Week 36 / Defensive Roll on SHELL, New NVDA Weekly Spread
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 (+17.18%).
As usual, we made no major moves throughout the week. Except I decided to roll our position in European SHELL stock down and out, buying back the 31 puts expiring on December 19, 2025 and selling new puts expiring on February 17, 2026. This adjustment brought in a small additional credit of EUR 7, while improving our downside protection by roughly EUR 200. As long as SHELL trades above 29, we should be fine.
Looking at the 50- and 200-day moving averages, the EUR 29 level appears to be a solid support area. Let’s see how well it holds over a longer time frame, though.
As our previous NVDA credit spread expired worthless, and today we opened a new weekly NVDA credit spread. I also used a small portion of the options premium to buy an additional 0.1 NVDA share for the portfolio.
Current positions
NVDA DEC 19, 2025 172.5/165 Bull Put Credit Spread
2X BMY DEC 19, 2025 43/40 Bull Put Credit spread
SHELL FEB 20, 2026 29 Cash-Secured Put
NVDA APR 17, 2026 $115 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 $82 in options premium this week. If we can consistently average that amount, it would take approximately 54 weeks to fully eliminate our margin debt of $4,462. I’d be quite happy to eliminate this margin debt in 2026 without selling any stock—let’s see how it goes.
Looking ahead to next week, I will be closely monitoring the NVDA $172.5/165 put spread. Should any of our positions come under pressure, the plan is to roll them forward—ideally for a credit.