Covered Calls with Reinis Fischer

Week 55 / NVDA Above $200: How the Rally Impacts Our Options Strategy

Reinis Fischer — Fri, 24 Apr 2026 16:13:36 GMT

As of April 24, 2026, our options trading driven stock portfolio decreased slightly by -0.72%, closing at $12,101. Since the portfolio’s base currency is EUR, the dip is partly due to USD strengthening by about one cent, now trading around 1.17 against the euro.

NVDA has jumped well above 200, making our options trades more challenging. As a put seller at heart, I’m always cautious about such strong rallies—they make it harder to structure attractive cash-secured puts, as the risk of a sharp pullback increases.

On a year-to-date basis, the portfolio is up 15.38%, outperforming both the S&P 500 (+4.43%) and NVDA (+10.87%).

Current options positions:

NVDA May 1, 2026 195/185 Bull Put Credit Spread
2x BMY Jun 18, 2026 50/46 Bull Put Credit Spread
PFE May 15, 2026 25 Cash-Secured Put
DBK FRA JUN 19, 2026 24/20 Bull Put Credit Spread
NVDA Nov 20, 2026 $120 Covered Call

Using premium collected from NVDA credit spreads, we added another 0.1 shares of NVDA. The approach remains consistent: use options income not just for cash flow, but to steadily compound the underlying position. Already holding 102 NVDA shares.

A key objective of this covered call portfolio is to gradually reduce margin debt while maintaining a core holding of 100 NVDA shares. This week, we generated $67 in options premium.

If we maintain a similar pace, it would take roughly 50 weeks to eliminate the current margin debt of -$3,398. It may become harder to reduce the debt in 2026, but a few weeks more or less won’t make a significant difference. It’s also possible that we get assigned at some point, which could cause the margin debt to increase again.

Looking ahead, I’ll be closely watching the NVDA $195/185 put spread. If any position comes under pressure, the plan is to roll forward, preferably for a net credit.

Today I also attended the RWA Tokenization event organized by DGFI and Forbes Georgia, representing the Terramatris crypto hedge fund. I had the opportunity to connect with several brokerages, HNWIs, and family offices. Interestingly, many things considered retail in the US are treated as institutional in this region.

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Week 54 / Options Portfolio Hits $12K (+2.6% WoW) — NVDA Surge Complicates Strategy

Reinis Fischer — Fri, 17 Apr 2026 17:55:13 GMT

As of April 17, 2026, our options trading driven stock portfolio increased by +2.6%, closing at $12,189, thus for the first time cracking 12K. Awesome.

This week I was abroad, visiting Berlin, and paid very little attention to the stock market. I did notice NVDA jumped to around $200 - which is great, but also makes things more challenging, as selling pu…

Week 53 / From Riga to Berlin: Building a House and a $11.9K Options Portfolio

Reinis Fischer — Fri, 10 Apr 2026 15:29:53 GMT

Greetings from Riga International Airport—writing this while waiting for our flight to Berlin, Germany. We spent an amazing week in Latvia working on our frame house. I (almost) finished the kitchen by installing the cabinets, while my better half planted more than 40 peonies in the garden. The kiddo had an amazing time too. Awesome.

As of April 10, 2026…

Week 52 / $68 in Options Premium + Growing a Dividend Position (PFE Strategy)

Reinis Fischer — Thu, 02 Apr 2026 15:27:51 GMT

As of April 3, 2026, our options trading driven stock portfolio increased by +2.76%, closing at $11,491.

The week was shortened ahead of Easter, and market sentiment was notably influenced by developments related to the Iran conflict, which has been driving volatility through energy shocks and broader macro uncertainty. Also, as the portfolio is denomina…

Week 51 / Holding Gains Despite NVDA Decline and Oil Surge from Iran Conflict

Reinis Fischer — Fri, 27 Mar 2026 21:14:10 GMT

As of March 27, 2026, our options trading driven stock portfolio declined slightly by -0.24%, closing at $11,183.

The dip is largely explained by EUR/USD exchange rate movements rather than any weakness in the underlying positions. The U.S. dollar strengthened against the euro, trading around 1.15. Since our base currency is EUR, this directly impacts ho…

How I Generated $171 Options Premium This Week (And Grew My Portfolio to +7.69% YTD)

Reinis Fischer — Fri, 20 Mar 2026 18:12:22 GMT

As of March 20, 2026, our covered-call stock portfolio has increased slightly by +0.62% and closed at $11,210.

For most of the week, we didn’t make any trades or adjustments. On Friday, after previous spreads expired worthless, we opened two new credit spreads on NVDA and BMY.

Additionally, we bought 0.1 shares of MCD. If you’ve been following our portfol…

Week 49 / Markets Shake, Premium Flows: NVDA Credit Spreads During the Iran War

Reinis Fischer — Fri, 13 Mar 2026 18:48:30 GMT

As of March 13, 2026, our covered-call stock portfolio has decreased slightly by -0.63% and closed at $11,141.

This is already the second week in a row that our portfolio value has decreased. However, the decline is largely explained by currency movements. Since the portfolio’s base currency is EUR, the drop should primarily be attributed to the USD/EUR …

Week 48 / NVDA, PFE Put Roll Brings $99 Options Income

Reinis Fischer — Fri, 06 Mar 2026 22:41:52 GMT

As of March 6, 2026, our covered-call stock portfolio has decreased slightly by -1.16% and closed at $11,211.

As our portfolio’s base currency is EUR, the decrease should primarily be attributed to the USD/EUR exchange rate. The greenback strengthened against the euro and traded around 1.16.

