#SPX1dte I didn’t sell a Monday condor because I’ve been bitten twice recently. I also maintain that we still have farther to go down.
Expired this morning: $SPX March 19th 2125/2150-2575/2600 (monthlys) condors, sold for 2.20 Thursday morning.
Expired at the close: $SPX March 20th 2170/2190-2635/2655 condors, sold Thursday afternoon for 1.85.
Bought to close 1 FITB 03/20/2020 13.00 Covered Call / Sold 1 FITB 04/17/2020 14.00 Covered Call @ 0.64 Credit + 1.00 better strike
Bought 100 T / Sold to Open 1 Contract T Mar 27 2020 28 Covered Call @ Net Debit at $26.80.
The net price equals the 5 year low on the stock.
Annual Dividend Yield 6.68% down here too.
Link to calendar: https://research.investors.com/economic-calendar/
Showbiz shutdown / Top 5 “Coming Soon” picks / Streaming picks: “Spenser Confidential” & “Hunters” / Corrections / New Music picks – young new artists / Old Music pick – INXS / Guess these songs – random number generation // Find more details and playlists at http://thepickcast.com
#shortputs #longputspread CCL SPY
CCL sold April 17, 7.5 put for 1.05
SPY bought April 17, 240/220 long put spread for 6.79, would be happy if this was a total loss!
#ShortPuts – Another batch…
Bought to Close SPY MAR 20 2020 225.0 Put @ .10 (sold for 4.00)
Bought to Close SPY MAR 20 2020 220.0 Put @ .05 (sold for 4.00)
Sold SPY MAR 23 2020 230.0 Put @ 4.25
Sold SPY MAR 23 2020 225.0 Put @ 3.00
Sold SPY MAR 23 2020 220.0 Put @ 2.25
APRN STO 4/17/20 15.0 CALLS @3.00
#shortputs #speculation APRN
Sold April 17, 4 put @ 1.05
CODX STO 4/17/20 14.0 CALLS @3.10
SDGR STO 4/17/20 45.0 CALLS @2.55
Bought to close 1 FANG 03/20/2020 25.00 Put / Sold 1 FANG 04/17/2020 22.50 Put @ 0.05 Credit + 2.50 better strike
Bought 4/3 70 puts @ 12.99
#SPX1dte Sold $SPX 2170/2190-2635/2655 condors for 1.85. IV: 84.2%, SPX 2406, deltas: -.07, +.06. OTM: -9.0% and +9.5%.
Couldn’t have picked a better outcome for my monthly condor put on this morning… placed the trade when we were flat on the day ended as close to flat as we can expect in this market. So I’m leaving the trade to settle in the morning as I do not fear +9% gaps.
As a follow up to my first post from 2/25 (linked here: https://wp.me/p6Nxuc-i5m), gap opens over 2% have continued to happen frequently after their nearly 6-year absence. Here are the ones we have had thus far.
From Left to right: Gap Open each day / Date (if over 2%) / SPX move at the close
You may have heard about this but this drug, but there are more and more articles about its effectiveness against Covid-19. China and South Korea are using it now with great results. Combined with an antibiotic, it is reducing the sick time for those infected from a couple of weeks to a few days. It can be mass produced. Promising.
https://www.google.com/amp/s/nypost.com/2020/03/19/old-malaria-drug-hydroxychloroquine-may-help-cure-coronavirus-study/amp/
STO April 17, 70 calls at .57 cents
STO June 160 put at 7.70
I’ve been early on buying SVXY. I bought 20 shares today at 26.26 giving me 55 shares with a basis of 32.94. I thought 39 was a good price on March 10.
STO April 17, 70 calls at .47
Bought 100 NUGT / Sold 1 NUGT 03/27/2020 10.00 Covered Call @ 5.00 debit.
#shortputspread BA
Sold May 15, 50/60 put spread for 3.30
And …. it begins
A day after the Big 3 shutdown factories amid the virus lockdown, Ford is out with a kitchen sink 8K as it braces to ride out the worsening economic situation in the US (and worldwide):
$15.4 billion of additional cash on balance sheet, drawing from two credit lines
Dividend suspension to preserve cash and provide additional flexibility in the current environment
Withdrawal of company guidance for 2020 financial performance
#shortputs SLV
Sold May 15, 11 put for 1.31 #tastytradefollow
#rolling GUSH
High stakes trading-rolled my March 20, 1 put to April 17 for .05.
