$SVXY #CoveredCalls #OptionLadder – a couple of large rollups on the opening tick. I split a large short position expiring today into two new positions with different expiration dates.
Bought to close SVXY Aug 19 2016 70.0 Calls @ 3.30 / Sold Sep 16 2016 75.0 Calls @ 3.40
Bought to close SVXY Aug 19 2016 70.0 Calls @ 3.32 / Sold Sep 23 2016 75.0 Calls @ 4.38
Both trades are cash flow positive, adding to my cash balance, and this moves the strike price up 5 points, above the YTD high of 74.16.
I might have been able to do better by waiting but at least it’s a big position I don’t have to watch today.
Monthly Archives: August 2016
SVXY roll
My last one. BTC August 19 55 call and STO December 60 call for a credit of 0.80 cents
DBA is an agricultural commodities…
DBA is an agricultural commodities ETF. I may be wrong, but it appears to be slightly above 20 year lows reached in February. Options are thinly traded, may take a position.
Correction time?
Today, we had SKEW above 135 again… third time since Brexit. Will it mean something this time?
VIX daily chart in a squeeze
SPX in a daily squeeze
SPX monthly chart in a squeeze… that doesn’t happen often, but previously it was followed by corrections, like the 2001-2003 decline and the 2008 crash; or followed by sustained rallies, 2012-2015, 2005-2007, and 1995-2000 massive rally.
$NUGT STO Aug29 $165C for…
$NUGT STO Aug29 $165C for $8 covered by stock bought at $163
Also STO Sep09 $175C for $10.90 covered by $175 stock. Stock price is mid-range so maybe goes up and wish I waited to sell or maybe down and BTC for profit.
SVXY roll
BTC August 19, 56 call and STO December 62 call for a credit of 0.40 cents.
NFLX rollout
Rolled $NFLX short calls up and out for .48 credit.
Bought to close $NFLX Aug 19 95 calls @ 1.57
Sold to open $NFLX Sep 23 100 calls @ 2.05
SPX calls sold
#SPXcampaign Sold to Open $SPX Sept 15th 2235/2260 call spreads for 1.45, with SPX at 2185.
$SVXY #CoveredCalls #Rollup – one…
$SVXY #CoveredCalls #Rollup – one of many rollups I’m doing in various accounts for SVXY.
Bought to close SVXY Aug 19 2016 64.0 Calls @ 8.84
Sold SVXY Sep 30 2016 68.0 Calls @ 9.14 for a 0.30 Credit plus 4 points on the strike price.
The new strike price is still in the money with the stock at currently 72.70 and the breakeven for the new short call is at 77.14, well above the YTD high on the stock.
As I said last week, in this account I’m using a 3:1 overwrite strategy with an #OptionLadder approach. So if SVXY collapses again I’m not likely to get hurt to the downside unless the stock stays down for more than 6 weeks. In most cases for each individual week, I only have calls outstanding on 50% of my long stock. I roll that position each week out to a week that I have no exposure in, at successively higher strike prices.
At some point I will start letting some of my stock go and switch to selling puts. But for now this is working.
LOW stock assigned
#Earnings #Assignment I was assigned $LOW stock last night from my 79.5/81.5/83.5 iron butterfly…. kind of unusual to be assigned from short puts that are part of a spread, but it happened to about 3/4’s of my position. Today I sold the long puts for 2.92, so combined with the 1.48 at which I sold the IBF, my cost basis on the stock is 77.10. A reasonable position. I may sell the remainder of the longs and take the rest of the stock on Friday.
SOME TRADES:
$UVXY BTC 8/19/16 27.5 CALLS @.01
$UVXY STO 8/26/16 24.0 CALLS @.42
$UVXY STO 8/26/16 25.0 CALLS @.40
$UVXY STO 8/26/16 28.0 CALLS @.44
$UVXY STO 9/2/16 23.0 CALLS @.46
$UVXY STO 9/2/16 29.0 CALLS @.42
#Covered Call Scan
My daughter is trying to develope an understanding of trading and the option world. She has a small account and level 1 option trading, covered calls only. I Have put together a TOS scan that I use for ideas for her. I am looking for other scan criteria and a critique of this scan if anyone cares to chime in.
Currently I am using: And these vary a bit as results dictate.
Stock Last $10-$22
Stock Volume > 400,000
Option Percent of Underlying 2%-5%
Days to OpEx 20-50
Open Interest: >100
Volume: >100
Earnings Does not have in 36 bars.
This piscked up some of the OMM trades which gives me hope. She has some gold and oil so I passed these tickers by. A couple that look interesting are $CY, $TCK,
$FEVE
Rolled my Aug 19th 16 Put out to Sept 16 Put for a 0.31 credit.
