SPY

#CoveredCalls #ShortPuts – Down to the wire today at 257 strike on both sides. Leaning a little bearish for tomorrow now.

Rolled SPY MAR 31 2020 257.0 Call to APR 01 2020 257.0 Call @ 2.50 credit (5.15 total now)

Bought to Close SPY MAR 31 2020 257.0 Puts @ .40 (sold for 2.15)
Sold SPY APR 01 2020 247.0 Puts @ .80 (safer strike so bigger size)

SPX 1-dte

#SPX1dte Sold $SPX Apr 1st 2380/2400-2735/2755 condors for 1.05, IV 54%, SPX 2581, deltas -.06, +.03.

I forgot about the quarterly expiration… could have done a trade yesterday!

TQQQ

BTC April 3, 70 calls at .01, sold at .40 cents last Friday.

#coveredcalls UBER Sold April 17,…

#coveredcalls UBER AA

UBER Sold April 17, 29 call for 1.65, stock just under 28.
AA Bought April 17, 6 covered call for 5.50. stock at 6.16

TRADES: Not Timely

RAD STO 4/3/20 16.0 CALLS @.40
STNE STO 4/3/20 24.0 CALLS @.80
TLRY STO 4/3/20 8.0 CALLS @.55
UBER STO 4/3/20 29.0 CALLS @.50

#ironcondor #jadelizard QQQ Sold April…

#ironcondor #jadelizard QQQ

Sold April 17, 167/177/205/207 for 2.04
#tastytradefollow

#coveredcalls #shortstrangles HAL CCL Following…

#coveredcalls #shortstrangles HAL CCL

Following Iceman, bought HAL April 3, 7 covered call for 6.53, also added an additional 100 shares
CCL #tastytradefollow sold April 17, 7.5/20 strangle for 2.17

Rolling TQQQ

Rolled $TQQQ 4/17 65 puts out to 5/15 65 puts @ 1.70 credit. Still a ways to go but getting closer and buying some time and a little more credit.

#fallingknife AMRN Over the past…

#fallingknife AMRN
Over the past year or so, I have done consistently well selling puts and covered calls on AMRN. I’m long 2000 at a cost basis of 12.10

Its down 69% this morning due to a Nevada judge ruling against its patent!

Xanax anyone?!?!?!

SPY

#ShortPuts – Feels like we’re right up to resistance so booking this one a little early. Might get a chance to sell it again later this week.

Bought to Close SPY APR 17 2020 225.0 Put @ 3.25 (sold for 8.62)

SPY

#ShortPuts #CoveredCalls – A good day in this one. Trying again tomorrow a couple strikes higher after the call roll.

Rolled SPY MAR 30 2020 255.0 Call to MAR 31 2020 257.0 Call @ .20 credit

Bought to Close SPY MAR 30 2020 255.0 Puts @ .10 (sold for 2.25)
Sold SPY MAR 31 2020 257.0 Puts @ 2.15

GLD iron condor

Sold $GLD May 15 138/143/163/168 iron condor for 1.66

SPY TQQQ Sell Calls / MSFT Sell Put / ZM Ends

#coveredcalls
$SPY STO 3/30 262 call at .79
$TQQQ STO 4/3 53 call at 1.85. Covered by Long LEAPS (Wish I could still leap long);-)

#shortputs
$MSFT STO 4/3 150 put at 2.45

#coveredcalls
$ZM BTC 4/3 133 call at 25.42. STO at 11.90. This was culmination of rolling this covered call since 10/18. Ended up with a 45 per share gain. I’d give it up if covid-19 would go away. But thanks to all who taught me to roll with the crunches. Appreciate you all very much

#coveredcalls #shortputs #shortstraddle SLB Following…

#coveredcalls #shortputs #shortstraddle SLB NUGT

SLB Following Iceman, bought April 3, 13 covered call for 12.32, added an April 3, 13 short put for .68
NUGT Bought April 3, 8 covered call for 7.23

#vxxgame SVXY Following Jeff from…

#vxxgame SVXY

Following Jeff from last week, bought Jan. 2021, 35 call for 3.85.

“Cyber Surprise!”

After at least a year my Safari OB post window reopened!? Jeff suggested using Google browser which is now running in the background, who knows how this happened? Anyhow good to be back.

ABT announced FDA approval to release coronavirus 5 min test instrument after Friday’s close. Opened up 11% today. No trade placed, could do cc or call vertical. Divy .36/sh/qtr

XOP 4:1 reverse split on account shares trading under $10, BTC 24Apr 6 put @ .55, STO Mar 27 @ .29. Will look open new trade tomorrow when options reset.

