On Monday I said things would be looking better for our open positions if we waited to take action until today, and I was right. We were down $300 on our BA credit call spread as Big Deal #11's publication, but we're up $150 as of this writing at 10:15am ET. Our UUP September calls have jumped 46% from a bid of $0.28 to $0.41 in that time, even though we're still down on the play. Our GILD credit call spread had gotten away from us as the underlying stock continued its monstrous outperformance, but our unrealized losses have been trimmed, slightly. Our bullish positions in DOW and GLD are down from Monday, but our IWM July puts, which we entered at $1.12, traded at $1.42 earlier this morning, up more than 26% from our Monday entry price.
So far in the six weeks that we've been publishing these options newsletters, we've closed out a total of five positions – four winners, one loser – for net gains of $1,923 on an average position size of less than $1,922. But among our six open positions, four are currently losing and the losses are bigger than our open winners' gains. On Monday I said we'd be looking at taking some risk off the board in today's newsletter, rather than entering a new position. This issue of the Big DeaL will be focused on recalibration and regrouping, and we'll reenter the markets with a lighter load on our shoulders Monday.
With six open positions, we currently have nearly $12,000 at risk. Rather than adding another two grand to the mix, I think we need to take some of that risk off the board. We could capture the gains on our two winners and let our losers ride in the hope that they recover, but that's a rookie mistake. All things equal, it's much better to take your losses and let your winners run – and that's what we're going to do.