TWTR #ShortPuts Closed my June 15th 40.5 put @ .05. Opened yesterday at .45. Debating if I should reopen it up or up and out.
Monthly Archives: June 2018
Supercharger lineup
A year ago, I did a couple superchargers on AZO as part of a trading competition. I won the competition which was really cool but then I forgot about them. I didn’t know then that anyone else did them, much less that they had a name. A couple weeks ago @hcgdavis mentioned that he was using superchargers in a small account. When I looked at the setup, I recognized it immediately. After a little research, I decided to make superchargers a staple in my smaller accounts. This setup allows me to trade the high flyers with minimal risk. Last week, several winners closed. No losers yet. Yesterday, BABA, BIDU, and NFLX closed for target profit. I open GTC orders to close these at $2.35 on 2.5 wide spreads, $4.70 on 5w spreads and $9.40 on 10w spreads. Profit varies but it’s typically 20-30%.
Here’s my current lineup of open trades:
ADBE Jun15 237.5c/242.5c @ 3.99×2 and 3.30×2
AMZN Jun15 1660c/1670c @ 7.85×1 and 7.10×1
GOOGL Jun15 1120c/1125c @ 3.96×1 and 3.61×1
GOOGL Jun15 1117.5c/1122.5c @ 3.59×2 (added these on the dip last week)
ISRG Jun15 472.5c/482.5c @7.65×2
ILMN Jun22 275c/280c @ 3.91×2
MSFT Jun22 97.5c/100c @1.91 x2
Thanks for bringing these to my attention, @hcgdavis.
Is RH halted?
Anyone else seeing the last tick is at 9:59 ET?
TWTR #CoveredCall. Sold June 15th…
TWTR #CoveredCall. Sold June 15th 45 Call @ .45. Unknow to me is that ToS is frozen for some tickers TWTR being one of them. Price updating now but not the chart.
#ShortPuts Closed my SIG June…
#ShortPuts Closed my SIG June 15th 54 Put @ .35 this morning. I should have done a better price discovery and maybe save .05 or .10. Originally sold 6/8 for 1.07 from a roll.
EXAS
BTC July 20, 35 puts @ .05, sold at 1.90
That is the last of those puts.
Jun 12
TWTR: Virtual Call Assignment (position closed) for $688 net profit on a 10×8 #Undie . Extrinsic value ran out on the 40.50 short.
@smasty160 Sue, what do you…
Sue, what do you think about using your strategy for trading over earnings?
Am I missing something here?
For example:
MU
BTO Aug 17 62.50 Put
BTO Aug 17 60 Call
STO June 22 58 Put
STO June 22 63 Call
Limited risk + possibility to keep selling premium.
Hello Option Bistro!
After window shopping at Options Bistro for several months, I’ve decided to come inside and talk shop. One of my best days as a trader was the day I discovered the Bistro. I’m so impressed with the creative ways that everyone here makes money. I love how you fight to get back to even no matter how long it takes. My inclination as a trader has been to take my lumps when I have a loser, dump it, and move on. I’ve learned at Bistro that there is a better way.
As to where I fit in the growing Bistro family, I’m Smasty’s (Sue) sidekick. We are on a perpetual hunt for better, stronger, and more profitable trades. She is the options maestro and I’m the wordsmith and caretaker of the petri dishes. She comes up with innovative, sometimes complex trade designs. Together we analyze them, tweak them, name them, and test them with real money. We are relentless mad scientists. We’ve discovered and customized trade designs that work in almost any market conditions.
I’m a trend trader at heart. My approach is to determine the trend (bullish, choppy, or bearish), identify instruments that move with the trend, and use designs that capitalize on the trend. I gravitate to high probability, limited risk trades that allow me to trade another day if the worst-case scenario plays out.