#shortputs CAR Sold April 17,…

#shortputs CAR

Sold April 17, 8 put for .74 in Avis

SPY

#ShortPuts #CoveredCalls – Short a 255 covered call so going across the aisle and selling the other side. All for today…

Sold SPY MAR 30 2020 255.0 Puts @ 2.25

Direxion Expedites the Change in Investment Objectives and Strategies of Ten Daily Leveraged and Daily Inverse Leveraged Funds | Direxion

Source: Direxion Expedites the Change in Investment Objectives and Strategies of Ten Daily Leveraged and Daily Inverse Leveraged Funds | Direxion

SPXpire

#SPX1dte Expiring: $SPX March 27th 2380/2400-2760/2780 condors, sold yesterday for 1.80.

I tried a couple different SPX1dte orders for Monday but didn’t get filled and didn’t want to chase for reduced premium. IV on the Monday expiration was only 49% at the close, which is much lower than what we’ve been seeing in this correction.

TQQQ adding

#LongLEAPs BTO $TQQQ Jan 2021 85 calls for 1.90, adding to the 90-strike calls previously purchased.

TNA

#ShortPuts – Sold TNA APR 03 2020 16.0 Put @ 2.00

SPY

#ShortPuts – Another one that went green quickly enough to take off same day. Getting rid of weekend risk…

Bought to Close SPY MAR 30 2020 245.0 Put @ 1.30 (sold for 3.45)
Bought to Close SPY MAR 30 2020 240.0 Puts @ .70 (sold for 2.25)

Econ Calendar for week of 3/30/20

#Jobs report on Friday… should be a doozy!

Screen Shot 2020-03-27 at 10.17.19 AM
Screen Shot 2020-03-27 at 10.17.19 AM

Link to calendar: https://research.investors.com/economic-calendar/

Adding to SVXY

#VXXgame BTO $SVXY Jan 2021 35 calls for 3.90, adding to position started yesterday.

TICK extremes

Not that it’s too significant, but this morning gave us the lowest $TICK reading (NYSE on TOS) on record (-1741), which goes back to March 2009. And Tuesday was the second highest on record (+1687).

AAPL put spread

Sold $AAPL 4/17 220/210 bull put spread @ 1.83. Short puts at 22 delta.

#shortputs SPY Sold April 8,…

#shortputs SPY

Sold April 8, 210 put for 2.41.

SPY

#CoveredCalls #ShortPuts – Rolling, closing, and selling.

Bought to Close SPY MAR 27 2020 242.5 Puts @ .65 (sold for a scalp @ 1.05)

Using that buying power to sell Monday:

Sold SPY MAR 30 2020 245.0 Put @ 3.45
Sold SPY MAR 30 2020 240.0 Puts @ 2.25

Rolling covered call…thank you for the pullback!

Rolled SPY MAR 27 2020 250.0 Call to MAR 30 2020 255.0 Call @ .30 credit (2.45 total now)

SVXY long

#VXXGame Bought to Open $SVXY Jan 2021 35 calls for 4.65. Considering this was in the high 60’s just last month, I figure this has good chance of profiting. I will scale into more when the market retests the lows.

SPX 1-dte

#SPX1dte Sold $SPX March 27th 2380/2400-2760/2780 condors for 1.80. IV: 66%, SPX 2592, deltas: -.06, +.06, OTM -7.4%, +6.5%

TRADES: Not timely.

APRN STO 4/17/20 13.0 CALL (cutting it close), @2.05. Hold others in the upper teens.
AAL STC STOCK @16.61
AAL BTO STOCK @16.00 A reverse day trade. Sold stock that was covering options when it ran this morning, and bought it back when it came down some.

SPY

#ShortPuts – A little safer than the previous sales. Going for a one day scalp…

Sold SPY MAR 27 2020 242.5 Puts @ 1.05

SPY

#ShortPuts – Can’t let these profits get away on an up day like this. Looking to sell Monday on any weakness.

Bought to Close SPY MAR 27 2020 245 Put @ 1.25 (sold for 3.52)
Bought to Close SPY MAR 27 2020 247.5 Put @ 1.75 (sold for 4.50)
Bought to Close SPY MAR 27 2020 250.0 Put @ 2.30 (sold for 5.00)

#jadelizard AAL Sold May 15,…

#jadelizard AAL #calendar SPY

AAL Sold May 15, short 16 call/long 21 call/short 16 put for 5.25
SPY bought April 1/April 8 217 put calendar for 1.62
#tastytradefollow

XBI

#ShortPuts – Rolling up again for more credit. Wasn’t long ago I wanted it at 80 so 70 looks pretty good. LOL Partial so far…

Rolled XBI APR 17 2020 65.0 Puts to APR 17 2020 70.0 Puts @ .95 credit (3.50 total now)

Just for fun rolling the last one up to 75 strike….