$UVXY
Looks like I missed a trade yesterday. After the Fed minutes came out:
STO Aug 26 $27 calls @ $0.40
$VIX – apparently all is…
$VIX – apparently all is right with the world and new highs are coming, as the VIX index collapses back below 12. I don’t get it
WUBA opened low sold Sept…
WUBA opened low sold Sept WUBA put for 3.42, bought yesterday for 1.16, still have Sept 60 call I bought for .90, now worthless. I was expecting WUBA to go higher a la BABA, the put was a hedge, got lucky.
SVXY
On the weekly chart I see a head and shoulders bottom that measures up to 95/100. Just my humble opinion and I have been wrong before.
$NUGT
I spent most of my day with no market access but did get to make a few trades. My timing wasn’t great on these so premium not as good as it could have been, just had to make trades when I could.
STO Aug 19 $130/$175 strangle @ $1.60
STO Aug 19 $137 put @ $1.00
STO Aug 26 $110 put @ $1.05
WMT several WalMart earnings trades…
WMT several WalMart earnings trades over at TT, trying to get filled on an Aug. 26 70/75 strangle
SVXY
BTC August 26, 50 puts @0.05 with no commission. It was sold @2.33 and that is the last of my exposure on that date.
#earnings I hope this doesn’t…
#earnings I hope this doesn’t get me banned but I bought a Sept 60 call and bought a Sept 50 put for a total of 2.06. WUBA is a Chinese internet ad company.
NUGT inversion roll
Position was 180/155 inverted @ 28.70 for this Friday. Using the wild swing today and rolling out 2 weeks and actually getting un-inverted…(is that a word? LOL!)
Closed call side earlier on the selloff and re-sold out in Sep 2nd expiration on the bounce.
Sold NUGT SEP 2 2016 175.0 Call @ 7.00
Rolled 180 put to Sep 2 2016 170 put @ even.
All factored in the new position is now a normal 170/175 strangle for a nice 32.20 premium captured so far. I’ll wait and look to adjust later on. A single strangle next week also that I’ll look to roll out 2 weeks when (if) the time comes. Seems to be working nicely on the staggered 2 week roll schedule.
NUGT…back in on the call side
Not counting the scalp on the calls this morning…I’ll book those.
Sold NUGT AUG 26 2016 170.0 Call @ 5.00
Paired with 160 put for 15.15 total premium on the strangle…
$NUGT #ShortCalls – Sold NUGT…
$NUGT #ShortCalls – Sold NUGT Aug19 2016 175 Calls @ 1.05
My short Puts from 137 down to 130 are looking better now.
MLM Martin Marietta Sept 200/210…
MLM Martin Marietta Sept 200/210 call spread for 1.80, MLM is at 193
LOW and PCLN earnings
#Earnings $LOW has made an above average move down, making my chances to profit from 81.5 IB pretty slim. Closing the 8.15 short calls for .01, just in case we get a nice rally into Friday.
$PCLN, I have two 20-point IB’s, centered at 1360 and 1370, sold before earnings. These look to be a bust as it started rallying yesterday. Will let these expire and execute for max loss, about 1.30.
$RGLD, I have the 87.5/85 put spread. My only hope was another gold rally off the Fed, which has happened last few times and may have started just now. Still a lot to hope for to get to 87.5.
So, small wins with DIS and REGN, but that’s 2 for 5 on August earnings trades. At least losses are defined!
$NUGT
Check last few bars on one minute chart!
$NUGT
BTO August 19 145 calls @7.5
XIV SVXY VIX…
Volatility dropping…did they leak the “no hike” decision? LOL…they wouldn’t do that!
$SPX put spread
STO Sep 2 2090/2080 BuPS for 0.70.
This completes an iron condor with 2230/2220 call spread for total 2.20 credit.
Sosnoff said something interesting…
The other day he talked about how there are certain tickers that he ALWAYS has a position in. Said he makes the bulk of his money carrying these all the time and constantly adjusting and collecting theta. Most of the ones he mentioned were all the usual suspects….big and liquid.
Seemed like an interesting idea to me. That’s almost how I’ve been trading NUGT lately. Not so worried about selling and expiring….trading it for bigger premium with smaller positions and just planning on doing that indefinitely…(as long as premium stays elevated).
With all this in mind, I’d like to try it in a regular stock. Looking at CMG since it’s not crazy expensive (see PCLN) and offers weeklies. What do you guys think of his theory?
NUGT getting perky?