My favorite setups are diagonals, collars, fuzzies, superchargers, calendars, pre-earnings, and long shots. I trade unhinged when I’m really bullish and unbalanced when mildly bullish. Forgive my cheeky sense of humor.:-) Beware my favorites list is subject to change daily. After all, Sue is my trading partner. We never met a trade that couldn’t be improved and we don’t mind leaving our failed petri dishes by the side of the road. Lol.
Thank you, JeffP, for allowing me to be a contributor. It is an honor. I look forward to sharing trades with you and continuing to learn from all of you.
BABA
A late fill. BTC July 20, 205 calls and STO August 17, 210 calls for a credit of 1.92
This against my long January 2019 200 calls.
SPX Campaign / Rolled MTN Again
#spxcampaign
$SPX STO 6/22 2755/2780 BUPS at 6.20 Thank you @jeffcp66 Long live the SPX Campaign
#rolling
$MTN BTC 6/15 250 call and STO 7/20 270 call for 15.40 credit. Will gain 20 if called on 7/20. Uneasy feeling.
Afternoon all Had a few…
Afternoon all Had a few trades this morning before I headed out.
AMZN #BuPS June 22 1585/1605 @ 1.05 when AMZN was at 1687.
ROKU #ShortPuts Sold ROKU June 15th 39 Put @ 0.65 when ROKU was at 41.37
FAS #ShortPuts Sold June 15th 69 Puts @ 0.80 when FAS was at 70.81
#Coveredcalls
This afternoon
Sold DBX June 22nd 31 Calls @ 0.45 when DBX was at 30.13. Had to go out 2 weeks for a fill on the 31 strike.
Have a wonderful evening. Stay cool.
EWZ
#ShortPuts #IRA – Moving out into Jan for next sales…
Sold EWZ JAN 18 2019 35.0 Put @ 4.46
Sold EWZ JAN 18 2019 3o.0 Put @ 2.10
RH Earnings
#Earnings – This thing just looks way overbought here. Taking a shot with a #JadeLizard with no upside risk while giving it some downside room. Thanks @Jeff for the data on this. Staying small here…
Sold RH JUN 15 2018 94.0 Puts @ 1.37
Sold RH JUN 15 2018 120.0/122.0 Bear Call Spreads @ .75
Total credit 2.12 with 2.00 of upside risk. Breakeven of 91.88 to the downside which is about 10 dollars more than the expected move.
TSLA
#LongPuts #LongCalls #LongLEAPStraddles – On the subject of TSLA….a few adjustments here playing both sides.
Put side:
Been rolling this week’s short puts aggressively up to at or slightly in the money. Currently short two 325 strike puts for Friday @ 17.00 total premium. This will have 38.20 of the original 64.60 purchase covered with 2020 still a few weeks away 🙂 .
Call side:
Had been rolling weeklies out and up to try to stay out of the way. Today since it looks like TSLA could possibly close above the 200ma I bought to close one of the two weekly calls at 30.00. This gives much better upside now. At some point I can re-sell that call or take it out of the massive put premium received so far. Or…could just add it back in to the LEAPS basis on the call side. I’m leaning towards that since the call side basis had already been reduced by 12 dollars (34 down to 22) with 83 weeks still to run.
Since both sides of the LEAPS were spreads (2 each) I’m considering only selling one weekly against those from now on. This will give much better profit potential in either direction with plenty of time to easily recover the original cost.
#rolling #shortcallspreads TSLA grrrrr TSLA…
#rolling #shortcallspreads TSLA
grrrrr TSLA not cooperating again, rolled 2 June 310/315 spreads to July 20, 330/340 for .20, up about 11 today to 329
TWTR Short Puts
#shortputs
$TWTR STO 6/29 39.50 puts at.95
Earnings Trade TLRD
#earningstrade
Earnings are Wednesday.
They beat three of last four reports. The fourth matched expectations.