Bought 4/9 100 puts @ 25.00
#SPX1dte Sold to Open $SPX March 19th 2125/2150-2575/2600 condors for 2.20. These are MONTHLY contracts that stop trading tonight, but settle at the open tomorrow. I will need to decide at the close today whether to close or allow to expire in the morning, risking a gap open that could breach my strikes. Because of the funky expiration on these, I have avoided them for this strategy, but with SPX flat at the moment and juicy premium available, it’s worth the risk this time.
IV: 109.60%, SPX: 2400, deltas: -.06, +.06. OTM: -10.4%, +7.3%
1. The Dow took 103 years to reach 10,000. It has just dropped 10,000 in less than 30 days.
2. The VIX has put in a higher intraday high 5 days in a row, despite two of those days being strong UP days for the market.
#ShortPuts #CoveredCalls – Out all day but had a couple standing orders fill…
Bought to Close SPCE MAR 20 2020 14.0 Calls @ .05 (sold for 1.95)
And for better or worse starting a covered call selling program on the SPY if I get stock (looks like it)
Sold SPY MAR 20 2020 225.0 Put @ 4.00
Sold SPY MAR 20 2020 220.0 Put @ 4.00
#PreferredShares
A lot of preferred shares are down with the market and pushing yield higher.
Some of the perpetual shares from big names are up to 8% yield.
Do you have any opinion on getting preferred shares at a discount?
Market Shutdown Guide for Options
Lots of conjecture around the market shutting down, what happens to open option positions. Tos directed me to this guide (remove the quote marks and copy/paste the link):
“https://www.theocc.com/components/docs/about/publications/unscheduled-market-closings-guide.pdf”
It used to be that the option owner would have to provide execution instructions, but now OCC executes every option that is ITM at expiration. I’ve had an issue with collars, where at the last minute the protective put drops ITM, gets assigned—taking my long stock away, and I’m left with naked short calls. So on my collar positions I’ve been trying to spread the short calls with something, anything, cheap to protect against that scenario on a surprise shutdown with ITM puts ready to expire.
It’s also important to be aware of how spreads will be affected on market shutdown if the stock price is between the spread strikes at shutdown (with looming expiration), it could cause execution/assignment of one leg leaving a potential dangerous situation.
So the way I read this is that on a shutdown, the options that expire during the shutdown will be assigned based on the last regular traded price of the stock before shut down. So….let’s say you have a AMZN Call Credit Spread, short 1800 long 1810, and the last traded price of the stock is 1805…..you WILL end up short 100 shares of AMZN at 1800, the 1810 will expire. This is quite dangerous with no ability to manage.
#SPX1dte Expiring: $SPX March 18th 2220/2240-2740/2760 condors, sold yesterday for 1.95.
Bought a bit more SPDR S&P 500 ETF @ 230.00 to add to my small position.
225 is the next target.
Bought 100 HAL / Sold 1 HAL 03/20/2020 6.00 Covered Call @ 5.0 debit
#AccidentalHighYield
Bought 100 FITB / Sold 1 FITB 03/20/2020 13.00 Covered Call @ 12.0 debit
#AccidentalHighYield
Crazy times. I don’t really see why this should end, however. The entire world is coming to a halt. Some businesses are closing entirely, unable to weather even a month being closed. Layoffs are piling up. Our country will rack up another $2T in debt probably before the end of this month. This is an unprecedented event… I feel the indexes could easily be cut in half, meaning 1500 by the time we get to May or June. But this is only my personal speculation… I just base it on what I think SHOULD happen when most of the world is shut down.
The VIX is up today but not as dramatically as VXX and UVXY. Futures backwardation is quite dramatic.
This market is relentless. Welcome to the first Bear Market since 2009!
BTC $UVXY March 27th 50/60-130/140 condors for 3.825. Sold yesterday for 3.65.
I’m not sure how I got this to be only a small loss when UVXY has risen over 30% since when I sold it yesterday. But we could hit 130 today so I no longer like this trade. Lucky that I was able to exit so easily but the difference between the two call strikes was only 3.13, while the put side deflated from yesterday dramatically.
I am looking for advice.I bought UVXY at $25 and sold call expiring Friday for $36, now I want to capture more of this windfall. I thought of buying higher call making a spread to free the stock. Problem is prices are too high for purchase. I thought of rolling out and up short call to Sept but the long calls are quite expensive – $30.
Above 100
WOW.
Just WOW
Bought 100 OKE / Sold 1 OKE Mar 27 2020 27 Call @ Net Debit at $16.51.
Stock down 22% today.
#AccidentalHighYield
One of the few stocks that’s up right now. STO Mar20 6 put for .53
STO SLB 17 April 17.5 call @.85….selling below my basis so keeping it on a tight leash
Bought 100 BA / Sold 1 BA 04/17/2020 85.00 Calls @ Net Debit at $68.39 with the stock @ 99.63.
