poor structure safer. If trend confirmation is weak, the strike needs enough distance and a clear ownership level below spot.
No extended entries after a breakout. Strong structure at the wrong price is still a poor entry. I want pullbacks toward support rather than selling puts into strength.
No marginal premium. With VIX near 14, some technically acceptable setups are not paying enough to justify tying up capital. Passing on a valid chart because option pricing is weak is part of the process.
No aggressive sizing in borderline setups. Capital remains available for cleaner opportunities.
Process Note
Last week added several positions despite relatively modest market volatility. That is a useful reminder that VIX does not decide whether I trade. Individual setups do.
This week starts differently. Three CSPs are already carrying assignment exposure into September 4, while several names on the new watchlist are technically interesting but still need a pullback, confirmation at support, or better option pricing.
That changes the priority. I do not need more exposure simply because a stock passes the initial filter. New capital has to improve the portfolio from here.
With volatility near 14, a clean chart can still be a pass if the credit is too small. A larger premium can still be a pass if the strike puts me at the wrong ownership price.
The objective this week is to let the watchlist develop and see which setups actually earn capital.
— Wizolver