As of January 23, 2026, our covered-call stock portfolio has dipped slightly by -0.43% and closed at $10,788.
The previous week was highly turbulent. As the market opened on Tuesday, NVDA briefly dipped below my call strike levels. Given the elevated volatility, I decided not to wait and took an early roll, pushing the position several weeks (February 6) out to reduce near-term risk.
Volatility remained elevated throughout the week and only began to ease after President Trump’s speech in Davos, which I followed closely on CNBC. Once he stated that no force was planned to be used regarding Greenland, both equity and crypto markets reacted positively and turned green again.
That relief, however, was short-lived. While stocks stabilized, overall market conditions remained unstable, and our crypto-funds ultimately took a hit by the end of the week (-23% week over week for TerraM Multi Asset Fund)
The positive development for our NVDA strategy is that the stock has turned decisively green again and, at the time of writing, is trading around 187.
Our covered call portfolio is up 2.81% YTD, slightly outperforming the S&P 500 (+0.72%). Since NVDA is our core underlying - used for selling credit spreads and covered calls, while gradually accumulating shares through option premiums it is also appropriate to compare performance against NVDA itself. Notably, NVDA is down -0.81% YTD.
Options trades:
As mentioned earlier, I rolled the 182.5/172.5 bull put spread forward and down to a 177.5/155 bull put spread. This significantly widened the spread, but also reduced the potential assignment cost by $5 per share if assignment were to occur.
Current positions
- NVDA Feb 06, 2026 177.5/155 Bull Put Credit Spread
- 2X BMY JAN 30, 2026 51/47 Bull Put Credit spread
- SHELL FEB 20, 2026 29 Cash-Secured Put
- NVDA JUNE 18, 2026 $116 Covered Call
One of the primary goals of our covered call stock portfolio is to gradually reduce debt while maintaining a long position of 100 shares in NVDA. Notably, we earned $107 in options premium this week. If we can consistently average that amount, it would take approximately 37 weeks to fully eliminate our margin debt of $3980. I’d be quite happy to eliminate this margin debt in 2026 without selling any stock - let’s see how it goes.
I’m also quite satisfied to see margin debt fall below $4,000. On average, it takes roughly 2–3 months to eliminate $1,000 in debt, even after accounting for occasional purchases and the interest paid on margin.
Looking ahead to next week, I will be closely monitoring the NVDA $177.5/155 put spread and also if all goes well will open additional BMY BULL put spread. Should any of our positions come under pressure, the plan is to roll them forward—ideally for a credit.
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