Greetings from Latvia! This week, we skipped the last few days of school in Tbilisi and traveled to Latvia to celebrate the Midsummer Solstice. We spent time with family and friends, enjoyed the traditional festivities, had a few beers, and, most importantly, had an amazing time.

After a short break from the markets, it was time to get back to the portfolio and review what turned out to be a rather challenging week for stocks.

As of June 26, 2026, the portfolio value declined by 3.44% compared to the previous week, ending at $12,322.

In dollar terms, that is a loss of approximately $439, making this officially the worst weekly decline since I started tracking the portfolio 64 weeks ago.

Most of the weakness can be attributed to the challenged NFLX position. Although Netflix represents only a small stock holding in the portfolio, the related options position has required several adjustments over the past few weeks.

Rolling the trade has helped improve the potential purchase price and reduce some downside risk, but mark-to-market losses still weighed heavily on this week’s performance.

The broader market also provided little support. U.S. stocks weakened during the week, and NVIDIA (NVDA), our primary source of weekly options income, also declined sharply, putting additional pressure on the portfolio.

Finally, currency movements added another small headwind. Since the portfolio’s base currency is the euro, exchange rate movements can slightly affect reported performance in U.S. dollar terms.

While no investor enjoys posting their worst week on record, periods like this are part of long-term investing. The focus remains unchanged: manage risk, avoid unnecessary leverage, continue collecting option premium where appropriate, and allow disciplined trade management to work over time.

On a year-to-date basis, the portfolio is still up 20.61%, outperforming both the S&P 500 (+7.45%) and NVIDIA (+6.30%).

I continue comparing the portfolio against NVDA because a significant part of the portfolio remains tied to NVIDIA exposure, both through stock ownership and options strategies.

Rolling NFLX Further Down and Out

During the week, I adjusted both my NFLX and NVDA positions.

As NFLX continued to decline almost every day, I rolled the cash-secured put down and further out in time, lowering the strike to $66 and extending the expiration to June 2027.

The trade has now become a very long-term position, but it also significantly improves the potential acquisition price if I eventually get assigned.

At the moment, NFLX is probably my biggest mistake in the portfolio. What started as a straightforward weekly credit spread has evolved into a long-dated cash-secured put after several defensive rolls.

That said, I am not ready to close the position at a loss. As long as I can continue improving the strike price and collecting additional premium, I am comfortable giving the trade more time to work.

I wrote a full case study about this trade here: How to Roll a Challenged Cash-Secured Put: An NFLX Case Study.

Rolling the NVDA Credit Spread

NVDA also lost momentum during the week, falling back below the $200 level.

Rather than waiting for the position to come under greater pressure, I proactively rolled my 192.5/182.5 bull put credit spread one week forward.

The new position is now:

• NVDA Jul 03, 2026 187.5/160 Bull Put Credit Spread

Depending on how the market opens next week, another adjustment may still be necessary. Fortunately, Friday brought some relief, with both NFLX and NVDA recovering part of their weekly losses.

For readers unfamiliar with this strategy, see: Bull Put Spread Strategy: A Complete Beginner’s Guide.

I also explain my adjustment process here: How to Manage a Credit Spread When the Trade Moves Against You.

Current Options Positions

• NVDA Jul 03, 2026 187.5/160 Bull Put Credit Spread

• LHA FRA Sep 18, 2026 7.6 Cash-Secured Put (EUR)

• ARCC Sep 18, 2026 16 Cash-Secured Put

• NFLX Jun 17, 2027 66 Cash-Secured Put

• NVDA Jun 17, 2027 $125 Covered Call

The portfolio now has fewer active positions than in previous weeks. That is intentional.

With NFLX requiring more capital and attention, I am shifting into a more defensive mode rather than opening additional trades simply to generate more premium.

$57 in Weekly Options Premium

This week’s option premium came from both NVDA and NFLX, generating a total of $57.

With the current margin balance at -$2,831, it would theoretically take about 50 weeks to eliminate the debt at this pace.

Realistically, however, I do not expect to continue generating $50+ in weekly premium over the coming months.

Following the recent market volatility and the challenged NFLX position, I am deliberately shifting into a much more defensive mode. My expectation is that weekly option income may average closer to $30–40, meaning it could take considerably longer to eliminate the remaining margin debt without selling any core stock holdings.

That is acceptable. My priority is no longer maximizing premium, but preserving capital and managing risk.

Chasing higher premiums usually means taking on more risk, and that is exactly what I am trying to avoid right now.

For a broader discussion on realistic premium targets, see: Can You Really Earn $100 Per Week Selling Options?.

Reinvesting Premium Into NVDA

As part of the strategy, I continue reinvesting a portion of the option premium into fractional shares.

This week, I added another 0.1 shares of NVDA, gradually increasing long-term ownership while allowing option income to compound over time.

