SPXL Bought to close my 16 Mar 43 Puts @ 0.65 with SPXL 45.50. Took them off at 50% .
Daily Archives: Tuesday, March 6, 2018
SPX puts closed
#SPXcampaign Didn’t place any $SPX trades, but this one closed on GTC order:
SPX March 15th 2500/2475 put spreads for .20. Sold for 1.50 on Feb 15th.
SPX Campaign / Short Calls / Closed Early
#spxcampaign
$SPX STO 3/9/2018 2775/2750 BECS at 4.55
#shortcalls
$EXAS STO 3/9 48.50 calls at .50 (covered)
Closed Early
$NTNX BTC 3/16 35 put at .05 STO at 4.40 Thank you @honkhonk81
$SQ STC 3/16 40 call at 9.15 BTO at 2.80
CMG lightening
Bought to close $CMG Sep 21 200 put @ 2.00. Sold for 5.60 on 2/8.
Slow day
Just chop. I made no #SPXcampaign trades. I love the smell of theta decay in the afternoon.
WDC
BTC April 20, 65 put @.10, sold @ 1.70
#vxxgame #shortcalls UVXY Closed March…
#vxxgame #shortcalls UVXY
Closed March 16, 19 call for .62, after rolling from 18, made 1.80, learning from the past, had about $1800 n margin waiting for the last .62 with short and in the money 13 and 15 calls still out there.
Closing some SWKS
Taking one of the May positions off.
Bought to close $SWKS May 18 75 puts @ .20. Sold for 1.50 on 12/1.
Taking profits on ANET
Getting out for over 70% of the profit, 3 1/2 months early.
Bought to close:
$ANET Jun 15 165 put @ .60. Sold for 2.35 on 2/16.
$ANET Jun 15 200 put @ 2.30. Sold for 8.30 on 2/16 (thanks @jsd501).
Today in covered calls
#CoveredCalls #CoveredCallCampaign
BTC $AAPL Mar 9th 170 put for .17. Sold for 1.72 on 2/20, in response to a call being stopped.
STO $BABA Apr 13th 205 call for 2.05.
ADSK Earnings
#Earnings – I’m already in a synthetic that’s working halfway decent. Wouldn’t mind adding to it so if this earnings trade doesn’t work out I’ll roll into the synthetic.
Selling at the expected move on both sides…
Sold ADSK MAR 9 2018 110.0/130.0 Strangles @ 2.35
NVDA call spread
Sold $NVDA Apr 20 275/285 BeCS for 1.25. Short strike at 18 delta, about 14% higher than where the stock is trading (currently 241.58). Looking at resistance at 250 (highs from a couple of weeks ago).
#shortputs TRTN I had been…
#shortputs TRTN
I had been doing well with TRTN puts, until recently. Rolled March 16, 40 put to October, cost basis is 618. No weeklys and 5 point strikes.
MGM
#LongCalls – Not going synthetic on this one. Requires less margin in an #IRA to just buy the calls. Max loss is quite a bit less but it is slightly more cash up front.
Bought MGM JAN 18 2019 35.0 Calls @ 3.90
45 weeks to run so need 8.5 cents per week to cover. Stock is entering a daily squeeze and looking potentially bullish…(wild guess there…LOL)
Haven’t sold the hedge yet…order in for next week’s 35.5 strike.
KMB #FallingKnife Sold $KMB Oct…
KMB #FallingKnife
Sold $KMB Oct 19 90 puts @ 1.25.
Extending my ladder from Jul 100 puts.
VRX
#SyntheticStock – Only have a tiny bit of buying power in my Tastyworks account. Currently synthetically short UNG and adding a synthetic long on VRX now. Mainly just to get used to the platform…
Bought VRX 01/18/19 15.00/15.00/12.50 Synthetic Stock / Disaster Puts @ 2.06
Max loss 4.56 with 45 weeks to run so need a dime a week to cover.
So:
Sold VRX 03/16/18 16.00 Calls @ 0.21
SPX
BTC Apr 02 2600 short put at 13.30 this morning…sold previously on Mar 02 for 29.30..
STO Apr 02 2600 short put at 13.00, against the existing long side….
LRCX
BTC March 16, 140 put @ .05, sold @ 1.65
I am slowly covering my puts as they get close to expiration. I don’t want to be too bearish but, if interest rates continue higher, this market is vulnerable.
Rolling NFLX–shades of 2015
Not getting sucked into this move to the short side like I did in 2015. My current position is small and continues to be able to rolled for a credit so I’ll do it as long as I can.
Rolled $NFLX Apr 6 300/315 strangle up and out to Apr 13 312.50/325 for .90 credit.
This position started as short 260 calls in the 1/26 expiration. Been rolling since then. A few rolls in, I had to add puts to create a strangle, to keep being able to generate credits. Total credit accumulated on this trade is now 6.42 with my strikes out of the money again. We’ll see–April 13 is a long way off for a stock like this.
SQ
rolled my march 9 48 call #hedge into march 23 50 call for 3 cent credit
#syntheticstock
#coveredcalls MGM New Tradewise covered…
#coveredcalls MGM
New Tradewise covered call yesterday, buy 100 shares and sell the April 35 call (for .88 today), MGM hovering around 34. Other stocks in their portfolio since I started last summer, MET, CAG, INTC, LB, T, JCI, GSK, CIEN , SYMC, EXC and PFE which was called away when I couldn’t get a fill on a roll.
BIDU
#SyntheticStock – Booking this one with the run up to resistance and overall delta approaching zero…
Sold to Close BIDU JAN 17 2020 250.0/250.0/240.0 Synthetic
Bought to Close BIDU MAR 16 2018 252.5 Calls
All said and done including weekly premium sales net gain of 10.45 per spread. Would definitely re-enter on any weakness.
More thoughts on SVXY #vxxgame….
More thoughts on SVXY #vxxgame.
I closed out all the SVXY stock I was assigned on yesterday because with the new structure, I just don’t see it taking off like it used to even when back in contango. With the VIX down exactly 0.96 this morning, SVXY only up 0.07 or so. The big gains we were seeing before Feb were from years of accumulated contango. Looks like we will have some 2 sided markets for a while and that hopefully will keep the VIX higher, good for selling options as @fuzzballl pointed out yesterday.
Still reading the new Sebastain book but have already picked up a few pointers from the market maker side. Only be long volatility for short periods of time. Do not be short unhedged volatility (see SVXY and XIV implosion), buying puts on VXX long term has shown good risk adjusted returns. However, I would take that 1 step further and suggest buying VXX put spreads, especially after spikes. Looking at 17 DTE VXX put spread, buy the 45, sell the 40 costs 2.86 at current prices for 5 dollar max profit or roughly 1:1 profit to loss ratio. I don’t have the cash or margin at the moment, but will be looking to use some of these as we go forward. You could even go ITM for less risk and still come out ahead.
Rest of the week just sitting on my hands letting theta do it’s thing. Have a good week!
Options Bistro 