A massive options expiry around the January LEAPS expiries - with more tariff talk was a good time to head to cash ![Jan16Trades.png](https://files.peakd.com/file/peakd-hive/carrinm/23ynjCujSUeuGhmHxYNrsMfx9X2RohiKVD2a2j3KWWcsXJHtKXpB8q3mdB3DiqJRgH2Sy.png)

Portfolio News

In a week where S&P 500 dropped 0.35% and Europe rose 0.47%, my pension portfolio rose 1.9%. The portfolio has bigger weightings to the big themes than the indices - the big numbers from Northern Star Resources Limited (NST.AX) up 8.5% on a big holding, ASX and Canadian and US-listed uranium stocks and call options, and all but 3 Japan stocks up Big movers of the week were Resolution Minerals (RML.AX) (54%), Dateline Resources (DTR.AX) (36.4%), AXP Energy (AXP.AX) (35.7%), Zinc of Ireland (ZMI.AX) (30%), Advance Metals (AVM.AX) (29.6%), AuKing Mining (AKN.AX) (25%), EraNova Metals (STU.V) (25%), Peninsula Energy (PEN.AX) (21.8%), Uranium Energy Corp (UEC) (21.1%), Titan Minerals (TTM.AX) (20.3%), Evolution Energy Minerals (EV1.AX) (20%), Alligator Energy (AGE.AX) (19.3%), Hecla Mining Company (HL) (18.2%), Quantum Graphite (QGL.AX) (18.2%), Westwater Resources (WWR) (17.8%), Anfield Energy (AEC) (16.6%), Dawson Geophysical Company (DWSN) (16.5%), Premier American Uranium (PUR.V) (15.7%), Stanmore Resources (SMR.AX) (15.4%), CleanSpark (CLSK) (15.2%), Heavy Minerals (HVY.AX) (14.8%), Andrada Mining (ATM.L) (14.2%), Yunnan Tin Company (000960.SZ) (14.2%), RocketBoots (ROC.AX) (13.9%), Ur-Energy (URG) (13.4%), American Uranium (AMU.AX) (13.3%), F3 Uranium Corp (FUU.V) (12.5%), Iondrive (ION.AX) (12.5%), Coronado Global Resources (CRN.AX) (12.2%), VHM (VHM.AX) (12%), Articore Group (ATG.AX) (12%), enCore Energy Corp (EU) (11.9%), Largo (LGO) (11.8%), Denison Mines Corp (DNN) (11.5%), Locksley Resources (LKY.AX) (11.4%), Star Minerals (SMS.AX) (11.1%), Starr Peak Mining (STE.V) (11%), Rush Rare Metals (RSH.CN) (10.9%), Coeur Mining (CDE) (10.7%), Mizuho Financial Group (8411.T) (10.6%), American Rare Earths (ARR.AX) (10.5%), Fermi (FRMI) (10.3%), Sunrise Energy Metals (SRL.AX) (10.1%), Standard Uranium (STND.V) (10%), Uranium Royalty Corp (UROY) A massive week of 44 stocks in the big movers list driven hard by a few of the big themes. From the top - rare earths (9 stocks), alternate energy materials (7 stocks), gold/silver mining (7 stocks), uranium (13 stocks), nuclear power (1 stock). Interesting to see 3 coal stocks in the list - economy is moving when coal moves. ![Jan16News.png](https://files.peakd.com/file/peakd-hive/carrinm/23uFueZcG9rm3LrFJev8v9SwLzXBtR6WU8m1J7V2pj3UQ2DLmTYVRHofUMazWLVGNantm.png) US markets had a jittery week with the start of earnings seasons - the banks going first produced solid earnings with some caution in their words - that got the market selling. Taiwan trade deal got chip stocks moving in the back end of the week. ![Jan19News.jpg](https://files.peakd.com/file/peakd-hive/carrinm/23ydT9MZfpfv1i4d2b91pMEkokYgJerZktF4YfDRa518d8WTqx25J9qMJuioprWGqeMje.jpg) The look ahead for the new week is a challenge with the threat of tariffs on the EU around the Greenland story. **Crypto struggles** Bitcoin price pushed higher for a bit but found sellers to slow the move finishing the week 0.8% higher than the open with a peak to trough range of 8.7%. The risk-off selloff at the start of the new week did not help ![Jan18BTC.jpg](https://files.peakd.com/file/peakd-hive/carrinm/23vsqqKbAebD1axm4m8cbFuQ2pkerGggf3M6m8PKL7h6dieNFd9oqrWjW9Kegaq8wCBya.jpg) Ethereum