This remains one of the central ideas behind the portfolio: use options premium not only as short-term income, but also as a tool to gradually build ownership in productive assets.

Looking Ahead

Next week, the primary position to watch is:

• NVDA Jul 03, 2026 187.5/160 Bull Put Credit Spread

If the position comes under pressure, the plan remains unchanged:

• Roll forward when appropriate

• Prefer collecting additional credit

• Prioritize portfolio stability over short-term premium targets

The NFLX position will also remain on the watchlist, especially as it has now become a long-term cash-secured put rather than a short-term weekly income trade.

Key Takeaway

This week was a reminder that options income strategies are not risk-free.

Even with defined-risk spreads, cash-secured puts, and careful rolling, portfolio value can still decline sharply when the underlying stocks move against you.

The important question is not whether every trade works immediately. It is whether the portfolio remains manageable when trades become difficult.

For now, I am moving into a more defensive posture: fewer new trades, more focus on existing positions, and a stronger emphasis on capital preservation.

Related Reading

• How to Roll a Challenged Cash-Secured Put: An NFLX Case Study

• Bull Put Spread Strategy: A Complete Beginner’s Guide

• How to Manage a Credit Spread When the Trade Moves Against You

• Cash-Secured Puts Explained: A Complete Guide for Income Investors

• Bull Put Spread vs Cash-Secured Put: Which Is Better for Small Accounts?

• Can You Really Earn $100 Per Week Selling Options?

Disclaimer

This trade journal reflects personal portfolio activity and is provided for educational and informational purposes only. It should not be considered investment advice, financial advice, tax advice, or a recommendation to buy or sell any security, option, derivative, or financial instrument. Options trading involves risk and may not be suitable for all investors. Past performance does not guarantee future results.

As of June 19, 2026, the portfolio value increased by +0.76% compared to the previous week, reaching $12,761.

On a year-to-date basis, the portfolio is up 23.77%, outperforming both the S&P 500 (+9.36%) and NVIDIA (+11.56%). While comparing the portfolio to NVDA may seem unusual, it is a useful benchmark because approximately 84% of the portfolio’s value is currently tied to NVIDIA. Given that concentration, I view outperforming NVDA itself as a positive sign that the options income strategy is adding value beyond simply holding the stock.

This was a shortened trading week for U.S. stocks, with markets closed on Friday, June 19, in observance of Juneteenth. As a European investor, it was interesting to learn more about the holiday. Juneteenth commemorates June 19, 1865, when enslaved African Americans in Texas were informed of their freedom after the Civil War. Today, U.S. stock markets close for the holiday.

Since the shorter trading week was known in advance, the portfolio’s options positions were planned accordingly.

Rolling the NFLX Cash-Secured Put

The main portfolio adjustment this week was another roll of the Netflix (NFLX) cash-secured put.

The position was rolled to the January 15, 2027 expiration while improving the potential downside protection by approximately $600 and collecting additional premium.

This NFLX trade has already gone through several stages. It originally started as a weekly credit spread, later became a cash-secured put, and has now been rolled further out in time.

That makes it a useful example of how options trades can evolve when the underlying stock moves against the original thesis.

I wrote a full case study on this adjustment process here: How to Roll a Challenged Cash-Secured Put: An NFLX Case Study.

For readers unfamiliar with the strategy itself, see: Cash-Secured Puts Explained: A Complete Guide for Income Investors.

Why I Am Reducing the Number of Open Trades

Several longer-dated options positions expired this week, including Bristol-Myers Squibb (BMY) and Deutsche Bank on the Frankfurt exchange.

BMY was a position where I had been selling longer-dated credit spreads and using the premium to gradually buy shares of the stock itself. However, with the NFLX trade now requiring more attention and capital, I have decided to pause selling BMY options for a while.

That does not mean I am abandoning the stock. This week I still added a small amount of BMY to slightly increase future dividend income.

The Deutsche Bank position was more spontaneous. I originally opened it while visiting the Berlin Zoo with my daughter in April. The option expired worthless, and the portfolio kept the full premium in euros. For now, I am not planning to reopen the trade.

The current focus remains on NVDA and NFLX. I will continue selling weekly credit spreads where it makes sense, but I am also comfortable taking a slower pace during the summer.

Sometimes managing one or two positions carefully is better than opening several additional trades just to increase premium income.

Current Options Positions

• NVDA Jun 26, 2026 192.5/182.5 Bull Put Credit Spread

• LHA FRA Sep 18, 2026 7.6 Cash-Secured Put (EUR)

• ARCC Sep 18, 2026 16 Cash-Secured Put

• NFLX Jan 15, 2027 76 Cash-Secured Put

• NVDA Jun 17, 2027 $125 Covered Call

Most of the weekly premium strategy still comes from NVDA bull put spreads. NFLX is now more of a longer-dated cash-secured put position rather than a weekly income trade.

