Jan 17 #Fuzzy Well I…

Jan 17 #Fuzzy
Well I flattened out a LOT today. I’m pretty bad at picking tops, but I’m ready to take a little break and see if the market is too. On each of my closed index fuzzies I retained a single long put, just to tuck away for safe keeping. I took losses on closing out the index fuzzies this morning before the rally really took off, and I took a loss and closed out EXEL. This is what I built up the fuzzy profit cushion to handle though. So the new net profit on CLOSED fuzzies is $42,595 (since 2nd week of December). A huge amount of risk has been cleared off my table for now.

Open Fuzzies: MU 1, MU 2, EXAS 1, EXAS 2, JPM, GWPH, and a new one on DIS.

I ventured into the world of Double Fuzzies today with SPY. So I have a SPY long fuzzy, hedged, and a SPY Fuzzy Bear, Hedged, in the same account. This is 8-fuzzy legs, maybe a tarantula? The bear is a 278/278/280 for 1.86 with a Jan 26 276 hedge @ .98.

#pietrades Here are some specifics…

#pietrades

Here are some specifics for what I think makes a good PIE stock for weekly trading.
1. perceived volatility but actually stays in a range. The higher the value the wider the range can be and still work.
2. ATM or OTM premiums of $1 or better. The more you get up front the less you have to recover later.
3. Weekly options.
4. Good volume (BX fits the bill except for the bid-ask spreads), I got hammered getting out of a trade last week. $300 profit was trimmed to 120 so it is off my list.
5. Steady pivot points or long term support/resistance. If it moves out of the ranges establishes a new range quickly.

So here is a list I am looking at broken down by size of account.
Small account AAL, GM, DAL, HAL, LNG, BAC (limited), ERX (triple), EXAS (new addition, thanks), AMAT, XOP, MU, AMD, NKE (not the best but can work), UNG since the split, INTC, TMUS, LUV

Medium account can move to WDC, SWKS, GILD, XBI, MA, V, WMT (a little bit), MON, BIB (no weeklies), UAL, RCL, WYNN, MAR, UTX, AMGN, UPS, CAT, NSC, ANDV (previously TSO and my biggest income producer, not as good since the merger), UDOW, IBB, VLO, UPRO, TQQQ, CELG, JPM, FB, AAPL, EXPE, UPS, TLT @fuzzballl suggestion

For those with really big accounts GS, BA, AAPL with some volume, SPY, LRCX, FDX, COST

Keep in mind a lot of these just went booster stage so I would wait until they establish a new range.
Also if I am assigned puts at a pivot point and have some buying power left I will often go CC with straddle puts at the assignment price. Juices returns a little more but also adds risk.

Please post any other tickers that look like they would work.

Fast Money

Wow…what an exchange between Rich Ross and Dan Nathan. It’ll be on YouTube for sure. Thought there was going to be punches thrown. Crazy!

Closed some Puts early

#SPXcampaign Bought to close $SPX Jan 24th 2775/2750 put spreads for 3.10. Sold yesterday for 6.70.
I had three put spreads close to ATM so I took off this one with a decent profit. If we get a pullback I want to be selling new spreads, not scrambling to manage threatened ones.

#OT Henry at SMM posted…

#OT Henry at SMM posted a tweet from T. Boone Pickens “At 89, anything with the word “crypt” in it is a real turnoff for me.” Very nice.

TEVA

#CoveredCalls – Sold covered stock at 14.97. DITM 15 strike calls not really rollable so closing it and saving exercise fees. Small loss….stock basis of 15.08 on a few shares…

#coveredcalls $SVXY buy at $133.57,…

#coveredcalls

$SVXY buy at $133.57, sell Jan 19 $134 call for $2.02, if exercised 1.86% ROI