chart looks a little stronger with a bigger push higher to test resistance a few times and sliding lower finishing the week 1.7% higher than the open with a trough to peak range of 10.7%. ![Jan18ETH.jpg](https://files.peakd.com/file/peakd-hive/carrinm/EogUB7WckaLEfHYxufijpXc67ZEHCxK51VZJdVTGnLU4rBMfNyDY5uvqKgRWQtnABWG.jpg) Most altcoins got the risk off mood but there were a few exceptions - Chiliz (CHZBTC) still moving - popping 29% and holding half ![Jan18CHZBTC.jpg](https://files.peakd.com/file/peakd-hive/carrinm/23vsqy1VEF5qMwzxFkNdTSokMdu3sqQjf9VMLEASiQe6rpzhwbfo2v6yXcZpu3VdecUYX.jpg) Internet Computer (ICBPTC) popping 45% and holding half ![Jan18ICPBTC.jpg](https://files.peakd.com/file/peakd-hive/carrinm/EoibxT5Q4oWTkGrvsjjuDaqzAySrt7DXySmu2cE2YuZHRpEuaCu8ZApuXdtkJpMawTt.jpg) Not all lightness - an example of the risk-off mood - Litecoin dropping 13% and regaining half ![Jan18LTC.jpg](https://files.peakd.com/file/peakd-hive/carrinm/23wCdafN7E9txJtycbhuTmGU6PM5T34hvkb2N9sA6um2mNQCkCEgrvzi5aRCwvd9G6pt4.jpg) **Nuclear Energy Holdings** All change with heaps of sales and purchases through options expiry. More telling is the 16% jump in valuations - lot of that is from call options exercised and mark to market of the new holdings. Yep - not far off half a million dollars in sales ![Jan16NuclearChange.jpg](https://files.peakd.com/file/peakd-hive/carrinm/23w3CQDF6DymSmZoe15avaGACWQzShFaDEqqRc4XZoPwKsCMhD9J6ugQ6my9tfq491syZ.jpg) Mix of holdings changes a lot too. Share of portfolios drops 7.7 points to 28% - back in the target range - under 30%. Uranium Royalty Corp. (UROY) climbs 4 places into slot 1 with holdings in Cameco Corporation (CCJ) all sold. Energy Fuels (UUUU) drops 2 places into slot 4 with the net sales there. Paladin Energy (PDN.AX) rises two places into slot 6 on valuation change. Centrus Energy (LEU) rises 3 place into slot 7 on valuation change. Ur-Energy (URG) comes into the top 10 in slot 9 and EnCore Energy (EU) drops 3 places into slot 10. Share of Others rises nearly 5 points to 50.6% - a bit high. ![Jan16Nuclear.jpg](https://files.peakd.com/file/peakd-hive/carrinm/EqYxUWg2qbvGffZkD6rRk6MjULALusVaJKwbraBd8KHtyWubxJoBwLarLgbmMUAwTMi.jpg) Big changes in eh holdings by stage especially with the sale of producer Cameco Corp (CCJ). Physical jumps 5 points. Producing drops 12 points, Near producing goes up 2, explorers jumps nearly 3 points (value went there this week), ETFs fall 1.5 points on the sales, Enrichment is up 1.5 points and Technology up nearly 2 points on value changes and adds there ![Jan16NuclearbyStage.jpg](https://files.peakd.com/file/peakd-hive/carrinm/23viTAxfvniAtXTbqUF7DXnEtammhp361c5y1tzmDUMfYB6rdHid2CyNaeqeAJNQMANoF.jpg) **Alternate Energy Holdings** Two sales and one add in two portfolios and a 2.5% change in valuations ![Jan16LithiumChange.jpg](https://files.peakd.com/file/peakd-hive/carrinm/23vspH7fmrt9iKpDuGcMe1cYQGuYVhKhLxu7en3Pks566XErdP1fJ5KNQ438T84WEbBGN.jpg) Some key changes in the mix of holdings with ChargePoint Holdings (CHPT) taking over top spot from Jinko Solar (JKS). A bit of a worry there but there is a plan to exit this at breakeven. Westwater Resources drops two places into slot 6 with the sale there. Share of portfolios rises 0.4 points. Share of Others drops 1.5 points. This looks like an ETF ![Jan16Lithium.jpg](https://files.peakd.com/file/peakd-hive/carrinm/2458fLJwL32caVkiqGENZ1goNa3mZwUoFn1SG7KiEEHZxCA77HfAVSf611CsitCAUQQX2.jpg)