For more on why I often prefer credit spreads in smaller portfolios, see: Bull Put Spread Strategy: A Complete Beginner’s Guide.

I also compare both strategies here: Bull Put Spread vs Cash-Secured Put: Which Is Better for Small Accounts?.

$118 in Weekly Options Premium

Total premium received this week from the NVDA credit spread and the NFLX roll was approximately $118.

That is a good result for the portfolio, especially considering the shortened trading week.

However, I do not expect every week to produce more than $100 in options premium. This week’s result was helped by the NFLX roll, which is not something that can be repeated every week.

I continue to view $100 per week as a useful long-term target, but not something worth chasing aggressively.

For more on that topic, see: Can You Really Earn $100 Per Week Selling Options?.

Margin Debt Update

The portfolio margin balance decreased to approximately -$2,890.

In theory, if the portfolio generated $118 in premium every week, it would take about 25 weeks to eliminate the margin balance.

In practice, that is unlikely to happen in 2026. Not every week will produce more than $100 in premium, and part of the premium received is being reinvested into fractional shares.

The goal remains unchanged:

• Reduce margin debt gradually

• Avoid unnecessary leverage

• Maintain core positions

• Reinvest part of the premium into long-term holdings

Reinvesting Premium Into Shares

This week I added:

• 0.1 shares of NVDA

• 0.25 shares of BMY

The portfolio now holds approximately 8.25 shares of BMY.

The short-term goal is to gradually grow this position to 10 shares before deciding whether to allocate capital elsewhere.

One question I discussed with AI this week was whether to stop reinvesting into NVDA for a while and instead focus more on Apple (AAPL). That is something to think about for future portfolio construction, especially as I continue trying to balance growth exposure, dividend income, and concentration risk.

Looking Ahead

Next week, the primary position to watch is:

• NVDA Jun 26, 2026 192.5/182.5 Bull Put Credit Spread

If the position comes under pressure, the plan remains unchanged:

• Roll forward when appropriate

• Prefer collecting additional credit

• Prioritize portfolio stability over short-term premium targets

For more on this process, see: How to Manage a Credit Spread When the Trade Moves Against You.

Key Takeaway

This week reinforced an important lesson: premium income is useful, but portfolio simplicity also has value.

The NFLX roll helped push weekly premium above $100, but it also reminded me that managing challenged positions requires capital, attention, and patience.

For now, I am comfortable narrowing the focus to a smaller number of trades, mainly NVDA and NFLX, while continuing to reduce margin debt and reinvest part of the premium into long-term holdings.

Related Reading

• How to Roll a Challenged Cash-Secured Put: An NFLX Case Study

• Cash-Secured Puts Explained: A Complete Guide for Income Investors

• Bull Put Spread Strategy: A Complete Beginner’s Guide

• Bull Put Spread vs Cash-Secured Put: Which Is Better for Small Accounts?

• How to Manage a Credit Spread When the Trade Moves Against You

• Can You Really Earn $100 Per Week Selling Options?

Disclaimer

This trade journal reflects personal portfolio activity and is provided for educational and informational purposes only. It should not be considered investment advice, financial advice, tax advice, or a recommendation to buy or sell any security, option, derivative, or financial instrument. Options trading involves risk and may not be suitable for all investors. Past performance does not guarantee future results.

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Last week was NVDA earnings week, and the stock moved the market more than expected.

Earlier in the week, I decided to proactively roll our June $116 covered call up and out to a November $120 covered call. The main concern was assignment risk in case of a strong post-earnings rally. By rolling, we extended duration but improved positioning: the adjustment adds roughly $560 in additional potential income over the next nine months, including about $160 in premium received from the roll itself.

Earnings were objectively strong, yet the stock dipped. Some traders were frustrated. That reaction is understandable, but post-earnings pullbacks after good results are not unusual, especially when expectations and positioning are stretched. Markets price forward, not backward.

The larger structural risk remains the AI trade. If sentiment shifts sharply—similar to last year’s DeepSeek-driven drop that briefly pushed NVDA below $100 before a rapid recovery—we could see outsized volatility again. That scenario cannot be ruled out.

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That said, volatility is likely to remain elevated. We should assume larger-than-normal swings rather than anchor to recent stability.

Our covered call portfolio is up 7.29% YTD, slightly outperforming the S&P 500 (+0.04%) and NVDA (-3.83%) YTD.

Current options positions:

• NVDA MAR 6, 2026 167.5/160 Bull Put Credit Spread

• 2X BMY MAR 20, 2026 50/46 Bull Put Credit spread

• PFE MAR 13, 2026 26 Cash-Secured Put

• NVDA NOV 20, 2026 $120 Covered Call

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