First multiple time frame buy signal of the day…
NUGT put
#ContangoETFs STO $NUGT Sept 9th 120 put for 5.90
$GLD $NUGT
Amazing, $GLD damn near flat on the day doing nothing, yet the miners are getting crushed. In the past when we’ve seen this, $NUGT corrects back to match what is happening with gold. Maybe this time Gold catches up (or down in this case) to the miners. Was in meetings most of morning so just now getting to open some trades. Have order in for Aug 19 $130/$175 strangles.
$SVXY
Rolled Aug 19th 65 Call out and up to Sept 16th 70 Call for even less fees.
NUGT calls
KInda risky but taking advantage of the drop to close some calls sides of strangles. I’ll re-sell ’em at some point but this is too nice a selloff not to do something…
Bought to Close NUGT AUG 19 2016 155.0 Call @ 3.50 (I’ll re-sell it out in Sep when I roll inverted put side)
Bought to Close NUGT AUG 26 2016 180.0 Call @ 2.75 (sold yesterday for 6.40)
$NUGT #ShortPuts #Rollup – Bought…
$NUGT #ShortPuts #Rollup – Bought to close 1 NUGT Aug 19 2016 70.0 Call @ 0.01 /Sold 1 NUGT Aug 19 2016 130.0 Put @ 1.11 For a 1.10 credit.
Also sold 2 NUGT Aug 19 2016 175 Calls @ 0.80.
All these should expire Friday
NUGT….gotta love this thing!
Any chance it closes flat on the day? Dan at OMM says ain’t no way, not even a possibility rates get raised. Gonna be fun to watch!
NUGT
STO December 90 put @12.10
$NUGT #ShortPuts – Adding on…
$NUGT #ShortPuts – Adding on to my earlier play
Sold 1 NUGT AUG 19 2016 135.0 Put @ 1.10 with the stock at 151.27
Sold 1 NUGT AUG 19 2016 134.0 Put @ 1.10 with the stock at 149.72
Sold 1 NUGT AUG 19 2016 133.0 Put @ 1.10 with the stock at 148.19
Done for now. I still have some 130 calls that need to be dealt with this week.
Closing some NUGT puts
Took this week’s 140 put hedge off for about 50% max profit with NUGT in freefall.
Bought to close $NUGT 8/19 140 puts @ 1.60. Sold for 3.36 on 8/9.
#VXXGame trade in Jan Sold…
#VXXGame trade in Jan
Sold $UVXY Jan 20 2017 60 call @ 4.10. Highest strike.
$NUGT #ShortPuts – Had some…
$NUGT #ShortPuts – Had some cash to play with in an IRA
Sold 1 NUGT AUG 19 2016 136.0 Put @ 1.10 with the stock at 151.69
Sold 1 NUGT AUG 19 2016 137.0 Put @ 1.30 with the stock at 151.77
I expect these to expire Friday
SVXY Roll
BTC August 19, 57 call and STO December 57 call even @ 13.44
SVXY covered calls
I sold the balance of my December 85 calls this morning from 5.20 to 5.30 and this completes my covered call position. If the FED does not raise rates I may get called away and if it does nothing I get to keep the premium. Either way, I will be happy.
GM
GM
#earnings TGT sold Sept. 16…
#earnings TGT sold Sept. 16 70/75/75/80 iron fly for 3.23 had to go out in time not sure I’ll be able to actively manage this Friday
HTZ closed a 40/57.50 earnings…
HTZ closed a 40/57.50 earnings trade strangle for 70, sold Aug 8 for 138
PCLN rallying
PCLN rallying
JNJ Followed a TT iron…
JNJ
Followed a TT iron fly/iron condor 115/120/120/125 for Sept. 16 for 3.04
SPX calls closed
#SPXcampaign Bought to close $SPX Aug 26 2230/2255 call spreads @ .20. Sold on Aug 5 @ 1.50.
SPX calls closed
#SPXcampaign Bought to close $SPX Aug 26th 2230/2255 call spreads for .20. Sold for 1.45 on July 29th.
SPX puts sold
#SPXcampaign Sold to Open Aug 26th 2150/2125 put spreads for 2.70, with SPX at 2179. An extra short-termer offsetting calls I previously sold at this expiration.
SVXY Roll
BTC August 26, 60 calls, STO December 70 calls for a credit of 0.50 cents.
SVXY Roll
BTC August 18 58 calls and STO December 68 calls even, just commissions.
$NUGT legged in to BeCS…
$NUGT legged in to BeCS Aug 19 170/180 today for $2,20, 2.40 credits. What a mover, may be able to close today for partial profit.
$UVXY added to my position…
$UVXY added to my position at $20.99 earlier this morning. Slowly bringing down my basis after I was put at $9 pre-split ($45 now).