Bought

**Stamper Oil & Gas Corp** (STMP.V): Namibia Oil. Stumbled across this idea - interested given the size of Namibia offshore oil and my reservations about Grand Gulf Energy (GGE.AX) actually progressing their tenements in Namibia (see [TIB793](https://mclnks.com/tib793)) **Duolingo, Inc** (DUOL): Internet Services. Pre-announcement of earnings and resignation of CFO disappointed markets - price got smacked. Added another small parcel (going up 10 shares at a time) to average down entry price and figuring markets always over-react ![Jan12DUOL.jpg](https://files.peakd.com/file/peakd-hive/carrinm/23tHbkj8BH7Wj5qR37VJXeatnCiVVjxYVXxKh7NAa1bx1MhgbQ2ZHrNkYjQCGnwDzSngP.jpg) The chart shows this feels like a falling knife trade. User numbers grew 30% but the company pointed to further investments needed. Smack down. Notable from the chart is the revised broker target is a 65% profit move away. The outstanding 180/175 credit spread will trade TTB - will not try to salvage the sold put. **iShares MSCI India ETF** (INDA): India Index. Watched a Bloomberg TV segment with a Hong Kong-based analyst - he liked India and South Korea. Started the process of constructing a call spread risk reversal with the sold put below the current price and June expiry. Set this up as separate trade to the call spread as liquidity in options is low. Happy to buy the shares at $50 in June if the market heads that way. Went a bit further later in the week - bought a small parcel of stock - not enough to write covered calls. And got the call spread risk reversal in place. With price opening at $53.02 (Jan 14) put in place a December/June expiry 55/60/50 call spread risk reversal. This offers maximum profit potential of 156% for 13.2% price move. The sold put (50) partly funds the call spread premium with 5.7% price coverage and ramps profit potential to 520%. Plan will be sell one more put after June expiry to fully fund the call spread ![Jan16INDA.jpg](https://files.peakd.com/file/peakd-hive/carrinm/23tcNzjr2kCFeZ3mX2qLje6oj4DNnLiCb3PuJB3Faw6fFCWLUJ3AdoryLquUwsQyjAqCn.jpg) Let's look at the chart which shows the bought call (55) as blue ray and the sold call (60) as a red ray and the sold put (50) as a dashed red ray with the expiry dates the dotted green lines on the right margin. The sold put level (50) is below the lows of the last consolidation zone. The top of the spread is just above the 2024 highs. Just need one blue arrow price scenario to make a winning trade, US trade deal will fix that - sanctions for buying Iran oil will sink it. **Nordic American Tankers** (NAT): Oil Shipping. Read a tweet suggesting a few oil shipping stocks that would benefit from the Venezuela changes - oil flowing on Western tankers rather than shadow fleet tankers. Prices had already shot up. With price opening at $4.07 (Jan 14) put in place a January 2027/July 2026 expiry 4.5/3.5 ratio diagonal risk reversal. The sold put (3.5) fully funds the call premium with 16.3% price coverage. I did the trade this way rather than buy the stock in a FOMO way. ![Jan14NAT.jpg](https://files.peakd.com/file/peakd-hive/carrinm/23twA7Rq2VC2QSWwYNTYohQrU4YDhAeEKoPhrhGxgMiGfXqKM7s4pHBNdoT6WhtCLkpdN.jpg) Let's look at the chart which shows the bought call (4.5) as a blue ray and the sold put (3.5) as a dashed red ray with the expiry dates the dotted green lines on the right margin. The sold put level (3.5) was chosen as this is the price level before the Venezuela news broke - happy to buy stock there. The bought call (4.5) is around the level of recent highs - 10% above the $4.07 open (Jan 14). The blue arrow price scenario comes from the recent run from the lows (each run looks like this). Get one of those and this trade will be well profitable **Scorpio Tankers** (STNG): Oil Shipping. With price opening at $60.77 (Jan 14) put in place a January 2027/February expiry 60/67.5/57.5 call spread risk reversal. This offers maximum profit potential on the call spread of 168% for 11.1% price move. The sold put (57.5) partly funds the call spread premium with 5.4% price coverage and ramps profit potential to 1254%. Plan will be to sell one more put after February expiry to fully fund the call spread ![Jan14STNG.jpg](https://files.peakd.com/file/peakd-hive/carrinm/23twABpCuTFjQYiVBwPjahKbSBuvsLEyAnv3KqsxmxPvhCAWJi13Mx6jSNiFnVYmSCKhK.jpg) Let's look at the chart which shows the bought call (60) as blue ray and the sold call (67.5) as a red ray and the sold put (57.5) as a dotted red ray with the expiry dates the dotted green lines on the right margin. The sold put level (57.5) is around the level of the Venezuela news. The top of the spread is just above the 2025 highs. Just need one blue arrow price scenario to make a winning trade - looks like price is already doing that. Faced a massive cycle of assignments (when a sold put expires below its strike) and exercises (where a bought call expires above its strike) across the portfolios - summaries are snapshots to guide future moves **Canopy Growth Corporation** (WEED.TO): Marijuana. Assigned in managed portfolio. Breakeven $1.67 vs $1.65 close (Jan 16) - two cycles **ChargePoint Holdings** (CHPT): Electric Vehicles. Assigned in managed portfolio. Breakeven $9.03 vs $6.98 close (Jan 16) - two cycles one of which was a buy back at a loss. Also in personal portfolio with breakeven $8.93 vs $6.98 close (Jan 16) - combining 3 cycles and allocating across last two assignments. **Denison Mines Corp** (DNN): Uranium. Exercised in managed portfolio. Breakeven $2.43 vs $3.69 close (Jan 16) - 3 cycles. Also in personal portfolio with breakeven $2.45 vs $3.69 close (Jan 16) **NVIDIA Corporation** (NVDA): US Semiconductors. Assigned in personal portfolio on sold put of a 190/18? credit spread. Breakeven $188.32 vs $186.23 close (Jan 16). Will recover that in first month of covered calls **ASP Isotopes** (ASPI): Nuclear Technology. Exercised in pension portfolio . Breakeven $6.93 vs $7.74 close (Jan 16). Part of 7/10/6 diagonal call spread risk reversal from May 2025 **Oklo Inc** (OKLO): Nuclear Technology. Exercised in pension portfolio. Breakeven $62.92 vs $94.95 close (Jan 16) = hugely in profit for no capital down. Part of 65/48 ratio diagonal risk reversal from June 2025 with the sold put expiring in November. **Uranium Royalty Corp** (UROY): Uranium. Exercised in pension portfolio. Breakeven $2.70 vs $4.42 close (Jan 16). Part of 2.5/5/2 call spread risk reversal from June 2025. Trade had a tricky journey as managed to buy back the sold calls (5) a few times in error - breakeven should have been below the 2.50 strike.

