Since last week has been called the worst week since 2008, I thought I would compare the charts from the two.
The first comparison is between the two weeks with the bars on each scaled to match SPX point moves (not percentage). 2008 is on the left, 2020 on the right:
The second resizes the 2020 week so that the scales match on a percentage basis. 2020 is on the left, 2008 on the right:
As you can see, the moves in 2008 were bigger on a percentage basis, while last week was bigger on a point basis.
In 2008, the first huge up day was nowhere near the bottom, which didn’t happen for another five months.
#CoveredCalls – One small roll still playing with the super short term expirations. Picking up 1.35 of upside for two more days.
Rolled SPY MAR 02 2020 290.0 Call to MAR 04 2020 291.0 Call @ .35 credit.
VIX is down 8, but /VX is unchanged.
Is that because of the backwardation?
#SPX1dte Expiring: $SPX March 2nd 2600/2625-3100/3125 condors, sold Friday for 2.05.
#earnings #closing SQ
Feb. 26, sold March 20, 65/95 strangle for 1.62, closed today for 1.07, feeling lucky on this one.
With this thing now back out of the money but showing strength, I rolled 3/20 186 calls out to 4/17 200 calls @ 4.90 credit. Buys me some breathing room (another 14 points out of the money plus the premium) but the way this thing moves I think I’m going to need a multi-day rally in oil to get an acceptable score on the dismount.