Rolled XBI APR 17 2020 65.0 Put to APR 17 2020 75.0 Put @ 2.35 credit (4.90 total now)

SPCE

#CoveredCalls – A little debit and a little credit just to get them all in the same strike.

Rolled SPCE MAR 27 2020 12.5 Calls to APR 9 2020 14.0 Calls @ .20 debit
Rolled SPCE MAR 27 2020 13.5 Calls to APR 9 2020 14.0 Calls @ .75 credit

TSLA

#CoveredCalls – Rolling and staying prior to earnings…

Rolled TSLA MAR 27 2020 450.0 Call to APR 09 2020 475.0 Call @ 1.84 credit

SPY

#ShortPuts – Frustrating open with the pre market rally. Selling these anyway for tomorrow hoping to get some stock back. Short a 250.0 call so wouldn’t mind these taking heat.

Sold SPY MAR 27 2020 245 Put @ 3.52
Sold SPY MAR 27 2020 247.5 Put @ 4.50
Sold SPY MAR 27 2020 250.0 Put @ 5.00

Jobless claims soar to record high

3.28 million in weekly jobless claims, almost FIVE times previous record
Previous record was set in October 1982 at 695,000.

SPY Expiration

#OptionsExpiration – Almost all stock called away at 230 with about a 217.50 basis. Fresh box of ammo for tomorrow now.

SPXpire

#SPX1dte Expiring: $SPX March 24th 2210/2230-2655/2675 condors, sold yesterday for 1.80.

So much for today’s rally?

https://platform.twitter.com/widgets.js

SPY

#CoveredCalls – Sold this one below my basis so making a small roll. VIX 60 makes these a lot easier!

Rolled SPY MAR 25 2020 245.0 Call to MAR 27 2020 250.0 Call @ .20 credit

SPY

#ShortPuts – Buying back the one sold this morning to have more ammo for the next round of selling…

Bought to Close SPY MAR 27 2020 230.0 Put @ 1.30 (sold for 2.90)

AAPL put spread

Sold $AAPL 4/17 220/210 bull put spread @ 1.78

SPCE SPY TNA XBI

#ShortPuts #LongPuts – A few early ones. Prices even better now.

SPCE: Nice gains on disaster puts applied to stock basis. Doesn’t look like it’s going to zero anymore.
Sold 20 SPCE JUL 17 2020 5.0 Puts @ .45 (bought for .10)

SPY: Stock should get called away today at 230.0 so starting a Friday position. Possibly add more after the (un) employment report.
Sold to Open SPY MAR 27 2020 230.0 Put @ 2.90

TNA: Trying to add at pretty low risk. Cuts basis of shares almost in half for easier recovery.
Sold TNA MAR 27 2020 16.0 Put @ 2.10

XBI: Roll up for more credit.
Rolled XBI APR 17 2020 60.0 Puts to APR 17 2020 65.0 Puts @ .75 credit (2.55 total now)

Hey, anyone remember earnings trades?

#Earnings $MU reports tonight. Below are details on earnings one-day moves over the last 12 quarters.

Dec. 18, 2019 AC +2.80%
Sept. 26, 2019 AC -11.09% Biggest DOWN
June 25, 2019 AC +13.34% Biggest UP
March 20, 2019 AC +9.61%
Dec. 18, 2018 AC -7.91%
Sept. 20, 2018 AC -2.86%
June 20, 2018 AC +0.83%
March 22, 2018 AC -7.99%
Dec. 19, 2017 AC +4.02%
Sept. 26, 2017 AC +8.51%
June 29, 2017 AC -5.11%
March 23, 2017 AC +7.40%

Avg (+ or -) 6.79%
Bias 0.96%, positive bias on earnings.

With stock at 41.00 the data suggests these ranges:
Based on current IV (expected move into Friday per TOS): 35.64 to 46.36
Based on AVERAGE one-day move over last 12 quarters: 38.22 to 43.78
Based on MAXIMUM one-day move over last 12 Q’s (13.3%): 35.53 to 46.47
Based on DOWN max only (-11.1%): 36.45

Open to requests for other symbols.

SPY

#ShortPuts – Gotta take it for a one day winner. Maybe sell again tomorrow…

Bought to Close SPY MAR 25 2020 230.0 Put @ 1.05 (sold for 3.50)

SPX 1-dte

#SPX1dte Sold to open $SPX March 25th 2210/2230-2655/2675 condors for 1.80. IV: 79.84%, SPX 2440, deltas -.06, +.06. OTM: -8.6%, +8.8%.