Sold

**Sun Silver** (SS1.AX): Silver Mining. Closed out a portion of holdings in personal portfolio to lock in 950% profit since May 2024. Next Investors idea - they are still holding - still have a holding **Peninsula Energy** (PEN.AX): Uranium. Reduced holding size in personal portfolio - locks in 158% profit since September 2025 SPP - FIFO accounting would be a large loss (1.75 times worse) - holding this for the very long haul from here on in **88 Energy formerly TPT** (88E.AX): Alaska Oil. Closed out holding in pension portfolio to release capital for next pension payment for 92% blended loss since July 2014/October 1018/August 2023/July 2024. Been a sorry saga from the early days of Tangiers Petroleum which had a failed well off the Morocco Coast. Had not updated average cost in broker records - and they had not kept track properly - well - makes a tax loss sale a bit early. **AXP Energy was FPL was AKK** (AXP.AX): US Oil. Closed out holding in pension portfolio to release capital for next pension payment for 94% blended loss since November/December 2014/May/November 2016/ January/June 2017/February/September 2025. Been a sorry story since early days for oil in Colorado to oil and gas in Oklahoma. Also not updated brokers cost properly = a big tax loss. **Elixir Energy** (EXR.AX): Australian Gas. Took out accumulated profits in personal portfolio for 142% profit since February 2025 on LIFO basis - a small 8.3% blended profit since July 2024/February 2025 on a FIFO basis. Accountant will book the FIFO way. Do have options expiring in October 2026 at $0.12 - this sale at $0.085 - some way to go. Next Investors idea. **enCore Energy Corp** (EU): Uranium. Assigned in small managed portfolio for 15.2% blended loss since October 2024/June 2025. Will replace as the first tranche was at a loss - tells me the price can get back there. Covered call trades covered the capital loss 1.19 times. In personal portfolio for 9.4% blended loss since June/September/November 2024/June/August 2025. One of the early uranium investments this cycle hence the early losses. **Glencore plc** (GLEN.L): Base Metals. Assigned in managed portfolio for 13.9% blended profit since July 2024/January/February/September 2025. In personal portfolio for 15.2% blended profit since October 2024/January/February 2025. Will look to replace this stock as there could be more upside if the Rio Tinto (RIO.L) merger happens **Cameco Corporation** (CCJ): Uranium. Assigned in managed portfolio for 27.5% blended profit since December 2024/November 2025. In personal portfolio for 23.5% blended profit since December 2024/November 2025. In pension portfolio for 40% profit since July 2025. This closes out all holdings in the stock across all portfolios. Remain invested via holdings in uranium and nuclear ETFs **Denison Mines Corp** (DNN): Uranium. Assigned in managed portfolio for 61.8% blended profit since December 2024/January/February/May 2025. In personal portfolio for 40.8% blended profit since November/December 2024/February/November 2025. In pension portfolio two tranches closed for 54% blended profit since April/December 2024/March 2025 and 71.9% blended profit since March/October 2025. **Mirion Technologies** (MIR): Nuclear Technology. Assigned in managed portfolio and personal portfolio both at breakeven since November 2025 **POSCO Holdings Inc** (PKX): Korean Steel. Assigned in managed portfolio for 2.8% blended loss since March/September 2024/May/September 2025 **Sprott Junior Uranium Miners ETF** (URNJ): Uranium. Assigned in managed portfolio for 16.3% blended profit since June/August/November 2024. In personal portfolio for 36% profit since December 2025. In pension portfolio for 36.2% blended profit since November/December 2024. **Sprott Uranium Miners ETF** (URNM): Uranium. Assigned in managed portfolio for 38.3% profit since January 2025. In pension portfolio for 46% blended profit since October 2024/May 2025. **Energy Fuels Inc** (UUUU): Uranium. In pension portfolio for 254% blended profit since December 2024/June 2025. In personal portfolio for 300% profit since February 2025 on stock assigned on a sold put. **Uranium Energy Corp** (UEC): Uranium. Assigned in personal portfolio for 111.6% blended profit since January/August 2024. Trade was part of 11/15/9 call spread risk reversal **Westwater Resources** (WWR): Graphite. Assigned in personal portfolio for 33.9% blended profit since December 2024/February/March 2025 - last two tranches were assigned on sold puts - look at added profit from premiums. **ERAMET S.A.