I have order in to sell 6/15 $30 puts at .85
Lowered Price
#shortputs
$TLRD STO 6/15 30 put at .80
HI, last week i posted…
HI, last week i posted a 7/27 IC. Calls of that IC are 2850×70, sold them for 1.16. Normal stop is 4x, but since major swing highs are being probed, i’m going to 5x for a little more room. Will most likely regret it. Stop is set for 5.45, limit is set to 5.80. 5x is my line in the sand. Have sold 2 calls spreads the lat 9 months, and once again, getting stopped. That’s trading. Am short more puts than calls, but still short deltas, have multiple back month dotm puts for tail risk.
SPX trades
#SPXcampaign As I posted on Friday I am scaling back on this strategy, at least until I can clear the decks and regroup.
I’ve decided to sell half my normal amounts for the time being. I will however, add extra longs when we get an Upside Warning.
Today my stop levels were breached on my remaining call spreads… although I did add a new one this morning. Last week I stopped several calls and added a couple ATM put spreads, which are helping recoup a chunk of change.
Sold $SPX July 13th 2870/2895 call spreads for 1.65
Closed on GTC order: $SPX June 15th 2700/2675 put spreads for .40. Sold for 5.25 on May 24th.
Looking to close call spreads on any pullback, will post below.
RH earnings
#Earnings This is one of the most difficult earnings trades to nail… More often it shoots much higher, but then it has been known to reverse sharply and gobble up longs. Premium is thus quite elevated… selling a strangle over 20% OTM on both sides…. Stock is currently pretty extended to upside and the put side is comfortably down near the 200 ema.
Sold $RH June 15th 90/146 strangles for 1.75 (calls are highest available strike)
Biggest UP move: 49.4%, Biggest DOWN move: -28.6%, Average move: 14.6%. My strikes are +24.5% and -23.3% OTM
SPX Campaign Closed Early My Last BECS – Look Out Below
#spxcampaign
$SPX BTC 6/29 2840/2815 BECS at 5.20 STO at 1.60
Jun 11 Trades
My only trade so far today is a “Ratio Double Undie”…commence rolling eyes 🙂
Playing around this weekend on Undies #UnbalancedDiagonals I found that adding a 2×1 put undie to the mix lowered risk even more without sacrificing a ton on the upside profit.
Work this up in your analyze tab to check it out. This is my actual trade:
NVDA: I picked July 27 expiration for the long to avoid the earnings volatility. July 27 + 8 255 calls @ 14.30, July 27 + 2 270 put @ 14.10, Jun 15 -6 265 call @ 2.10, Jun 15 – 1 275.5 put @ 1.69.
Stats: Theta for this week alone: $1429, Max risk: About $6300, Profit @ $265: $2080
Without that little put add on max risk is just over $9900, so it really cuts risk while maintaining high profit capability.
Today is shaping up to be a theta day…not a lot to do.
Sue
#shortputs JWN May 18, sold…
#shortputs JWN
May 18, sold an Oct., 40 put for 1.48, Nordstroms had dropped to around 46 after earnings. Bought today for .45. It is up to almost 53, 8 consecutive up days and up 12 out of 13 (so much for the 3 day rule).
TWTR #Longstock Bought a small…
TWTR #Longstock Bought a small bit of stock in my Roth for a long term hold @ 40.95. I will sell a weekly call against some of it about a 25 delta to reduce my basis.
CELG
#LongCalls #LEAPS – Still trying to work this back to even…almost there. Replacing Friday’s expiration.
Sold CELG JUN 15 2018 80.0/85.0 Bear Call Spreads @ .45
EWZ
#LongCalls #LEAPS – Early fill this morning…
Bought to Close EWZ JUN 15 2018 37.0 Calls @ .05 (sold for .50)
Sold EWZ JUN 22 2018 35.5 Calls @ .42
#bullputspreads Closed my AMZN June…
#bullputspreads Closed my AMZN June 15th 1580/1600 BuPS for 0.25. Originally opened 6/5 for 1.04.