#coveredcalls VFC Sold April 17,…

#coveredcalls #shortputs VFC XOP

VFC Sold April 17, 60 call for 1.56 against assigned shares, lousy position, cost basis of 67.50, stock at 50.
XOP sold May 15, 7 put for .89

TRADES: Hey Iceman, AAL, who…

TRADES: Hey Iceman, AAL, who would have thunk it? It lives. ;>)

AAL STO 3/27/20 16.0 CALLS @.50
AAL BTO STOCK @12.78
XOM BTO STOCK @34.97
NUGT BTO STOCK @7.97
NUGT STO 3/27/20 8.00 CALLS @1.10
STNE STO 3/27/20 21.0 PUTS @.55

#shortputs LUV Sold April 17,…

#shortputs LUV

Sold April 17, 25 put for 1.50, understanding it’s an up dayand volatility has come in, but it’s still high, and LUV bottomed around 30 last week.

#closing #assignment AAPL SPY UVXY…

#closing #assignment AAPL UVXY SPY

I was assigned 100 shares of AAPL from an April 17, 255/260/325/330 IC. It’s in a small account which put me in a margin call. After selling the stock for 241 and the long put I somehow made money, luck counts.
UVXY March 13, sold March 27, 80/90 call spread for 1.64, bought today for .55
SPY March 16, sold April 17, 175 put for 2.33, bought today for .89, thanks fuzzball

TQQQ

STO June 19, 70 call at .75, I am short some 55 puts for April 3 and expect to be assigned. I am not doing any more trades until I think we have a bottom.

SPY

#CoveredCalls #ShortPuts – Fading the rally just a little with the call sales but staying aggressive on the put side…

Sold SPY MAR 25 2020 230.0 Call @ 8.50
Sold SPY MAR 25 2020 245.0 Call @ 1.95

Sold SPY MAR 25 2020 230.0 Put @ 3.50

SPY

#CoveredCalls #ShortPuts – Down to the wire on some of these…

Bought to Close SPY MAR 23 2020 230.0 Call @ .10 (sold for 2.20)
Sold SPY Mar 25 2020 230.0 Call @ 3.50

Expired:
SPY Mar 23 2020 220.0 Put (sold for 2.25)

Assigned:
SPY MAR 225.0 Put @ 222.0 basis
SPY MAR 230.0 Put @ 225.75 basis

Tomorrow looking to add another short put and a couple more short calls out to Wed.

SPXpire

#SPX1dte Expiring: 1975/2000-2550/2575 condors, sold Friday for 2.25.

XBI

#ShortPuts – Easing back into this one…

Sold XBI APR 17 2020 60.0 Puts @ 1.80

RCL Covered Call

Sold 1 RCL 03/27/2020 33.00 Covered Call @ 0.35

Fund Closings

Due to the their inability to attract sufficient investment assets, the Board of Trustees of the Direxion Shares ETF Trust has decided to liquidate and close eight ETFs (each, a “Fund” and collectively, the “Funds”), based on the recommendation of the funds’ adviser, Rafferty Asset Management, LLC. Rafferty believes they cannot continue to operate the Funds in an economically efficient manner. As a result, the Board concluded that liquidating and closing the Funds would be in the best interest of the Funds and their shareholders.
The Funds closing are as follows:
Fund
Ticker
Direxion Daily Russia Bear 3X Shares
RUSS
Direxion Daily Natural Gas Related Bull 3X Shares
GASL
Direxion Daily Natural Gas Related Bear 3X Shares
GASX
Direxion Daily MSCI Developed Markets Bear 3X Share
DPK
Direxion Daily Mid Cap Bear 3X Shares
MIDZ
Direxion Daily Regional Banks Bear 3X Shares
WDRW
Direxion Daily MSCI European Financials Bull 2X Shares
EUFL
Direxion Daily Total Bond Market Bear 1X Shares
SAGG

TNA Buy Write

Bought 100 TNA / Sold 1 TNA 03/27/2020 15.00 Covered Call @ 10.00 net debit.

TNA has dropped from above 70. WOW

HBAN Buy Write

Bought 100 HBAN / Sold 1 HBAN 04/17/2020 10.00 Covered Call @ 6.86 net debit

T Buy write

Bought 100 T / Sold 1 T Mar 27 2020 28 Call @ Net Debit at $26.28

#coveredcalls CCL Sold March 27,…

#coveredcalls CCL

Sold March 27, 12 call for 1.10

M Buy Write

Bought 100 M / Sold 1 M 03/27/2020 6.50 Covered Call @ 5.00 net debit
A bet on the company’s survival

AAL Covered Call

Sold 1 AAL Mar 27 2020 17.5 Call @ $0.19

TSLA

#CoveredCalls – Here we go. Hoping to make these aggressive sales next few weeks before any recovery. Should be easy to roll though.

