Can you say “whipsaw.” That’s what happened to me this week. WAY to many arrows on my chart!
Daily Archives: Thursday, June 30, 2016
#OptionsExpiration #Quarterlys – one expiration…
#OptionsExpiration #Quarterlys – one expiration today. Big one tomorrow.
XLE(Quarterly) Jun 30 2016 71.0 Calls – (Covered)
UVXY & KOLD calls closed
#VXXGame BTC UVXY July 8th 22 calls for .04. Sold for .60 on 6/10.
BTC UVXY July 8th 25 call for .05 (earlier). Sold for 1.00 on 6/24.
BTC KOLD Aug 18th 265 call for .20. Sold for 14.00 on Jan 19th. Now let with a couple of Aug puts at breakeven, nothing else in KOLD.
NUGT hitting its highest level…
NUGT hitting its highest level since May 2015
$SVXY
With the big move the past few day’s, I’m expecting some profit taking tomorrow possibly some pull back in $SVXY.
BTC Jul 1 $51 put @ $2.60, sold for $1.05. I don’t think this will get out of the money and likely could a bit more in the money tomorrow, so taking it off today. Plan to roll tomorrow if we see some weakness.
BTC Jul 1 $45 puts @ $0.20, sold for $0.80 (not expecting a drop that far tomorrow, but was waaay under water a few days ago so don’t want to see it turn negative while trying to get the very last bit.
SPX calls closed
#SPXcampaign Bought to close $SPX July 6th 2160/2185 call spreads for .10. Sold as part of an iron condor for 2.30 on June 14th.
SPX calls Stopped and rolled
#SPXcampaign Bought to close July 22nd 2115/2140 call spreads for 8.70. Sold for 1.45 on Tuesday.
Sold to Open $SPX July 29th 2010/2035/2165/2190 iron condor for 6.05, 1.5x position size.
Also, Bought to close $SPX July 14th 2100/2125 call spreads for 10.50. Sold for 1.50 on Tuesday. Will wait to roll tomorrow or later.
There is no doubt I made a mistake on Friday and Monday by using #ReverseRoll and #CondorRoll strategies with stopped put spreads. I expected the down move to be at last a few days, not only two, followed by a 100-point rally by Thursday. The #SPXcampaign rules say to roll further out in the same direction, with only some consideration given to reverse or condor rolls. Had I rolled everything into puts, I’d be golden now. As it is, all of my put spreads have been closed and I am very pressured on the call side. Now, at this ridiculously extended level, I have no choice but to sell puts or condors as my margin will not allow more call spreads of sufficient size. There is little sense to be made of this market; all you can do is “roll” with it.
Are we there yet?
My kids used to ask that question all the time when traveling, so have to ask it now in relation to the market. Just wondering how much higher we go before a pullback. Looking at other metrics today shows larger inflows into consumer staples, utilities, and higher dividend payers…all defensive things. A flight to safety, maybe? We’ll see.
Any thoughts appreciated as I contemplate what to do with my SPX call spreads.
SVXY Covered Call
Sold $SVXY Dec 16 65 call @ 3.20
$SVXY #CoveredCalls #Weeklys #IRA -…
$SVXY #CoveredCalls #Weeklys #IRA – Sold Jul 29 2016 60.0 Calls @ 0.50 with the stock at 48.83.
Sold these against stock I acquired via Put assignment Friday at 44.50
SPX puts closed
#SPXcampaign Bought to close $SPX July 29th 1775/1750 put spreads for .20. Sold for 1.30 last Friday.
Bought to close $SPX July 29th 1700/1675 put spreads for .10. Sold as part of an iron condor for 2.35 on Monday.
That clears me of all put spreads. Certainly did not expect such a massive and quick reversal. I am now nursing too many call spreads, but will keep rolling up until we get a pullback.
UVXY put
#VXXGame STO UVXY July 29th 9 put for 1.40
New all-time lows in UVXY
First time we’ve had a new low since June 7th. VXX still a dollar above its all-time ow from June 7th, which shows the contango power of the UVXY.
$SPY I have July 15,…
$SPY I have July 15, 213 and 216 wayward long calls left over from spreads after closing the short legs following Brexit. I sold 2, 210 calls expiring tomorrow for .25 each, will be watching closely.
SVXY Covered Call
Sold $SVXY Dec 16 70 call @ 2.15
$SVXY #CoveredCalls – Sold SVXY…
$SVXY #CoveredCalls – Sold SVXY Sep 16 2016 60.0 Calls @ 2.30 with the stock at 48.92.
Adding to my position.
$UVXY #ShortCalls #ClassicVXXGame – Bought…
$UVXY #ShortCalls #ClassicVXXGame – Bought to close 1 of my UVXY Jan 19 2018 115.0 Calls @ 1.50.
Originally sold this on 6/13 @ 3.60.
I’m sure these can be resold in the future with 568 days left until expiration.
Backtesting IC in SPX – TT
Yesterday TT did a backtest on Iron Condors on the SPX.
https://www.tastytrade.com/tt/daily_recaps/2016-06-29/episodes/backtesting-iron-condors-in-spx-06-29-2016
Watch how they do it.
SVXY Covered call
STO December 64 call@3.50
WMT pushing up after Squeezes fired.
There were squeezes in the 39, 78, and weekly charts which fired long.
The daily chart hasn’t fired yet, so I bought some Jul 8th 72 Calls this morning for $1.05.
SPY Analysis
https://www.tradingview.com/x/tp8f57Uy/
SPX expiration
#SPXcampaign Expired last night: $SPX July 29th 1950/1925 put spreads. Sold for 1.34 (avg price) last Friday.
Options Bistro 