Econ Calendar for week of 6/11/18
Be sure to periodically click “Home/REFRESH” to keep Bistro features updated
IBD Watchlist
Hi Everyone, here is an updated IBD watchlist with IBD50/Sector Leaders/Big Cap 20. I update this every weekend and would be glad to share.
http://tos.mx/0OPGCo (remember for opening TOS shares: copy link, open TOS setup, “Open shared item”, paste link)
If you don’t have TOS: ABMD,FIVE,HTHT,TTD,TWTR,BZUN,GRUB,TAL,ALGN,NFLX,SIVB,SEDG,ETFC,NVDA,ZTO,LGND,VNOM,HQY,MOMO, GOOS,KEM,PANW,NOW,ZBRA,ADBE,RHT,LULU,ANET,SUPN,PAYC,ILMN,CPRT,ODF,MA,TEAM,NOAH,MU,FND, ENTG,PGTI,IPGP,PLNT,IBKR,TRU,BOFI,GMED,BABA,IDTI,MTCH,HCC,CRM,RP,ULTI,YY,TIF,OXY,FB,INTU,AMZN,PYPL,ISRG,CLR
IBD50 has an ETF: FFTY
There’s a lot of great names in the list now for wonderful synthetic covered call opps–my favs: TWTR, GRUB, ALGN (I haven’t done anything lately in this, can be a little hard to exit), NFLX, NVDA, PANW, RHT, MU, BABA, CRM, AMZN, ISRG, MA
My favorite indicators right now are pretty simple: MACD in a buy config above the zero line for any new longs, the “Sue AD Score” that was shared in the last week, and Ichimoku, oh-and recently the “DMI Oscillator” with an ADX overlay vs the regular DMI. If you have the Sue AD score, just read the description inside the code for more info on it. Indies come, indies go, but “Sue AD” stays on my charts all the time–in fact I’ve added it as a column on watchlists for sorting–very useful for sort/scan.
I have a big desire to help other people be successful in the business. The first step in doing that is finding my own success, then sharing with others. This is a very hard business. There are no shortcuts. It takes seasoning, mastery of self, lack of emotion—but plenty of passion. Constant learning, developing, testing. Riding highs, riding storms. Embracing risk, but controlling risk. But, I’m preaching to the choir, because, from what I see…everyone here at Bistro knows this already 🙂
Sue
Options Expiration / TSLA Short Calls
#optionsexpiration
$SPX 2625/2650 BUPS Thank you @jeffcp66
$YY 116 long calls expired worthless. Transaction was profitable since I sold 80% of position prior to earnings.
Thanks for a sharing week at our Bistro. Have an enjoyable, restful weekend.
#OptionExpiration #Coveredcalls FAS June 08th…
#OptionExpiration
#Coveredcalls
FAS June 08th 68 Calls Assigned. I’m letting this go and looking to re-enter at a lower strike via short puts.
DBX Expired June 8th 31 Calls
#Shortputs
ROKU June 8th 37 Puts Expired
Have a great weekend all. Looks to a be a hot one here. Stay cool.
AMAT called sold
#PieTrades Not a great week for $AMAT…. last covered call got breached so I stopped it, but didn’t get a new one on before the drop.
Sold AMAT June 15th 51.5 call for .60
Hive a nice weekend
I am going to the gym, see everyone on Monday.
BAC #Coveredcalls Rolled my short…
BAC #Coveredcalls Rolled my short 30 call out and up a bit to June 15th 30.5 for .11 credit.
#shortputs YY SLD YY Jun29’18…
#shortputs
YY
SLD YY Jun29’18 99 PUT 1.25
SLD YY Jun22’18 99 PUT 0.70
OLED
#LongCalls #LEAPS – A slow end to the week. Rolled most stuff earlier. One little trade…
Bought to Close OLED JUN 8 2018 100.0 Calls @ .05 (sold for 1.00)
Sold OLED JUN 15 2018 99.5 Calls @ 1.20
On a side note…played golf last Friday and cost myself 4 figures in my TSLA roll. Out on a weekend motorcycle ride starting yesterday and just missed selling EWZ 35 and 40 ITM puts for the inevitable recovery. I still refuse to watch the market every day…but I might start! LOL
Happy weekend!
