#SyntheticStock – Here’s the details on the early assignment long stock roll to synthetic trade repair…
Sold ADSK JAN 18 2019 105.0 Puts @ 13.78
Bought ADSK JAN 18 2019 105.0 Calls @ 16.01
Bought ADSK JAN 18 2019 100.0 Puts @ 11.36
This gives a net debit of 13.59 for the Jan 2019 position. Add the 5 point max downside and get a max loss possibility of 18.59. Add the loss of 9.62 from the rolled position and max risk jumps to 28.21.
Based on that, and the 56 weeks remaining in the trade I need to average about 50 cents per week in sales to cover the absolute worst case scenario. I’m currently using an equal size trade as the previous one but considering doubling the size to possibly sell more conservative weeklies and/or get back to even sooner.
Sold ADSK DEC 29 2017 107.0 Calls @ .79
BTC EWZ Dec22’17 39.5 calls for 0.07, STO was 0.17.
BTC MGM Dec22’17 33.5 calls for 0.10, STO was 0.22.
BTC VRX Dec22’17 21.5 calls for 0.15, STO was 0.28.
Closed all these out early as I have to work next couple of days (and all were green but could have easily turned red before Friday) I am waiting to sell for next week.
I have 28 orders today, so I’ll sort through highlights. Also there were orders yesterday that I didn’t recap so if you were tracking a particular position and it disappeared don’t hesitate to ask.
1. My best trade of the day was scalping TSLA based on #UOA. I caught a big Jan 345 opening order for 3820 contracts so I quick bought a #BUCS and some shares and netted $1440 before going flat.
2. RCL needed a little #defense on a #BUPS, break even not yet breached, which is the best time for defense. I have on a Jan 123/120 credit spread x 10, so I butterflied it by selling more 123 and buying 126, x 4. By doing it early I only need 4 contracts to do the following: 1. cut long deltas in half (from 142 to 72), 2. move BE from 122.27 to 121.68, 3. raise max loss from $2,227 to $1,678, 4. Increase max profit
3. Bought NTNX shares at 35.25 and 34.75, I have 800 shares now
4. FAS Fuzzy roll to next week
5. MSFT #ShortPut scalps for this week the 85’s and 85.5’s, flat now for $370
6. MU new #Fuzzy Apr 46/46/41 with Dec 29 47 short calls
7. Caught some LOW UOA…when a fund buys expensive calls at an underlying high it’s a powerful trade, so followed along buying some Jan 92 calls at 1.52.
8. CELG rolled Fuzzy calls to next week
Fuzzies that still need managed this week: DWDP, JPM,
TT research, managing at 50% still looks like the best ROC. Recent in last 2 weeks.
SPX #BullPutSpreads #spxstrategy
STO 4 Jan 19 2545/2565 BuPS @ .75 when index at 2679.18
#Earnings #Rolling Finishing up my multi-month battle with $RH. After closing earnings strangles successfully, I just sold Dec 29th 110 calls for 1.20. These offset 85 and 90 puts. If I can get these all to expire I’ll be done with this one. Currently in a daily squeeze so could be poised to move.
#ContangoETFs Sold $NUGT Jan 19th 30 call for 1.30
Sold $NUGT June 40 call
These are the same call strikes I’m already holding in $DUST, so they are margin free.
$GE #ShortPuts #Speculation – Sold GE Jan 26 2018 17.5 Puts @ 0.63 as the stock was hitting a new low for the year at 17.45 this morning.
Tax loss selling may be pressuring the stock and that will ease after the new year.
#SPXcampaign Sold to Open $SPX Dec 26th 2680/2655 put spreads for 5.65.
#PerpetualRollingStrangles – Missed out a couple days ago on covering my short puts that I’ve been rolling forever. Could’ve booked them at nearly 80 percent of max. Got greedy and held. Of course now TLT is tanking so it’s back to rolling along inverted until one side gets taken out. Either way, should still be close to 150 percent gain on margin for the year.
Rolled 130 puts to Feb for .51 credit
Rolled 127 puts to Jan for .42 credit
#ShortStrangles – Assigned early on some ITM puts. To reduce margin and downside risk I’ve covered the entire position and rolled it into Jan 2019 #SyntheticStock . Stock is really weak and I doubt if covered call writing will keep up if it really implodes. This buys some time and makes for a much more relaxed (and safer) way to evenyually turn this into a winner. I’ll post the whole thing later but long story short…will only require selling about 35 cents a week to cover worse case scenario.
#CoveredCalls – Assigned early on Jan monthly puts…I’ve got a stop on next weeks short calls @ 25 percent of max so selling the next round a little early.
Sold SWKS JAN 5 2018 98.0 Calls @ 1.25
#SPXcampaign Should have gone with my instincts and exited all of this at the open. But man, that drop was fast. Now I most likely exited all of these near the bottom.
Closed $SPX Dec 20th 2690/2665 put spreads for 12.55. Sold for 3.90 on Monday.
Sold $SPX Jan 12th 2750/2775 LONG call spreads for .60. Bought for .45 last week. Sold half of this. Keeping the other half to either profit higher or expire worthless.
Sold $SPX Dec 22nd 2700/2725 LONG call spreads for .75. Bought yesterday for 1.50.
What a crappy way to start the day.
$SJM #ShortPuts – Bought to close 1 SJM Jan 19 2018 95.0 Put @ 0.05. It won’t trade any lower and it doesn’t expire for another month.
Originally sold on 8/28/17 at 1.65 as a #FallingKnife trade.
I still have Jan 100’s and Apr 90’s to cover.
right at bell yesterday in 2 accounts
Jan 19 2018 sto 2545/2565 put @.75
plan is to buy back at 50%,and set up a ladder of 4 in a month.
will let theta do its thing,
#TradeSchool I’m sitting on the short $SPX Dec 20th 2690/2665 put spread expiring today. Nice open followed by steep dive. Spread went from around 3.00 at open to over 9.00. That’s the peril you face sitting on ATM spreads expiring same day. So I was facing a loss, watching the charts. If it wasn’t for the TICKs, I probably would have exited at the lows. While the SPX consolidated flat-on-day, it looked like it wanted to break lower. But the TICKs, which I always have on my screens right next to SPX, showed a bottoming and then steady trend higher. So I felt comfortable waiting for the TICK trend to break before exiting, but it didn’t break and the SPX eventually lifted. Not sure how high we’ll get, but at least I didn’t panic exit at lows.
$HP #ShortPuts – Bought to close 1 HP Jan 19 2018 42.5 Put @ 0.03. It actually filled below the 0.05 minimum price and doesn’t expire for another month.
Originally sold in May at 1.35 as a #FallingKnife trade.
$FLS #ShortPuts – Bought to close FLS Jan 19 2018 35.0 Puts @ 0.05. It won’t trade any lower.
Originally sold in August at 1.40 as a #FallingKnife Trade
BTC December 26, 2380/2480 bull put spread @ .05, sold @ 1.30
I could have let it expire but it frees up a lot of margin by covering it.
#VXXGame Yesterday, closed $SVXY March 125 call for 17.25. Sold for 9.70 on Nov 21st.
Yesterday, sold Feb 90 put for 3.17.
This morning, sold June 150 call for 14.95
$VIX – 8.90 on the $VIX WOW!