#spxcampaign #shortputs
SPX 1/18 2215/2240 BUPS @ 1.00 Not sure why I did this.
$JPM 83/88 BUPS @ 2.00 Borrowed theme from @fuzzballl
Daily Archives: Thursday, January 12, 2017
$SVXY $VXX
#vxxgame
Was tied up at work all day today, managed to get off a few more trades from time to time from my iPad after it was obvious that the market bounce wasn’t going to reverse and roll back over.
STO $VXX Feb 10 $29.5 calls @ $0.34
STO $SVXY Jan 20 $90 puts @ $0.52
STO $SVXY Jan 27 $80 puts @ $0.52
STO $SVXY Feb 3 $75 puts @ $0.66
STO $SVXY Feb 10 $70 puts @ $0.54
Sad news at SMM…
Thought I would pass this along to former members….
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Hello Team –
We are not going to be able to do any videos today. It is with great sadness that I inform you that Dan’s and my brother, Mike, passed away today. He was killed in a automobile accident. We need to be together and get up to be with his children.
We apologize for the inconvenience but know that you certainly understand.
Gary and Dan
SVXY
STO January 2018, 200 call @6.60
#spxcampaign $SPX 2/17 2115/2140 BUPS…
#spxcampaign
$SPX 2/17 2115/2140 BUPS @ 1.40 Thanks @SAM KS
Closed Early
$SPX 1/20 2365/2340 BECS @ .10 92% profit
Rolled
$REGN 1/13 382.50 call to 1/20 382.50 call for 2.00 credit (covered)
$SVXY #ShortCalls #TopOfTheChain – with…
$SVXY #ShortCalls #TopOfTheChain – with the stock at 107
Sold 1 SVXY JAN 19 2018 200.0 Call @ 6.60
Sold 1 SVXY JAN 18 2019 200.0 Call @ 19.0
FSLR SVXY
$FSLR rolled Jan 20 32.50 covered call to Feb 20 32.50 covered call for a .73 credit, both call strikes ITM, new cost basis 30.82. Plan to roll call to ATM strikes while collecting credit.
$SVXY BTC Jan 20 72 puts @.12 sold Dec 8 @ 2.77 collected 93.4% at an ROI of 3.65%
$SVXY STO Feb 17 75 puts @ 1.30 Thanks @Ramie for the wake up call
60 to sub 32 that’s the temp difference traded returning from Palms Springs to Portland on Tuesday…we landed during a break in the weather about 2 hours later the snow started by the next morning we woke up snow bound with 8 inches of the white fluffy stuff. This doesn’t happen very often but gives me more empathy for folks who have to deal with it all the time…Go Spring!
No open spread trades, holding cash until after inauguration when new admin defines strategic plans…
REGN
#ShortStrangles – Earnings now not until Feb 9th so trying to sneak in one more before then…
Sold REGN FEB 3 2017 325.0/400.0 Strangle @ 4.85
SPX put spread
SPX Feb 2140/2115 put spread sold for $1.70 when spx at 2259
UAA
#ShortPuts – Rolling these out to earnings week to take advantage of higher IV that week.
Rolled next week’s 32.50 puts to Feb 3rd @ .65 credit
$VXX
#vxxgame
STO $VXX Feb 3 $28.5 calls @ $0.33
Nibbled. Will add more volatility positions if premiums improve further.
JPM
#BullPutSpreads – I’ll take a shot…been wanting to get long another bank as a possible long term covered call position so going aggressive. Whiz is still bullish on the banks out over the next year or two so I guess I’ll take a small position.
Sold JPM JAN 13 2017 90.0/85.0 Bull put spreads @ 3.20
Worse case scenario is I end up with stock about 1.80 below where it’s trading. If we open up down 20 tomorrow I’ll book the long put profit and take the stock with the short put. Big blowout to the upside and it’s a quick winner.
From vixcontango.com (FWIW)
This is exactly the dip in SPX and mini-spike in the VIX I was looking for this week. It took a while to come but it is finally here and it may not last a long time. The reason for the VIX spikey is that the only volatility event this week is JP Morgan’s earnings which kick off the earnings season. JPM will report before the market opens tomorrow. As is customary before volatility events, the VIX tends to rise for a couple of days along with the VVIX as traders hedge for the unforeseen and then as soon as uncertainty is removed from the market (we know what JPM’s earnings are and the market reacts rationally) then the VIX drops as traders remove the hedges once the unforeseen does not happen.
For the SPX, after we get the JPM earnings tomorrow, that event is finally going to give Financials a green light to go higher and that is going to carry the market over 2280 and the DOW to over 20,000 finally. Obviously, I don’t know what JPM earnings are going to be, but all I know it is a solid company, they are the best in class enterprise these days, so it is going to show a solid beat, a rising net interest margin and the CEO Jamie Dimon who has been very upbeat on the economy, will again be upbeat on the economy. He may even say nice things about the Trump administration. This has been the script over the past few quarters, so I don’t foresee anything deviating from that script tomorrow. Once all of this information comes in, Financials are going to start another leg higher as they have been grinding in place for over a month now. Obviously, upgraded earnings prospects for 2018 at JPM, BOFA, WF will have a lot to do with the upward repricing of the financial stocks. Just the availability of earnings information for 2018 will propel prices higher as the forward estimates are likely to be higher. And then the market will follow. We could even have a bounce in the 10-Year yield higher as the market discovers a healthy economy and a higher demand for loans at higher interest rates from the financial statements of the banks. The 10-Year yield is testing the 50MA so this is a natural place and time for a bounce higher. And a bounce higher in the 10-Year yield will trigger some of the correlation algos to buy the financials and propel them higher as well. With about 15-20% of the earnings reported after this week, there is going to be more certainty about the SPX earnings estimates and if they come in as good as I think they will, the market has only one place to go: bounce off that trend line it is sitting on now and then head higher.
On the upside resistance is at 2280 for the SPX and on the downside the 30MA at 2250 is the next support level today.
SVXY puts
Finally, get to sell some $SVXY puts. Starting small.
Sold $SVXY Feb 17 75 puts @ 1.45.
#VXXGame
VXX
#VXXGame – Clearing out some trash in anticipation of the new UVXY options becoming available tomorrow or early next week.
Bought to Close VXX MAR 17 2017 30.0/40.0 Bear call spreads @ .56 (sold for 1.20)
Sold The Open
Sold ES at 8:20, just before the open, at 2265…based on weakness overnight…
Sold to open 5 contracts, at 2265
Exited at 2251 on the bounce
14 point gain @ $50.00 per point x 5 contracts
If the slide closes today under 2260, I’ll short the SPX mkt with a Delta 65 put..
My next level for the reversal is 2245, a 38% fib and 25dma…if it continues past the 2250 previous box bottom..
ALB
STO February 90 puts @2.37
CMG strangle
#ShortStrangles – Selling the week before earnings…
Sold CMG JAN 27 2017 390.0/430.0 Strangle @ 4.60
Options Bistro 