Upside: SPX ran into upside resistance at 2102, so the move higher has been delayed.
Downside: There is a strong technical support around 2040 which aligns with 50 day moving average, Fibs retracement 68% and Bollinger Lower Band.
200 SMA – 2010
100 SMA – 1999
My Charts:
Fibs: https://www.tradingview.com/x/YnZW9JGp/
MA : https://www.tradingview.com/x/0EFppX7R/
Just a couple…with max profits
SPX 2135/2160 call spreads.
SPX 2035/2010 put spreads.
#OptionsExpiration
— Expiring w/max profit —
$FB 98, 100, 103 and 105 puts
$NUGT 50, 60, and 70 puts
$SPX 2135/2160 call spreads
–Expiring w/losses–
$AAPL 100/104/108 iron butterfly
$CMG 470/480/490 call butterfly (won with the put side)
$PYPL 42 long calls
— Assignments —
$DATA 49 covered call – stock called away
$SVXY 50 covered call – stock called away
#OptionsExpiration for 4/29
Expiring:
$NUGT 04/29/2016 120 calls
$NUGT 04/29/2016 35 puts
$NUGT 04/29/2016 55 puts
$TSLA 04/29/2016 275 calls
$CMG 04/29/2016 392.50 puts
$FB 04/29/2016 100 puts
$SPX 04/29/2016 2135/2160 call spreads
$SPX 04/29/2016 2140/2165 call spreads
Taking full loss:
$AAPL 04/29/2016 100/104/108 iron butterfly
Assignments:
$HAL 04/29/2016 37 calls (covered)–stock will be called away
Have a great weekend everyone
#OptionsExpiration #Weeklys #Apr29 – another rough week with NUGT going bonkers
Never thought I would have to cover NUGT 105 Calls for a loss but I was forced to.
— Expirations —
AAPL Apr 29 2016 113.0 Calls
CHK Apr 29 2016 7.0 Calls (Covered)
CMG Apr 29 2016 375.0 Puts
CMG Apr 29 2016 450.0 Calls
FEYE Apr 29 2016 19.0 Calls (Covered)
FSLR Apr 29 2016 52.0 Puts
NUGT Apr 29 2016 56.5 Puts
NUGT Apr 29 2016 57.0 Puts
NUGT Apr 29 2016 57.5 Puts
NUGT Apr 29 2016 58.0 Puts
NUGT Apr 29 2016 58.5 Puts
NUGT Apr 29 2016 59.0 Puts
NUGT Apr 29 2016 59.5 Puts
NUGT Apr 29 2016 120.0 Calls
PRGO Apr 29 2016 95.0 Puts
SVXY Apr 29 2016 37.0 Puts
SVXY Apr 29 2016 38.0 Puts
SVXY Apr 29 2016 39.0 Puts
SVXY Apr 29 2016 40.0 Puts
SVXY Apr 29 2016 52.0 Calls
SVXY Apr 29 2016 54.0 Calls (Covered)
SVXY Apr 29 2016 55.0 Calls (Covered)
SVXY Apr 29 2016 56.0 Calls (Covered)
UVXY Apr 29 2016 17.5 Calls (Covered)
UVXY Apr 29 2016 18.0 Calls (Covered)
UVXY Apr 29 2016 20.0 Calls (Covered)
UVXY Apr 29 2016 22.0 Calls (Covered)
UVXY Apr 29 2016 40.0 Calls
UVXY Apr 29 2016 55.0 Calls
— Assignments —
DUST Apr 29 2016 2.0 Puts
JOY Apr 29 2016 20.0 Calls (Covered) – taking a gain
SDRL Apr 29 2016 4.5 Calls (Covered) – taking a loss but glad to be out
XOP Apr 29 2016 34 Calls (Covered) – taking a gain
Have a good WE
Looks like $NUGT IBF didn’t work
And I use the term “strategy” loosely. But based on the premise of why I entered these short call trades in the first place, I want to continue selling puts against the positions, but I’m trying to be patient and selling them on down days (for example, for next week’s expiration you can’t really get much premium on puts unless you sell at the 90 strike and above and that feels too close based on how volatile this ETF can be).
I’m taking this one week at a time. For this week, I’ve rolled 95 and 105 calls out to 5/13 at much higher strikes (which are now already in the money, go figure) and I’m watching my 120 calls into the close. Because these roll so easily this has been a strategy that’s worked, but I’m looking at some really deep in the money calls that may have to be rolled in the May and June expirations (calls with strikes in the 40s); I’ll just deal with that when those expirations arrive or when it looks like I’m in danger of assignment. On a big move down (I know it doesn’t feel like that will happen anytime soon but it will and always does), I’ll sell some puts and hopefully get out of some calls gracefully that will have been brought back into the money. In the meantime, if you want to operate this way you better be comfortable with seeing a lot of red in these positions until things turn around. Margin requirements are also increasing with these so that’s a consideration as well.
I’m also not forgetting that NUGT suffers from a lot of mathematical (tracking) headwinds when there is a lot of up and down volatility. Once there’s some more 2 way action on this, we’ll start to see it come back in line (providing gold calms down a bit of course). Of course if gold takes a dive we can sweep the chips off the table, but even if gold prices stabilize and become rangebound, we’ll start to see this ETF fall back from its highs.
