Portfolio 1: Trade Alert — Take Profits Day
P1 Trade Alert — Monday, May 4, 2026 Title: When the Market Hands You 50%, You Take It
Market Commentary
SPY printed $721.36 this morning — up another +1.6% from the $709.94 print at our last P1 alert on April 28. The tape continues to grind higher even as the headline risks pile up. The OpenAI news that we expected to crack the index six days ago barely registered. Resilient market, as we said.
What that grind has done to our short-put book is exactly what the math says it should do: every short put we sold at lower strikes during the choppy March / early-April window has decayed materially. The market moved away from our strikes, theta did its job, and several positions have crossed the 50% profit threshold.
That’s not a forecast. That’s a trigger.
Uncle Tony’s Personal Take:
