Sold a 2020 call earlier this week for 11.50. Could’ve rolled it but instead I’m going to take the short position (if /ES stays above 2020 tomorrow). Now, turned around and sold a Jan 8 2020 put against the short position. Received 13.50 for the put sale added to the 11.50 call sale earlier, total premium is now 25.00. Short position is only slightly underwater but giving me a nice hedge for my long SVXY. A pullback below 2020 will cover the short position and bank 25 points of gains…

If we continue up I’ll continue selling weekly puts to raise my cost basis in the short position.