** (ERA.PA): Base Metals. Assigned in pension portfolio for 3.8% blended profit since October/December 2025. This is an example of sometimes writing covered calls hurting with early exit - price traded closed another 34% above the sold strike (60). **Lloyds Banking Group** (LLOY.L): UK Bank. Assigned in pension portfolio for 31.7% blended profit since July 2025. Income trades added another 27% to profits = 4.5% a month showing the power of writing puts as well as calls. **Advanced Micro Devices** (AMD): US Semiconductors. Assigned in pension portfolio for 1.2% profit since January 2025 options assignment last week. Was not expecting price to run 13% in the week after assignment. First time holding the stock in 2025 but have been selling puts since May 2025 which have generated 1.04 times the capital profit in addition. **Alerian MLP ETF** (AMLP): US Oil. Assigned in pension portfolio for 2% profit since October 2025. This has been a solid income and capital performer since 2020 with income covering capital profits also 1.04 time. Has become the go to oil stock - rather than trying to pick on of the majors. **Builders FirstSource** (BLDR): Building Products. Two tranches assigned in pension portfolio for 11.3% blended loss since December 2024/May/September 2025 and the other for 11.3% blended profit since September/December 2025. TSP idea that fell on tough times with the US housing market. Those tough times seem to be off a bit with something of a housing pullback in US. Request by Trump to Fannie and Freddie Mae to buyback $800 billion of mortgage securities changed the sentiment. Income trades covered the accumulated losses 1.37 times - i.e., a profit of 37%. Of note is put trades created 75% of the income profits and calls the other 25%. Investment cycle started with sold puts on a TSP idea rather than a stock purchase. **iShares MSCI Malaysia** (EWM): Malaysia Index. Assigned in pension portfolio for 7.9% blended profit since June 2016/December 2023/May 2025. GDP growth idea from way back - been right through a down and up cycle. Over the life of the holding income trades have covered the accumulated capital loss 5.78 times. Liquidity in the options market is poor - only 7 income trades made since the first one in 2018 **iShares Brazil Index** (EWZ): Brazil Index. Assigned in pension portfolio for 3.1% profit since December 2025 on stock assigned on a sold put. Initial trade idea came from a tweet - this is what I wrote in [TIB746](https://mclnks.com/tib746) >A bit of a punt - reading tweets about the tariffs - some one suggested Brazil. Why not? Been in an out of the stock a few times. Capital profits accounted for 62% of the total profit and income the rest with sold puts providing 72% of the profits on income trades. Sold puts work if you understand the risk and the leverage. **Honeywell International** (HON): US Industrials. Assigned in pension portfolio for 3.2% blended loss since August/September/November/December 2025. Averaging down helped. Started the trade with a small stock purchase - added - then scaled up to write covered calls. Started the sold put journey before that scaling up. Income trades covered the capital loss 3.9 times with sold puts doing 79% of that. Initial idea was to grab hold of the alternate materials spin-off - got that. **Lightbridge Corporation** (LTBR): Nuclear Technology. Assigned in pension portfolio for 40% profit since November 2025. Original idea came from a series of tweets going back to April 2024. Every one of the 4 stock sales since then has been profitable. Call options trades have been less successful - mostly not given enough time to stretch out. Income trades have covered the net capital profit 4.5 times with sold puts supplying 80% of that. **Range Nuclear Renaissance ETF** (NOKZ): Nuclear Power. Assigned in pension portfolio for 0.7% blended loss since October 2025. Income trades covered that easily. Investment idea came from NuclearPro to widen the ETF coverage to include nuclear technology stocks. Overall profits on the stock are 9.7% since June 2025 with income trades covering that 1,4 time with sold puts providing 76% of that. Also a stock with poor options liquidity. **Novo Nordisk** (NVO): Pharmaceuticals. Assigned in pension portfolio for 13.8% profit since December 2025. New Year resolutions on weight loss holding true - for now. Credit spread with 23.5% ROI also came through. Been a successful foray in the approval of the weight loss pill. **Solstice Advanced Materials** (SOLS): Specialty Materials. Assigned in pension portfolio for 12.8% blended profit since November/December 2025. Spin-off from Honeywell International (HON) mentioned above. **Vanguard FTSE Europe ETF** (VGK): Europe Index. Assigned in pension portfolio for 5% profit since November 2025.

Expiring Options

A few stories around the January LEAPS expiries **Energy Fuels Inc** (UUUU): Uranium. With price closing at $21.94 10/15/8 call spread risk reversal traded over the top in managed portfolio for 50% profit since August 2025 - call spread was fully funded with sold puts. Also a 22/16 ratio risk reversal expired in managed portfolio - setup in October 2025 - enough sold put premium for 11% profit even though the trade did not pass the bought call (22). In personal portfolio 7/11/6 July 2025 and 10/14/8 since July 2025 closed out ![Jan16UUUU.jpg](https://files.peakd.com/file/peakd-hive/carrinm/23tmmEVQbH3ywrJEqFmGoPq8sYhGEwTd26Tim781mEdxQDgndKh79RgguaLsHfHJXLZw4.jpg) Rather that talk through each one - let's see the chart which has the January expiry the vertical green line on the right. The trades expiring end on that line and are shown with purple arrows. All the sold puts expired out-the-money. All the bought calls and sold calls expired in-the-money. What looks especially good is price is on a steeper trajectory than the blue arrow - brings a lot of the longer dated call options into a good space. **Uranium Energy Corp** (UEC): Uranium. Trade that started out in August 2025 as a 11/9 ratio risk reversal with the sold puts fully funding the call premium (plus a bit). Trade evolved into a call spread risk reversal by selling 15 strike call options later. ![Jan16UEC.jpg](https://files.peakd.com/file/peakd-hive/carrinm/23uFwMHA88mzoYZuJ7yHhUhJk6CnAQCZH8HFF5Pnvy3tKfDNqWuAUm35N9acaVY5nstwU.jpg) The chart shows price never went below the sold put level. Capping the upside by selling 15 strike call options does not look smart in retrospect. Portfolio does still have a stock holding. **Sprott Uranium Miners ETF** (URNM): Uranium. With price closing at $69.57 (Jan 16) 54/65 call spread traded over the top of the call spread in managed portfolio. This was part of a 54/65/50 diagonal call spread risk reversal set up in January 2024 = well ahead of the market. One extra cycle of sold puts to fully fund the spread - nominal profit is 20.6% but true profit percentage cannot be computed as it was a free trade. Over the life of the holding capital profits on stock have outweighed options profits by 20% - normally this is the other way around. **Uranium Royalty Corp** (UROY): Uranium. 5 strike call option expired in personal portfolio out-the-money. Trade set up in July 2025 was fully funded 5/2 ratio risk reversal with sold put which expired in October. Trade makes an 11% profit = better than fully funded ![Jan16UROY.jpg](https://files.peakd.com/file/peakd-hive/carrinm/EoAgvomKAWV7GoDpAPadycH6VUNxnitg7oNmZ2mzCPzzyUjEKTW638159WeSTF95UHQ.jpg) Chart shows the trade highlighted by the purple arrows. The trade idea was to create an open-ended call option fully funded by selling more puts than calls. The art is picking the sold put at a level one would be happy to buy at. As it happens price only twice passed the bought call level. Price moves were a bit stronger than the blue arrows. Looking ahead another ratio risk reversal selling puts at 3.50 would make sense **Westwater Resources**(WWR): Graphite. With price closing at $1.19, 1 strike sold put in managed portfolio expired out-the-money for a massive profit. Breakeven had the stock gone to assignment would have been a 32% discount to assigned price. Implied volatility at time of making the trade was in a weird place. **Centrus Energy Corp** (LEU): Uranium Enrichment. With price closing at $331.03, 70 strike sold put in pension portfolio expired out-the-money. Was part of a 100/120/70 call spread risk reversal set up in May 2025 and scaled into in September 2025. Call spread was closed out for a 60% profit two weeks later and the sold put left to run. The expiry of the sold put ramps up the profit by 2.5 times. The hard part of the story is the call spread capped profit to exit at $120 - look at the last close of $331.03. Sometimes it pays to buy and hold a small parcel. **CleanSpark** (CLSK): Bitcoin Mining. With price closing at $13.37 (Jan 16) 15/22.5 call spread expired out-the-money in pension portfolio. This was part of a diagonal call spread risk reversal with an earlier expiry sold put. When those sold puts expired ran a whole series more - the net net is the overall trade has been profitable despite capital losses to date with income trades covering capital losses 1.5 times with sold puts accounting for 46% of the income profits. There remains a stock holding. Notably the idea was a different way to invest in Bitcoin - in the time since the first stock purchase Bitcoin price has risen 54%. Stick with that. **NuScale Power Corporation** (SMR): Nuclear Technology. With price closing at $20.19 (Jan 16) 35/42 call spread expired out-the-money in pension portfolio. This was part of a diagonal call spread risk reversal with an earlier expiry sold put. When those sold puts expired ran a whole series more. The net profit overall was 82% all from the sold puts expiring. Overall the stock has been profitable with income trades 3.18 times the profit of the capital trades. Not bad considering the first 8 sales from 2022 entry were losses - was a bit early on the idea ![Jan16SMR.jpg](https://files.peakd.com/file/peakd-hive/carrinm/23tSzChUKd4UZH6Tm1PZfQY4634udLTKi23oKNLU3QzSDvyU2KAvtdsyJpf6xz3P9Qp8f.jpg) Chart shows this particular trade entered as price was consolidating from September 2025 with the bought call (35) at the bottom of the range and the sold call (42) about two thirds the way up the range. The sold put (34) was on a shorter expiry and has been rolled out a few times. The purple and green arrow price scenarios were modelled some time after the trade was set up - maybe when one of the sold puts was rolled. Market sentiment was against any move like that - though there is a glimmer of hope after Donald Trump speech in Davos (see the inset boxes)