Sold TSLA MAR 27 2020 450.0 Call @ 24.00

SPY

#CoveredCalls – Highest short put is 230 so might as well sell the covered call there too and see what happens.

Sold SPY MAR 23 2020 230.0 Call @ 2.20

#coveredcalls PRU Sold April 17,…

#coveredcalls PRU

Sold April 17, 45 call for 3.00, cost basis down to about 41.

Assignments

AAL 27 Puts…..GLW 23 Puts…CAH 52.5 Puts….XBI 88 Puts
#shortputs….#pietrade

WBA

Rolled WBA March 20 52.5 call out to April 17 52.5 call for 2.26 credit with stock at 47.51

#coveredcall

#shortstrangles TSLA It was a…

#shortstrangles TSLA

It was a long time ago now I had an earnings strangle in TSLA. After rolling and inverting I have an April 17, inverted 300/450 strangle. It was just a couple weeks ago I was down about 60k on this. As the market has gone down, the short 300 call has been quite the hedge for my account. Currently, I’m down about 12k on the position which looks really good tonight. If someone only knew what would happen next, darn, no friends in the Senate.

Options Expiration

CPRI March 20,28 covered call
DAL March 20, 20 short put
GPRO March 20, 4 covered call
LB March 20, 25 covered call
M March 20, 15 covered call
MRO March 20, 4 covered call
PRU March 20, 47.50 covered call
SBUX March 20, 85 covered call
UBER March 20, 28 covered call
X March 20, 10 covered call
VXX March 20 long pt spread 17.21 looked good at the time, a loss

VIX was down today, and other thoughts

With the markets off another 4+% I found it interesting that the VIX was down. I remember so many days in the last few months when the opposite was true (markets up/VIX up) and it signaled caution (probably should have sold everything then right? LOL). Today, it could be a function of it having been so high previously, but what is high? We’ve never been through anything like this before. Still it’s interesting that on a day like today, you would have expected another spike in the VIX but it was actually down over 8% (albeit even quite a bit lower earlier in the day). It could be the down action is more orderly without as much panic, and could that signal we’re near some kind of low or bottom?

I also looked at how backwardation has been the last 2 weeks. Of course we’ve been deep in it for some time but the % backwardation has been trending down:

3/9 18.37%
3/10 16.86%
3/11 16.77%
3/12 21.40%
3/13 17.83%
3/16 18.55%
3/17 10.75%
3/18 14.97%
3/19 11.05%
3/20 8.15%

A flattening for sure, but the real important curve flattening is with new Covid-19 cases/deaths. We’re in the thick of the explosion in new cases now mostly because of the increased testing. But I remain optimistic that these extreme measures will pay off very soon in a deceleration of new cases (that would be a negative second derivative for all you calculus experts). Combine that with unprecedented speed through the normal FDA red tape to get medications to severely ill patients and we could be looking at slowing growth in cases on the front end and a reduction of fatality % on the back end. I believe we will absolutely beat this thing even though it seems overwhelming to think about. The panic and fear will hopefully abate here (I’m talking about just out there, not necessarily in the financial markets). I wish people would watch less TV and sensationalized websites/social media. It’s feeding the panic for viewers and clicks. I’m in the media business so I understand they make a lot of money during times like this but man it feels like it’s such a disservice to people to go over the top with fear tactics for ratings. Look what’s happening in Washington DC. Did you ever think that there would be so much love between Democrats and Republicans? I hardly recognize these people. For the most part everyone is working together and that’s as it should be and unimaginable even 2 months ago. And I think that has been a great thing for the country to see. But…(and it will never happen because of the nature of the beast) I also wish the media would be more responsible in their reporting and be sensitive to the fact that so many people blindly listen to what is reported and behave and act accordingly. I can’t tell you how many texts and other messages I get with the craziest things someone just “heard about”, or someone texted them a meme saying something insane. People are passing these things along without doing the simplest due diligence and it’s spreading incredible anxiety and that has made this crisis 10 times worse in my opinion.

What we’re going through is bad and difficult for sure, but it is being exacerbated by panic and fear. Let’s try to appreciate the things we do have right now and one day (hopefully sooner than we think) we’ll look back on this time in our lives and say “Can you believe what we went through?”

Peace, serenity and love to you all, my Bistro family.