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A Good Week For Russia

Portfolio Armor's Photo
by Portfolio Armor
Saturday, Aug 09, 2025 - 4:30

A Good Week For Russia

They say coincidences don't come in threes, and this week, three developments aligned in Russia's favor. The first was anti-Russia hawk Ursula von der Leyen, President of the European Commission, humiliating herself. 

The second was the Prime Minister of India, the world's largest democracy and third largest economy, embracing Russia and its President on X: 

The full text of Modi's post: 

Had a very good and detailed conversation with my friend President Putin. I thanked him for sharing the latest developments on Ukraine. We also reviewed the progress in our bilateral agenda, and reaffirmed our commitment to further deepen the India-Russia Special and Privileged Strategic Partnership. I look forward to hosting President Putin in India later this year.

The subtext of Modi's post is of course pushback against America's attempts up until this week to isolate Russia, economically and diplomatically, in part by levying secondary sanctions on India. In my view, Trump's tough turn against India is probably motivated more by irritation with the Vivek Ramaswamy-Elon Musk H-1B lobby. 

The Best For Last 

The best news this week for Russia was the announcement of a Putin-Trump summit in Alaska. Speculation prior to Friday was that this meeting would be in UAE; that it's going to be in Alaska instead is significant. For one thing, it signals an end to the diplomatic isolation of Russia: the first time Putin has been welcomed in the West since the beginning of Russia's "special military operation" in Ukraine in 2022.

Kirill Dmitriev, the Stanford-educated head of Russia's sovereign wealth fund, and also one of Russia's more effective diplomats, noted the additional significance of the location. 

One wonders if Dmitriev suggested to President Putin that he propose the construction of a "Trump Tunnel" connecting Russia and the U.S. under the Bering Strait. 

A Good Week For Us Too

Coincidentally, it happened to be a good week for Portfolio Armor Substack subscribers. Earlier in the week, I noted it was a big one for corporate earnings. 

That led to a lot of trade exits for us. We ended up making money on 11 out of 15 exits, as you can see below. 

Options

  1. Call spread on Eli Lilly (LLY -3.96%↓) ($795-$805). Entered at a net debit of $3.30 on 7/29/2025; expired worthless on 8/8/2025. Loss: 100%.

  2. Call spread on Eli Lilly (LLY -3.96%↓) ($810-$820). Entered at a net debit of $2.50 on 7/29/2025; expired worthless on 8/8/2025. Loss: 100%.

  3. Call spread on Fortinet (FTNT -3.65%↓). Entered at a net debit of $3.98 on 7/7/2025; exited at a net credit of $0.03 on 8/8/2025. Loss: 99%.

  4. Call spread on Tempus AI (TEM -5.42%↓). Entered at a net debit of $1.60 on 7/29/2025; exited at a net credit of $0.80 on 8/8/2025. Loss: 50%.

  5. Call spread on AppLovin (APP 3.25%↑). Entered at a net debit of $5 on 6/2/2025; exited at a net credit of $7 on 8/8/2025. Profit: 40%.

  6. Put spread on Rocket Lab (RKLB -4.89%↓). Entered at a net credit of $2.65 on 7/28/2025; exited at a net debit of $1.55 on 8/8/2025. Profit: 42%*.

  7. Put spread on Celsius (CELH -2.43%↓). Entered at a net credit of $0.60, as part of a 4-leg combo, on 8/5/2025; exited at a net debit of $0.13, on 8/7/2025. Profit: 78%**.

  8. Call spread on Powell Industries (POWL 4.84%↑). Entered at a net debit of $6 on 5/27/2025; Exited at a net credit of $13.45 on 8/6/2025. Profit: 124%.

  9. Calls on SSRM Mining (SSRM -2.92%↓). Bought for $1.75 on 5/22/2025; sold (half) for $4 on 8/7/2025. Profit: 129%.

  10. Call spread on Hinge Health (HNGE 11.00%↑). Entered at a net debit of $1.90 on 6/30/2025; exited at a net credit of $4.45 on 8/6/2024. Profit: 134%.

  11. Calls on Halozone Therapeutics (HALO 1.60%↑). Bought for $2.40 on 5/13/2025; sold (half) at $5.80 on 8/6/2025. Profit: 142%.

  12. Calls on Evolv Technologies Holdings (EVLV 2.39%↑). Bought for $0.76 on 6/17/2025; sold (half) at $2 on 8/8/2025. Profit: 163%.

  13. Call spread on Viasat (VSAT 28.56%↑). Entered at a net debit of $1 on 7/15/2025; exited at a net credit of $2.74 on 8/6/2025. Profit: 174%.

  14. Call spread on Hims & Hers Health (HIMS -1.30%↓). Entered at a net debit of $3.50 on 6/24/2025; exited at a net credit of $10, on 8/5/2025. Profit: 186%.

  15. Call spread on Centrus Energy (LEU 7.03%↑). Entered at a net debit of $6 on 6/9/2025; exited at a net credit of $19.50 on 8/6/2025. Profit: 225%.

*Profit on the spread premium was 42%; return on maximum risk (the width of the spread) was 25%.

**Profit on the spread premium was 78%; return on maximum risk (the width of the spread, $4) was 14%.

You can find commentary on those trades in our weekly Exits post. 

Prices Are Going Up

Subscription prices for the Portfolio Armor Substack are going up from $30 per month/$300 per year to $40 per month/$400 per year on Wednesday, but current subscribers will be grandfathered into the current price. So if you've been thinking about joining, consider doing so now. If you join and change you're mind, I'll be happy to give you a prorated refund at anytime.


If you are currently a free subscriber and have been on the fence about becoming a paid subscriber: this would be a good time to upgrade, because prices are going up next Wednesday: from $30 per month/$300 per year to $40 per month/$400 per year. Free subscribers who upgrade before Tuesday at 11:59pm ET will lock in the current pricing.

And if you want to add downside protection or access our top names daily, you can do so using the Portfolio Armor website or iPhone app. 

Contributor posts published on Zero Hedge do not necessarily represent the views and opinions of Zero Hedge, and are not selected, edited or screened by Zero Hedge editors.
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