21d (edited) • General discussion
Weekly update 7/24/2026
Current beta weighted risk is 5.4 against the SPX. Overall theta on S&P futures is 102.3. SPX beta weighted risk ~$40,024. All else being equal, this represents $3,069 every 30 days due to theta decay ~7.7% monthly. Beta weighted portfolio value is over 2x the futures value ($17,479). The attached graph shows the current stress test with losses beginning at /ES price of $6,142 and $8,765 by 8/22/2026.
Approximately 1.6% of the portfolio is long micro oil futures as a hedge against Iran war escalation through /MCL futures options. Readers can see the major positions held by my account in the classroom section under trading journal. Removed some of the risk on /ES futures by purchasing an offsetting option for the open leg for three of the back ratios on the put side. All three purchases locked in profits as enough time decay has occurred to allow their purchase to be financed by the original trade.
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Weekly update 7/24/2026
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