ASX Portfolio

The segment reports trading in ASX fractional share portfolio. Trade entries are made based on stock screens looking for undervalued stocks (price to book, price earnings, price to sales) that are showing technical signs of breaking a downtrend. Exits are made at 35% profit or 25% if 52 week high is lower than 35% advance. New buys are in $500 lots. Scale ins and top ups in $250 lots **Top Ups** **Endeavour Group Limited** (EDV.AX): Hospitality. Dividend yield 4.90%. Chart shows price tracking sideways after first entry and then falling over despite market view that change of Chairman would right the ship. ![Jan12EDV.jpg](https://files.peakd.com/file/peakd-hive/carrinm/Eo4JqsgUW8Z49PSfs71ikkgtULpYLT7TUiYtgfYZgkzmgd3o9AGPWfsMjPsxUwPSgeK.jpg) Price has now cut through the support level, made a reverse and showing a short term uptrend. This is Intelligent Investor think. Hope they are right >Endeavour's return to growth. Things may be starting to turn around for this liquor and hotels giant. **Inghams Group Limited** (ING.AX): Food. Dividend yield 7.57% ![Jan12ING.jpg](https://files.peakd.com/file/peakd-hive/carrinm/Eo6SF4zcShJUa69FW3aY63xaY9QgerSQtqR7U2KiFstMzADdvcuGn3w6cVYgwEve5GB.jpg) Chart shows bottoming out after an earnings smackdown last quarter. Price has made a double bottom which could be the support level for recovery. Could be looking for a breakeven exit on this one **Sonic Healthcare Limited** (SHL.AX): Healthcare. Dividend yield 4.59% ![Jan15SHL.jpg](https://files.peakd.com/file/peakd-hive/carrinm/Eo8ZdC4rWgVHSCD2Ps6Ze9VfCvYbczage6AQJ5WXWWrDbgpJ7Fo1DKdjzrCVji7EN8Y.jpg) Another earnings smackdown after the last entry. Price has made a reversal, some would even say on a double bottom, and a higher low and higher high. The broker target would be not far from breakeven **Peninsula Energy Limited** (PEN.AX): Uranium. Chose to follow this signal even though there are substantial holdings in other portfolios - might as well be consistent with the strategy of finding beaten up stocks. ![Jan15PEN.jpg](https://files.peakd.com/file/peakd-hive/carrinm/23twA2WUF9LwScfh3tvCmJsRAvSExDQZfLbmRUhUPdFjM54AcV8u1kT6yQxYWZRxqrPh9.jpg) Chart shows price breaking a year long downtrend and forming a short term uptrend. Plenty scope to make the new 55% uranium profit target - before the Q4 2024 highs. **Sold** **Star Entertainment Group** (SGR.AX): Gaming. Closed at profit target for 47% profit since December 2025 (less than one month) ![Jan16SGR.jpg](https://files.peakd.com/file/peakd-hive/carrinm/23u6YyruoYYUou243Z2v2fmNH8DfRTwXwLx4H8VYW6CkLuc6LZ6kSR4M3dgp2aMyGLGHF.jpg) One chart to show the strategy in action. Stock is completely beaten up. The moving averages cross and price makes a one month high about the point of the arrow. Enter - and exit at 35% profit target. This could well be one of he cases to let winners run. **Whitehaven Coal** (WHC.AX): Coal Mining. Closed at 52 week high target for 25.6% blended profit since July/September 2023/April 2024/June 2025 - all tranches profitable **South 32** (S32.AX): Base Metals. Closed at 52 week high target for 25% profit since April 2024 - surprised there were no other buy signals from the start.

Hedging Trades

**Barrick Mining Corporation** (B): Gold Mining. With price opening at $49.20 (Jan 12) closed out 22 strike call option in pension portfolio rather than go to exercise. This delivers 1521% profit on call option since June 2025. Trade was part of a 22/18 risk reversal which leaves behind a 18 strike sold put which will go to expiry worthless. In [TIB765](https://mclnks.com/tib746) showed this chart as backing for buying the stock >Barrick Mining (the purple line) has a good chance of adding 51 points if it matches the growth of the VanEck Gold Miners ETF (GDX) in which it is a 7.07% holding ![Jan12B.jpg](https://files.peakd.com/file/peakd-hive/carrinm/23tHbfzh1VjKWasSqsMQv7NnRdDuoJQZGwSogPXyBnxuc1DFU9Z2b5ah7zQGaZgq8bMzj.jpg) Well it did a whole lot better than that - here is the updated comparison chart. The stock holding bought was long ago assigned on a covered call but the risk reversal trade captured more than 10 times the differential. **Stuhini Exploration** (STU.V): Silver Mining. Added a holding in pension portfolio - comparative charts done for Stroud Resources (SDR.V) trade showed this one lagging at second from the bottom ![Jan7SDR.jpg](https://files.peakd.com/file/peakd-hive/carrinm/23u6YZEESndJFXLDFcNFSZY2SNjcqd1sfQFraC5rL7ZXWZnxzkmenE1ZLdad9YfSa8ggX.jpg)

Cryptocurrency

Converted a bunch of small holdings in altcoins to Binance Coin (BNB). These come from early days trying to guess winners and losers - mostly losers. ![Jan19Crypto.jpg](https://files.peakd.com/file/peakd-hive/carrinm/23tRvE4utZPJjx4e2kxMQ1ALV3jgJtuYFJdx3n2bgwp4TEv5QUdpKMYsoAyXkFDnfuDqA.jpg)