At the start of the week, I took a proactive stance and rolled d…

Week 47 / NVDA Post-Earnings Pullback: Covered Call Roll Adds $560 in Potential Income

Reinis Fischer — Fri, 27 Feb 2026 15:33:00 GMT

As of February 27, 2026, our covered-call stock portfolio has increased slightly by +0.27% and closed at $11,343.

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.

To manage downside and volatility risk, we continue selling credit spreads to systematically collect premium while actively managing positions if strikes are tested. A moderate pullback after earnings is not unhealthy. It resets positioning and premiums.

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

Week 46/ From PFE Roll to NVDA Earnings: Covered Call Portfolio Now at $11,312

Reinis Fischer — Fri, 20 Feb 2026 17:17:40 GMT

As of February 20, 2026, our covered-call stock portfolio has increased by +2.20% and closed at $11,312.

Growth remained intact, even after rolling PFE forward and down.

For most of the week, my focus was on NVDA, but in the end I had to adjust PFE instead — rolling it forward and lower. That’s part of the process.

NVDA earnings are still ahead next week, …

Week 45 / Using Cash-Secured Puts to Accumulate Pfizer (PFE) Shares

Reinis Fischer — Fri, 13 Feb 2026 21:33:44 GMT

As of February 13, 2026, our covered-call stock portfolio has decreased slightly by -0.33% and closed at $11,069.

Since I couldn’t continue with weekly NVDA spread trades — having already rolled them out to the February 27 expiry — I focused elsewhere last week and reopened our PFE position.

I consider Pfizer a core dividend holding, so I initiated a bull…

Week 44 / $94 Options Premium Earned Amid NVDA Volatility and Tech Sell-Off

Reinis Fischer — Fri, 06 Feb 2026 17:47:42 GMT

As of February 6, 2026, our covered-call stock portfolio has increased by another +0.51% and closed at $11,106.

Wow, what a week - this has been a very tough week for tech stocks and crypto. Our Ethereum strategy fell by an additional 15%, and we ultimately capitulated on our current leveraged positions. A clear takeaway: avoid leverage at all costs.

Unli…

Week 43: Boring but Profitable — BMY Credit Spread Brings in $65 Options Premium

Reinis Fischer — Fri, 30 Jan 2026 19:27:15 GMT

As of January 30, 2026, our covered-call stock portfolio has once again increased by +2.43% and closed at $11,050. For the first time, we’ve cracked the $11K milestone. Awesome.

Interestingly, we kept activity minimal this week the only new trades were BMY credit spreads opened today. Despite that, the NVDA-centered portfolio is clearly outperforming the…

Week 42 / $107 Options Income From Rolling NVDA Credit Spreads During the Greenland Shock

Reinis Fischer — Fri, 23 Jan 2026 15:37:05 GMT

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)…

Week 41 / NVDA Credit Spread Strategy: 0.43% Weekly Return if Expires Worthless

Reinis Fischer — Fri, 16 Jan 2026 15:42:38 GMT

Greetings from Tbilisi. After more than three weeks in India, we are finally back—welcomed by temperatures below 0°C and already missing Goa and its +31°C.

Last week, we also held our annual office party (Caucasus Translations) at Babilo Music Hall, enjoying excellent Georgian cuisine, wine, and traditional Georgian dance. I skipped the food due to inter…

Week 40 / NVDA Strategy, $65 Premium Income, and Margin Reduction

Reinis Fischer — Fri, 09 Jan 2026 15:43:12 GMT

Greetings from Mumbai, India. For the past three years, we’ve spent our winter holidays in India, usually traveling to Goa via New Delhi. This time, however, we arrived and departed through Mumbai and had a few days to explore the city. I’m genuinely impressed. Mumbai is definitely a city where I could imagine living long-term. Beyond that, it stands ou…

Week 39 / Road to $25K: Rolled Up and Forward NVDA Covered Call, Adjusted Credit Spread

Reinis Fischer — Fri, 02 Jan 2026 16:45:25 GMT

Greetings from South Goa, Palolem Beach, India. I hope you had a great New Year’s party - we certainly did.

As of January 2, 2026, our covered-call stock portfolio has decreased slightly by -0.84% and closed at $10,607.

For the sake of transparency, it’s worth noting that the slight decline is due to USD/EUR exchange rate movements. The U.S. dollar appre…

Week 38 / Road to $25K: Closing 2025 Above $10K with Covered Calls and NVDA

Reinis Fischer — Fri, 26 Dec 2025 15:40:23 GMT

Greetings from India. This holiday season we’re in South Goa, staying near Palolem Beach — our third year in a row returning here. With temperatures above 30 °C and Kingfisher beer under $2 per bottle, the place is hard to beat. With a portfolio our size, one could comfortably enjoy life here living off options income alone.

That said,

As of December 26, …

Week 37 / NVDA & BMY: Portfolio Up +1.11% as We Head from Tbilisi to India

Reinis Fischer — Fri, 19 Dec 2025 15:55:18 GMT

As of December 19, 2025, our covered-call stock portfolio has grown by an additional 1.11% and reached $10,465. It’s genuinely exciting to be above $10K for the fourth week in a row. I was expecting to fall under $10K this week as volatility kicked in, but the result is better than expected.

Year-to-date, we’re up 33.73%, outperforming the S&P 500 by a w…

Week 36 / Defensive Roll on SHELL, New NVDA Weekly Spread

Reinis Fischer — Fri, 12 Dec 2025 15:18:55 GMT

As of December 12, 2025, our covered-call stock portfolio has grown by an additional 1.12% and reached $10,350. It’s genuinely exciting to be above $10K for the third week in a row.

Still, I’ve been in the stock market too long to rule out a possible pullback in the upcoming weeks.

Year-to-date, we’re up 27.64%, outperforming the S&P 500 by a wide margin …