NUGT inversion for this week
180/155 inverted strangle for Friday…There’s only about 4 dollars of premium left in it. Wondering how far to push my luck before (or if) rolling. Since both sides are in the money I may do something a little sooner. These would be perfect for someone to hit me with an early exercise. On the bright side the entire position is sitting at breakeven.
Looking back this thing started out around 80/120. Rolled both sides up for awhile staying fairly even each roll. Finally got to the point where premium couldn’t keep up with roll cost and had to invert. So far so good. I’m gonna be stubborn and keep the trade going and try to “un-invert” it eventually…LOL
EDIT…the advantages of staying small allows this in an account my size. Thanks to TT for beating that into my head over and over!
LOW earnings
#Earnings Sold to Open $LOW Aug 19th 79.5/81.5/83.5 iron butterfly for 1.48. Max risk .52. Over last 3 years, Biggest UP move: 6.4%, Biggest DOWN move: -6.2%, Average move: 3.0%. Price needs to be at less than a 2% move in either direction by Friday’s close to profit.
NUGT…next week again
Little bounce there and needing some short deltas…gets all the strangles balanced again.
Sold NUGT AUG 26 2016 180.0 Call @ 6.40
$NUGT – all over the…
$NUGT – all over the map today. Up 12 in the premarket and now down 2
$UVXY #ShortCalls – Sold the…
$UVXY #ShortCalls – Sold the following for to add to my previous trades for Friday’s expiration. Easy to roll if they get in the money.
UVXY AUG 19 2016 26.5 Calls @ 0.12
UVXY AUG 19 2016 27.0 Calls @ 0.11
I wonder where SVXY will be if these get in the money … 🙂
HAIN in pain
#FallingKnife trade, anyone? Or more like falling anvil?
SVXY
STO September 23, 50 puts @1.15, I expect to be called out of some of my positions this week so replacing some near the 200 day MA.
$UVXY #CoveredCalls #IRA – Sold…
$UVXY #CoveredCalls #IRA – Sold the following for this week in various IRA accounts. No margin pressure, and easy to roll if they get in the money.
UVXY AUG 19 2016 24.5 Calls @ 0.21
UVXY AUG 19 2016 25.0 Calls @ 0.20
UVXY AUG 19 2016 25.5 Calls @ 0.18
UVXY AUG 19 2016 26.0 Calls @ 0.15
SPX puts sold
#SPXcampaign Sold to Open Sept 15th 2075/2050 put spreads for 1.60, with SPX at 2180.
$SVXY #ShortCalls #Rollup – since…
$SVXY #ShortCalls #Rollup – since my account seems to come under margin pressure every time SVXY approaches 74, I put in this diagonal rollup spread last week. It finally filled.
Bought to close SVXY Sep 16 2016 60.0 Calls @ 13.99
Sold SVXY Jan 19 2018 95.0 Calls at 14.22.
Cash flow positive at a 0.23 Credit and bumped the strike price 35 points. Gives me some room to maneuver for margin purposes.
Good Morning
Is today the beginning of the correction???
Debit Spread that didn’t work
STC Aug 19 GOOGL 807.5/815 BuCS for $2.60 Bought for $3.25 So it is a $0.65 loss.
A TRADE:
$UVXY STO 8/19/16 23.0 CALLS @.31 Hasn’t closed above 23.0 since August 5, a short while ago I know, but this is a short term trade, so I’m hoping, ;>) , that will be so by Friday.
PS Post below was written Friday, but I forgot to post it.
LADDER: Done earlier, but couldn’t…
LADDER: Done earlier, but couldn’t get into site. Working now. Thanks Jeff for your help.
$UVXY STO 8/19/16 25.50 CALLS @.45
$UVXY STO 8/19/16 26.50 CALLS @.35
$UVXY STO 8/19/16 27.50 CALLS @.33
$UVXY #ShortCalls – Sold UVXY…
$UVXY #ShortCalls – Sold UVXY AUG 19 2016 32.0 Calls @ 0.11. I think I caught the other side of someone’s market order to buy.
NUGT…next week
Sold NUGT AUG 26 2016 190.0 Call @ 6.00
Paired with 160 put…position is now 160/190 strangle @ 12.50.
A little narrower than I would like but the put side was a reverse roll from last week. Debating whether to leave it by itself but decided what the neck…pair it up and see what happens.
Closing NUGT strangle
Bought to close $NUGT Aug 19 142/210 strangles @ 1.50. Sold for 4.00 on 8/11. Executing my plan of taking the trade off at 50% of max profit or better.
Earnings candidates
#Earnings
$AAP – iron butterfly or tight condor
$HAIN – see @thomberg1201 post below
$HD – not a big mover but trend is up
Options Bistro 