Income Trades

**Covered Calls** 68 covered calls went to assignment with 39 assignments (UK 3 (3) Europe 6 (1) US 59 (35)) **Naked Puts** 49 naked puts went to expiry with 4 assigned (UK 3 Europe 10 US 34 (3) Canada 2 (1)) Sold puts happy to own at lower prices - Coeur Mining, Inc. (CDE): Silver Mining. Return 3.9% Coverage 25.5% - Feb expiry - Rolls-Royce Holdings plc (RR.L): Aerospace/Defense. Return 0.5% Coverage 13% - Feb expiry - wide strike as still have a Jan expiry running - Honeywell International Inc. (HON): US Industrials Return 1.46% Coverage 4.3% Sold puts on stocks that might get assigned on covered calls - Glencore plc (GLEN.L): Base Metals. Return 1.55% Coverage 8% - Cameco Corporation (CCJ): Uranium. Return 1.26% Coverage 4.3% - Cameco Corporation (CCJ): Uranium. Return 1.52% Coverage 3.3% - tighter strike - Mirion Technologies, Inc. (MIR): Nuclear Technology. Return 1.2% Coverage 2.8% - Jam expiry - Mirion Technologies, Inc. (MIR): Nuclear Technology. Return 4% Coverage 6.9% - Feb expiry - Solstice Advanced Materials, Inc. (SOLS): Specialty Materials. Return 0.5% Coverage 6.2% - two weeks - Energy Fuels Inc. (UUUU): Uranium. Return 8% Coverage 2.9% - Denison Mines Corp. (DNN): Uranium. Return 8.6% Coverage 0% - ATM - Builders FirstSource, Inc. (BLDR): Building Products. Return 3.9% Coverage 7.1% Kicked the can down the road on sold puts that could be assigned - FMC Corporation (FMC): US Agriculture. 86% profit on the buyback. 42% cash profit - down a strike. Did not want to run the risk of this drifting below sold strike in the final hours of Friday expiry - Fluor Corporation (FLR): Engineering Services. 73% profit on the buyback. 103% cash profit - down a strike. - Fermi Inc. (FRMI): Nuclear Power. 72% profit on the buyback. 196% cash profit - Bitmine Immersion Technologies, Inc. (BMNR): Crypt Mining. 57% profit on the buyback. 67% cash profit - down a strike. **Aurora Cannabis** (ACB.TO): Marijuana. Managed to sell 7.25 strike put options - meant to sell calls as covered call for a stock position. Gives a price entry of $5.65 vs $5.90 close (Jan 15) = maybe not a bad mistake. Looking for a price move up to buy it back. **Credit Spreads** 4 credit spreads expired out-the-money with one trading TTB and one going to assignment **iShares MSCI South Korea ETF** (EWY): Watched a segment on Bloomberg TV about Asia opportunities. The analyst liked South Korea and India. Thinking ws that the demand ofr memory and semiconductor fabrication equipment would cotnineue to e a strong driver for the South Korean economy in 2026. Rather than buy stock took put a February expiry 95/100 credit spread in with ROI 19.6% and Coverage 7.5%. Did wider spreads closer to the money in personal portfolio and managed portfolio next day to ramp up ROI - iShares MSCI South Korea ETF (EWY): South Korea Index. ROI 44% Coverage 3.7% - VanEck Uranium and Nuclear ETF (NLR): Nuclear Power. Return 47% Coverage 6.6% **Duolingo, Inc** (DUOL): Internet Services. With price closing at $150.16 (Jan 16), 180/175 credit spread traded TTB for 22% loss on the net premium - see note above in purchases for the story.

Resources

**Cautions**: This is not financial advice. You need to consider your own financial position and take your own advice before you follow any of my ideas **Images**: I own the rights to use and edit the Buy Sell image. News headlines come from Google Search. All other images are created using my various trading and charting platforms. They are all my own work **Tickers**: I monitor my portfolios using Yahoo Finance. The ticker symbols used are Yahoo Finance tickers. Crypto tickers come from TradingView **Charts**: http://mymark.mx/TradingView - this is a free charting package. I have a Pro subscription to get access to real time forex prices **Investing**: Interactive Brokers provides comprehensive global markets coverage with very competitive commissions. Open an account to earn up to USD 1,000 in IBKR stock. https://mclnks.com/ibkr **Crypto Trading**: **Binance** offers a wide range of coins to trade, tight spreads and low fees if you use BNB to pay https://mymark.mx/Binance **Kucoin** offers a wider range of altcoins than many of the other exchanges. I do like to diversify my holdings in case an exchange gets knocked over. Grab 15% discount on your trades when you open an account on this link https://mclnks.com/kucoin15 **Gate.io** offers a solid range of coins many of which have been delisted elsewhere. Have chosen to share the commission rebates. 40% is the rate - split 30% for me and you get to keep 10% for any people you invite. https://mclnks.com/gateio **Tracking**: Keeping track of your crypto trades is a whole lot easier with CoinTracking.info. Get 10% off all your account upgrades https://mymark.mx/CoinTracking **Aus/NZ Investing** Sharesies provides low cost, fractional share investing for Australian and New Zealand residents covering stocks in those countries and US. Start investing with as little as $20 https://mclnks.com/shares January 12-16, 2026

CHANGA - DMT infused Marijuana