Just remember that, as @Iceman is known to say, no trend lasts forever. We’ve all traded $BOIL calls, $KOLD calls, $DUST calls, etc, to see huge spikes and ultimately normalization. That’s what I’m playing for here.
#SPXcampaign Sold to Open $SPX May 27th 2135/2160 call spreads for 2.25 as a roll.
#SPXcampaign Bought to close $SPX May 19th 1975/1950 put spreads for 2.50. Sold for 1.30 on April 20th.
Bought to close $SPX May 27th 1950/1925 put spreads for 2.25. Sold for 1.25 yesterday.
Closed these two before the 3.00 stop level to avoid waking up Monday to a bloodbath. I had too many put spreads that would all hit their stops at about the same time. Leaving plenty of risk on, but lightening the load. Now I’ll consider a call spread on rally into close.
#Earnings Bought to close $NFLX Apr 29th 90 puts for .25 to avoid possible assignment. Sold for 1.00 on earnings day (4/18).
#ContangoETFs #ReverseRoll This first option was OTM on Monday, and was 23.00 this morning. So much for patience!
BTC NUGT Apr 29th 85 call for 30.65. Sold for 4.20 on 4/8
BTC NUGT May 6th 55 puts for .10. Sold for 2.00 on 4/12
BTC NUGT May 6th 70 put for .20. Sold for 2.65 on 4/20
BTC NUGT May 13th 50 puts for .15. Sold for 1.75 on 4/13
STO NUGT May 27th 70 puts for 2.40
STO NUGT June 10th 70 put for 4.00
Sold $SWKS Jun 17 60 puts @ 1.45. Will go long the stock if it finishes below there in June.
I don’t know how anyone makes money with this. I got creamed with a strangle 10 wide (expiring today) Wed when it was selling for 87. My 98 call is deeply underwater, and I expect rolling it out to March 20 will only compound the loss. I normally cover a short calls for small gain but thought I had enough buffer. What do the experienced $NUGT traders think is a smart strategy?
Although we thus far have fallen short of triggering a Downside signal, I’m removing the Upside Warning that’s been in effect since March 15th. It served its purpose, albeit a little late, as the market has remained strong since the Feb 11th low. If we don’t get a downside warning, keep call spreads at 2135 or higher. But if we continue lower, Downside signals are likely to be hit next week (if not today). The first signal is 17.21 (high today so far is 17.09)… if that’s not hit today, it will be adjusted to 18.75 and 19.03 for Monday. I will be looking at taking off at least one put spread today before their stops are hit to reduce downside risk going into weekend.
$SPY #ironcondor STO June 17 213/218/191/186 for 1.22
#Earnings Yesterday I sold $AMZN Apr 29 540/520 put spreads for 1.40. At the open this morning, I closed the (4) short puts for .01, no commissions, so I paid $4 to free up the margin on a hairy day for the market. I then put in an order to sell the 520 puts for .01, and it just filled, but I was charged $1.33 in commission. Question… can you sell way OTM puts like this on expiration day and make a profit? I’ve done it last couple of weeks with NUGT in the last 15 minutes before the close (using options about .25-.75 OTM). If your margin can handle it, you can scalp a few hundred.
#SPXcampaign Bought to close $SPX May 11th (Wednesday) 2050/2025 puts spreads for 7.60. Sold for 3.50 on April 21st as a roll. Will look to sell an IC as a roll.
Check out PCLN, up on a crappy day, boosted from EXPE earnings and surge. Also, the CEO is leaving after having a relationship with an employee. So there’s that. http://www.usatoday.com/story/money/2016/04/28/priceline-ceo-resigns-after–work-relationship/83639054/
Sold a May 20th 710/720 Bear Call Spread @ 0.82 when AMZN was at 659.92. Expecting lots of profit taking and upward resistance after this earnings Gap up outside the 3rd Std Dev Bollinger Band. Expecting it to move back to a more normal price distribution. All time high 696 last December. MMM of +/- 36. Alert at 690.
#ContangoETFs #ReverseRoll
BTC NUGT May 13th 105 call for 13.00. Sold for 3.50 on 4/11.
BTC NUGT June 17th 105 call for 22.20. Sold for 5.50 on 4/7.
STO NUGT May 27th 80 put for 4.40
STO NUGT June 17th 70 put for 5.35 and 72 put for 5.50
STO NUGT June 3rd 90 put for 9.50
I can’t believe I had to roll this one.
Rolled $NUGT 4/29 105 call up and out to 5/13 116 call for 3.09 credit.
I also have a 120 call expiring today that I couldn’t imagine…oh never mind…NUGT is a beast.
So thankful this rolls easily.
#SPXcampaign Bought to close $SPX May 6th 2140/2165 call spreads for .20. Sold for 1.25 on Apr 18th.
Sold $AMZN May 20 700 call @ 4.50
#ContangoETFs Now that KOLD has relaxed it has been solidly replaced by NUGT as the ETF that won’t quit. I have slowed the call selling but still get hammered on these moves up (even though I’m short more puts than calls). If market weakness persists, this could keep flying.
Options Bistro 