#coveredcallcampaign PBR PFE #fuzzy MCD…
#coveredcallcampaign PBR PFE #fuzzy MCD
TT idea, bought July 10 covered call for 8.90. stock 9.44, call .54
Tradewise covered call, I was called away a couple months ago, was a good thing, getting back in, 36.63 for the stock, .50 for the July, 37 call, 36.13
MCD, rolled June 15, 167 to July 20 170 for .20. I have long Sept. 160 call, short 160 put and long 155 put.
Expirations
AMZN IC 2x Expire
NFLX IC Expire
YY roll
#Earnings #Rolling
BTC $YY June 8th 115 put for 5.25. Sold for 1.80 on Tuesday
Sold YY July 6th 110 put for 5.50. Moved down 5 points and got an extra .25.
Glad I wasn’t paying much attention on Tuesday or I probably would have sold more than one. I also got filled on a 110 for .85, trying to see if I can let that one expire.
Expirations
Light day, rolled most of everything early in the week.
GM assigned yesterday at 37.5 CC. Cost basis was 37.72 but will take the small loss just to get out. $321 loss but was down 4 k at one point. Won’t #pietrade this again for a while.
AMAT pulled back a little so rolled the 50.5 cc to next week for 0.65 and dropped cost basis to 48.91. Have 1 other account still working back to even with cost basis of 52.39.
Everything else expires next week so will sit on my hands and let theta decay do it’s thing.
Have a great weekend!
Afternoon all. I set up…
Afternoon all. I set up my rolling orders this morning in case the boss finds things for me to do. First off. SIG #Shortputs Rolled my June 8th 54 Put out to June 15th 54 for 0.95 credit when SIG popped down to 54.83, dipping below WVAP around 11:25.
Jun 8 trades
Busy day here! Every single one of my #Saf-T trades is in the money for expiration, so I’m executing share calls and resets on them in multiple accounts.
LMT: I rolled into strength this morning, which means I rolled at the day’s high. This means that I didn’t collect a whole lot on the jun 8 calls ($222 of $1416) but I sold really high for next week, $2550 worth. If you recall, I’m now using LMT as a proxy to recover RTN losses (apples to apples in just one account). Last Friday the LMT-RTN was $-3858. Today it is $-3157. Gettin’ there.
My total premium sold for today was $14,894. It looks like I will collect $10,184 for a 68% retention.
I almost forgot my note-to-self about ETF divs next week and started a roll into next week. I quickly fixed that. All my SPY rolls are to Jun 13, the TQQQ rolls are to Jun 22, pretty far OTM.
Everyone have a fun and safe summer weekend! It’s been a great week for covered’s.
Oh…anyone in TWTR short calls….just keep an eye on extrinsic value, no action today necessary.
SPX Campaign Close Early / BIDU Short Puts Closed Early
#spxcampaign
$SPX STC 6/15 2800/2825 BUCS at 2.80 BTO 5/24 at 1.01. Closed half of the position. Thank you @jeffcp66
#shortputs
$BIDU BTC 6/15 220/230 BUPS at .02 STO at 2.25
TWTR Short Put Closed Early
#shortputs
$TWTR BTC 7/20 31 puts at .10 STO 5/22 for 1.12
AAPL put
#CoveredCallCampaign
I know this is a strategy for selling calls against stock, but my love for #ShortStrangles makes me want to take advantage of weakness…
Sold $AAPL July 6th 185 put for 1.70. Already long stock and short calls at 195 and 197.5.
FSLR July
Sold $FSLR Jul 20 50 puts @ 1.30
#spycampaign update from yesterday’s 2785/2795…
#spycampaign
update from yesterday’s 2785/2795 June 08 BeCS – quite a scare early in day as price approached 2780. Luckily, in this case, prices reversed and I closed at an adequate profit: sold 1.80 buy 1.20, 0.95; also added 2780/2790, sold 2.55, 1.55 buy 1.80, 1.70 glad to get out on that last portion.
