10/9….BTC WYNN 12 OCT 18 130 Calls @.04….STO 10/4 @1.42….Selling against Jan 2021 125 Calls needing $0.25 per week to cover so off to a good start..
10/9…STO 19 OCT 18 125 Calls @.94
Thankyou @fuzzballl for the idea… #fuzzy #leaps

Today, IYT broke 200.

Trouble indeed.
What does that mean for the bulls?
Should IYT fail to close above 200.20 by Friday, it will be the first failure of the 17-week exponential moving average.
Then, the 50-WMA comes in lower at 192.80.
With Semiconductors (SMH) and Regional Banks (KRE) already below their 50-WMAs, bulls can hope that IYT recovers before it sees its 50-WMA.
Otherwise, the long line of quiet bulls waiting for rebooking, will begin to get very restless.
Especially if there are only 2 buyers trying to hold the market up.
S&P 500 (SPY) Closed just under 287.70 the very pivotal 50 DMA, which puts this in an unconfirmed warning phase
Russell 2000 (IWM) 159.42 is the 50-WMA-if breaks, expect to see weakness and fear. What will save this? It starts with a move back over 164.
Dow (DIA) 259.50 is the underlying 50-DMA support.
Nasdaq (QQQ) Looking more like a double top unless it can clear and close over the 50 DMA or around 182.30
KRE (Regional Banks) Inside day. Lots of bank earnings this week-watch 61 for resistance and it must hold 58.28
SMH (Semiconductors) Inside day above 100. If that breaks, I think much lower. If can get over 102.23, a bit better
IYT (Transportation) See commentary
IBB (Biotechnology) 115 pivotal support, then 112. 118 now resistance
XRT (Retail) 47.75 the 200 DMA

BA Bull Call / ARNC Bull Put / SOXL Put

$BA BTO 11/23 385/395 BUCS at 4.62

$ARNC STO 11/16 19/24 BUPS at 1.75
$SOXL STO 12/21 90 put at 3.51 Thank you @fuzzballl

+Vega short put spread

STO SPX 11/23/18 2700 Puts

BTO SPX 11/23/18 2680 Puts

BTO SPX 11/23/18 1400 Puts

1.35 credit


BTO October 26, 360/370 bull call spread @ 8.05

BABA, STO November 16, 180 calls @ .52


#SyntheticStock – This is the last of my old positions that’s been stuck in limbo. It’s synthetic stock out to 2020 but weekly short calls have been buried DITM for weeks with no relief in site. The position needed a yuuuge move one way or the other and it hasn’t happened. It still could but I’m wasting time waiting. Doing an extreme repair trade here but also improving my cash position and allowing the weeklies to be sold again.

Closed the 400/400/390 synthetic taking an 11.15 loss

Closed the ITM short calls and rolled them….

Rolled them to a Jan 2021 ITM bull put spread for 4.85 debit.

So what now?

I can resume safely selling weekly calls against the position. The BuPS uses zero cash and just a small amount of margin but I’m also giving up any chance of huge profits (or losses!). Strictly a repair trade so as I sell weeklies and book them I plan on using that cash to gradually roll the wings of the BuPS in. At some point I hope to have it pretty narrow and be able to get out at a scratch.

Of course I still would like to see the stock go up but a drop isn’t the end of the world since it’s all defined risk.

I’ll calculate the final numbers tonight to see exactly where I stand but that’s the basic plan.


Sold REGN OCT 19 2018 415.0 Calls @ 1.65

With 5 wide strikes on the bottom end of the BuPS I should be able to move those up one strike with each successful weekly sale.


STO December 90 puts @ 3.60, I did not catch this one yesterday when the premiums were higher.

#shortstraddle EWZ TastyTrade follow, sold…

#shortstraddle EWZ PBR

TastyTrade follows, sold Nov. 40 straddle for 4.23, Nov. 9 PBR 16 straddle for 2.44.


ESPR STO 10/19/18 45.0 PUT @3.30 Stock was at 46.0. I also hold the 45.0 short call so this turns into a straddle. The 45.0 Call is covered.

FYI BZQ ETF Dec21 $30…


BZQ ETF Dec21 $30 PUT
premium is about 1.60
All time low for this ETF was $32

Any thoughts?

#earnings #shortstraddle FAST Sold Nov….

#earnings #shortstraddle FAST
Sold Nov. 16 57.70 straddle for 5.10.


#LongCalls #LEAPS – Adding another long scaling in to reduce basis…

Bought XBI JAN 17 2020 97.0 Call @ 7.40

First buy was at 11.25 and added a couple times since then. Along with weekly sales basis is already down to 8.23 in one month…

Adding to VFC

#PreEarnings Bought phase 2 of $VFC Oct 26th 95 calls for 1.40. Started yesterday at 1.00.


#LongCalls #LEAPS – Closed and sold new…

Bought to Close PYPL OCT 12 2018 85.0 Calls @ .03 (sold for .51)

Sold PYPL OCT 19 2018 85.0 Calls @ .65


#LongCalls #LEAPS – Let’s see if she can bounce….selling at the expected move.

Sold LABU NOV 9 2018 90.0 Call @ 1.70
Sold LABU NOV 9 2018 90.0 Call @ 1.75


#LongCalls #LEAPS – Plugging away…

Bought to Close AMBA OCT 12 2018 38.5 Calls @ .05 (sold for .60)

Sold AMBA NOV 2 2018 38.0 Calls @ .50

Basis now reduced from 7.45 to 3.38 on a 2020 LEAPS position…


ESPR BTO STOCK @44.0 To cover 10/19 Short calls.
ESPR STO 10/19/18 35.0 PUTS @1.25 An add. Delta .17, Support @42.0 & 38.0


#PerpetualRollingStrangles – Taking off a third of my triple size sales against the put side…

Bought to Close TLT OCT 26 2018 119.0 Calls @ .03 (sold for .40)

#spxcampaign Sold to open Oct…

#spxcampaign Sold to open Oct 19th weekly 2760 / 2740 BuPS for .90 when SPX pulled back to 2884. I’m not so sure this was a good idea and didn’t get the order cancelled before it filled.

#Coveredcalls NUGT Sold Oct 19th…

#Coveredcalls NUGT Sold Oct 19th 14 Calls @ .25 when NUGT hit 12.78

GPC long calls

#PreEarnings Bought to open $GPC Oct 19th 100 calls for 1.75. Starter position.

#spxcampaign Sold to open Oct…

#spxcampaign Sold to open Oct 19th weekly 2940/2960 @ 1.65 with SPX at 2883. I’m going to allow this to work without a hard stop loss returning to Jeff’s method for another go.

Fellow TT ‘ers – Cherry Picks, Earnings Report