Rolled 8/23/2019 $SPX 2935/2945 #BuCS for 8/30 same strikes +@0.60. Jumped too soon, but wasn’t sure where things were going this morning, and didn’t want to be caught ITM. Have been kicking this can down the road for a while. $2.00 basis after today’s roll, and mark closed at $1.075. Could/should have waited until after lunch, and then just let it expire.
Sold today & Expiring $SPX 8/23/2019 2880/2895 #BuCS @1.10.
Hoping for a quiet news weekend and some recovery next week. Not holding my breath though.
#VIXindicator This is one of the more whipsaw-y corrections I can remember. Today was our fifth warning. I don’t think the bottom is in yet, but betting on that after the Aug 14th warning got me ripped up as the bounce was strong and protracted. (arrows represent the 4 Downside Warnings)
Positions I didn’t have to roll or didn’t cover:
CMG 08/23/2019 845.00 and 855.00 Calls
FB 08/23/2019 182.50 Calls
SLB 08/23/2019 35.00 Covered Calls
TSLA 08/23/2019 237.50 Calls
UVXY 08/23/2019 40.00 and 50.00 Calls
UVXY 08/23/2019 28.00 and 27.00 Puts
Sold FB 08/30/2019 187.50 Calls @ 0.37, replace this week’s 182.50 Calls that just expired.
#SPX1dte. The market was so volatile before the close I waited until after the close to sell this.
Sold $SPX Aug 26th 2735/2755-2915/2935 condors for 1.30. IV 17.82%, SPX closed at 2848.
Bought to close UVXY 08/23/2019 35.00 Calls / Sold UVXY 08/30/2019 45.00 Calls @ 0.07 Credit as UVXY exploded above the 35 strike price. The 4pm close on UVXY was 35.32. Too bad I had to cover these.
Also sold UVXY 08/30/2019 40.00 Calls @ 1.65, replace this week’s strike 40 calls that just expired.
Even though I ended the week with a couple of decent earnings trades (INTU and GPS), I took a pretty big hit on poorly managed SPX spreads in the whipsaw, and also a week-ending surge in NUGT and DRIP.
Expiring at max profit:
$GPS 15.5/20 strangles, sold yesterday for .62
Almost expired at max profit
$SPX 2915/2940-2980/3005 condors, sold for 2.90 on Monday. I closed the short puts for .30 in the last minute because I couldn’t trust it.
Expiring at max loss:
$SPLK 124/130/133 #BrokenWingButterfly, bought for 2.02 on Wednesday