As prices dropped I added BuPS 2760/2750 sold 3.10, 1.45 buy 2.70, 1.35 again glad to get out even.
Anxious to see what today holds.
BABA SQ X WYNN Short Puts / MDT Long Calls Close Early
#shortputs
$BABA STO 6/15 195/202.5 BUPS at 2.08 Added more contracts on Yahoo tender news.
$SQ STO 7/6 58 puts at 1.45 Thank you @jeffcp66
$X STO 6/15 37 put at 1.07 Thank you @jdietz1954
$WYNN STO 7/6 165/170 BUPS at 1.30
#longcalls
$MDT STC 6/15 82.50/87.50 BUCS at 4.25 BTO at 2.40 71% of max profit PLUS peace of mind. 😉
#shortputs AMAT sold July 20,…
#shortputs AMAT
sold July 20, 48 put for .81
SJM
TO January 2019, 80 puts @1.50
#shortputs T Closed July 33…
#shortputs T
Closed July 33 put and 34 put, the 34 had been rolled, small gains, being safe.
#shortputs SDRL Here is a…
#shortputs SDRL
Here is a fun little TastyTrade idea, pretty much the opposite of the creative strategies regularly discussed here.
Sold Jan. 2019, 1 put for .86, current price of SDRL is 46 cents, down 4% today, over 4 million shares traded today
Selling some premium in CAT
Near the top of the range and pulling back today.
Sold $CAT Jul 20 165/175 BeCS @ 1.25.
Forgot to hit the “Post”…
Forgot to hit the “Post” button earlier. X has since pulled back some. SIG is holding steady.
X #Shortputs Looking like it wants to push higher. Sold June 15th 37 Put @ .70.
SIG #Shortputs Everyone needs a bit of glitter. Break out day 2 after earnings. Pushed back above the 200dma. Sold 1 54 Put for tomorrow expiry @ .60. Looks like it might make a fair income position if it continues to hold up. Initial stop on the stock will be about 52 if assigned.
ROKU
STO 6/15 37 put 0.79 credit #pietrade
#shortputs EWZ is down another…
EWZ is down another 5%.
Is it an opportunity to go long?
ERX…
Rolled my 6/8 38 call out to 7/20 40 call for 0.81 credit, also BTC 6/8 36.5 put for 0.05 sold 6/5 for 0.40. I am working against stock assigned at 42.50. CB now down to 39.79. #pietrades
TQQQ roll
In my IRA, rolled June 29, 56.67 calls to July 20, 57.67 call for a credit of .05 cents.
#shortputs WDC is down 4%
#shortputs
WDC is down 4%
@smasty160 Sue, would you hold…
Sue, would you hold any Aug/Sep/Oct #unbalanceddiagonal position over earnings, or close prior to earnings?
TQQQ roll
BTC June 29, 60 calls @ 2.38 and STO July 20, 61.67 calls @ 2.43
Puts sold
#LEAPs Selling some puts on weakness. I’m basically strangling these long LEAP and #CoveredCallCampaign stocks… kind of an adjustable strangle after having to roll some breached calls.
Sold $PYPL July 6th 83 put for 1.25
Sold $SQ July 6th 58 put for 1.20
ERX roll
BTC June 29, 38.5 calls @ 2.74 and STO July 20, 39 calls @ 3.10
#spxcampaign After getting smoked yesterday…
After getting smoked yesterday with my June 06 2760/2770 I reentered June 08 2780/2790 @1.50 selected because 2780 was at 3rd Bollinger Band, an unlikely target to attain.
Today I added at 2.50, and also 2785/2795 for 1.80 when prices were rising about 2775. Missed the top 2779.44 but happily it peaked and is falling now. I am watching for support at today’s pivot line: 2764.
#fallingknife SJM is down 4%
SJM is down 4%
Sector swap?
