Some days I have to remind myself to stay positive. There has been so much trauma in the market lately, both in crypto and in stock markets. Bitcoin suffered cascading liquidations which set off all DeFi markets into a downward spiral. I got liquidated, my project got liquidated, and so did everyone else I know.
The end result has not been pretty as most retail traders are just giving up at this point. Full on capitulation has been seen across many different asset classes and it just wont stop. Personally I have been shredded beyond belief this week and sometimes it can be hard to bare.
The journey must continue and people want to know how the progress, or lack thereof, has been. Must keep posting regardless of how I feel inside because this is for science (and fun)!
My covered calls expired today out of the money meaning I extracted maximum value from them. This helped to buffer my losses on BBIG when it dipped, but still gathering myself at these levels. My 500 shares have been unlocked from collateral and will be used to sell more contracts next week... not sure if I want to write at these prices however as premiums are terrible unless you go out at least a month.
I wish BBIG would go back towards a dollar since this will allow me to write my calla at decent premiums. Ideally I can collect $30-50 off my next move and add this to the stock equity, by buying more shares.
This week the CPI report showed 7.7 YoY inflation which rallied the major indexes. Traders see this is the Fed pivot signal since it shows their measures are helping to curb inflation. The real issue was printing more fiat and letting it circulate in the economy, which is the literal only cause of inflation. The only solution is to normalize inflation pricing and adjust wages accordingly to compensate for housing cost increases. They have tried to strengthen the dollar (DXY) which only hurt the equities and crypto markets further.
Where do we go from here? Who knows but it doesn't feel good to be along for the ride into the dark abyss.