#Market Financials ($XLF) got off their ass yesterday and are up again today, but tech ($XLK) is tumbling. Seems that these rallies can’t get everyone to join the party at the same time.
#shortputs TRTN bought June 15,…
#shortputs TRTN
bought June 15, 35 put for .65, sold for 1.10 on May 23.
AMZN
STC Jun 8 1617.5/1620 DIM Call BuCS BTO 6-4 2.17 closed for 2.49
Dep ITM call spread.
SPX
#SPXcampaign I’m getting pretty torn up on the call side, in triage. I can say I am reconsidering my entire approach. After a couple of good years of SPX spread trading, it simply has not been working for the last 10 months. The Upside Warning works great, but it usually comes too late, and the Downside is too unreliable and prone to head fakes.
My goal was always to build a strategy that can follow rules and roll when necessary. But the market has revealed its ability to whipsaw like no time since the 2008 crash. #SPXcampaign is not sustainable, or at least, selling call spreads is not sustainable.
I have already been working with LEAP and Covered Call strategies, so I’m at a point I need to reassess whether to continue SPX trading, or change it dramatically and make it a smaller part of my portfolio.
I’m not posting my SPX trades today, but I can answer any specific questions you have about trades you’re in. Mainly, I have about 6 call spreads that all passed their stop levels between yesterday afternoon’s surge higher and today’s open. I am selling some put spreads, but not enough (yet) to make up the losses. I will be still watching for the Upside Warning and getting more aggressive, but mostly with shorter term spreads as I can’t trust it to last.
Jun 7 Trades:
ADBE: This started as an Aug/Jun 15 #UnbalancedDiagonal 7×5, until I realized I had forgot about earnings next week. So I scratched the qty 5 short calls for Jun 15 and sold 7 instead for this week. I took profits out the gate this morning for $602 total. I’d like to thank @mamacash for the idea to flip it to this week. Update: I did NOT see this drop coming, fully admit I had some luck jumping on profits at the open for my exit. My closing timestamp was 07:31:19, one minute after the open.
AMZN: Opening trade, protected #UnbalancedDiagonal 1. Bought July 1650 call x2 @ 80.05 2. Sold Jun 15 1700 call x1 @ 18.87 3. Bought Jun 15 XLY 108.5 puts x10 @ .38. One thing I’m learning at the pit is using partial profits on one trade setup as a sacrificial hedge (aren’t all hedges sacrificial…it was fun to say 🙂 ) in either the same or different/correlated product. It seems obvious, but I haven’t been doing much of that. So the XLY puts take $380 of the Amazon profits for a little extra downside protection. I continue to peel away more and more risk for trading this behemoth. Just a few weeks ago I was taking $160K risk, now it’s down to around $10-12K of risk.
Still to manage this week: I still have zero assignments on the Saf-T’s, LMT x2 (LMT lookin’ good! Will definitely put a dent in the RTN loss), that’s it!
Good Morning
Good Morning
#earlyassignment Someone finally took my…
Someone finally took my GM stock for the dividend. Total loss of $321 after 22 or so weeks of rolling. Could have been worse, at one point was down almost 4k.
Rolling works but names with higher premiums work better. For those following #pietrades GM is off the list. Plenty of better opportunities out there.
SPX Campaign Closed Early / UVXY Spread Closed Early
#spxcampaign
$SPX BTC 6/15 2675/2700 BUPS at 1.50 STO at 5.70 Thank you @jeffcp66
#longputs
$UVXY STC 6/15 16/10 BECS at 5.25 BTO at 3.15 Thank you @ramie77
VIX plummets again
#VIXIndicator We’ve seen this movie before, but each time it happens at a lower VIX level. Today should be the second close below the PREVIOUS 78.6% Fib line, but we need to close at 11.01 or lower to cancel this current warning. Because we are in the third Downside warning without an Upside one, the normal levels may be out of whack. It certainly looks as if we’re ready to cruise higher but we’ve been fooled many times this year.
Options Bistro 