This is 10 points better than this exact trade yesterday.
The Dow has moved up or down over 4% for seven days straight, beating the previous record of six days that occurred in November 1929.
#SPX1dte Sold $SPX Mar 18th 2220/2240-2740/2760 condors for 1.95, IV: 94%, SPX 2523, deltas -.05, +.07. OTM: -11.2%, +7.8%.
In my IRA STO March 27, 40 puts at 6.00
April 3, 35 puts at 4.82
April 9, 30 puts at 3.60
#CoveredCalls – Bought to Close ROKU MAR 20 2020 95.0 Call @ .05 (sold for 2.60)
I was assigned early on my 110/150 strangle that will expire on Friday so I sold the May 110 call at 1.35
#VXXgame Sold $UVXY March 27th 50/60-130/140 condors for 3.65.
Bought 100 GPS / Sold 1 GPS 03/27/2020 9.00 Call @ 7.00 Debit
#AccidentalHighYield
#CoveredCAlls – I’ll be getting a little more stock this week so covering it early with spreads…
Sold SPCE MAR 27 2020 13.5/24.0 Bear Call Spreads @ 1.15
STO Mar20 (3 DTE) 100 put in an IRA for 9.00 with the stock at 108. I could have waited for a couple minutes and gotten a better fill. But I chased it a bit.
#CoveredCalls – These are all below my bases* in the stocks but that’s ok. It would be a good thing if they get threatened…
Sold LABU MAR 27 2020 19.0 Call @ 1.01
Sold ROKU MAR 27 2020 70.0 Call @ 2.64
SOXL: Rolled down yesterday and today.
Rolled SOXL APR 17 2020 130.0 Call to APR 17 2020 100.0 Call @ 6.20 credit (19.65 total now)
🙂 🙂 🙂
Bought 100 TPR / Sold 1 TPR 03/27/2020 11.00 Covered Call @ 10.00 Debit.
#AccidentalHighYield
Highest VIX close since 1987.
Largest move down in SPX since 1987 (on percentage basis).
Largest point move in SPX ever.
Bought 100 UNM / Sold 1 UNM 03/20/2020 17.50 Covered Call @ 12.45 Debit.
#AccidentalHighYield
Bought 100 BA / Sold to Open 1 Contract BA Apr 17 2020 85 Call Net Debit at $78.39 with the stock at 130.24.
Thanks @parrothead11 for the idea
TQQQ
i had an order in for 2$ on a Bull Call Spread 40/45 expiration Jan15’21, never thought it would be filled but has in the panic sell of at the end of day. The Risk Reward ratio was too tempting
#LongLEAPs Started again: BTO $TQQQ Jan 2021 90 calls for 2.50. Filled instantly.
SDGR STO 3/20/20 30.0 PUT @1.65
STNE STO 3/20/20 23.0 PUTS @.80 Will take the stock on these two.
AAL STO 3/20/20 17.0 CALLS @.70 Thank you @Iceman. Hope all is well with you.
#VXXGame. Since most of my options are expiring this Friday, I’m closing the whole batch of shorts AND longs. All shorts are now closed, and half the longs. I am riding the rest higher as long as it keeps going up.
BA put
I was just looking at 4/17/20 BA 85 puts for $5.38, about 6% return for a month. BA would need to fall another 38% to threaten $85. Does anyone have any thoughts?
An “are you kidding me” trade. STO Mar20 75 put for 1.80, immediate fill. 27 delta with 4 days to expiration, 78 IV, 110 IVR. 78 IV for a yute? AYFKM?
#LongPuts – Bought a bunch of these during the rally the other day. Mainly to help partially protect my SOXL position. Booking them here and I’ll use the gain to decrease the SOXL basis by another 12 dollars.
Sold to Close SMH JUN 19 2020 60.0 Puts @ .92 (bought for .35)
In case anybody is interested…won’t affect me since I’m out on medical leave but…
Company offering pilots long term unpaid leave (voluntary furlough) or short term leave paid at half pay or if age 63 or 64 permanent leave to age 65 retirement at half pay per month.
Also parking a bunch of old airframes that were scheduled to go anyway. All hiring cancelled indefinitely. Let’s hope this is enough but it’s shaping up to be bigger than 9-11 as far as the hit goes. Crazy times in a crazy business…
#shortputs SPY
Sold April 17, 175 put for 2.33.
#ShortPuts – Expiring today…
Sold SPY MAR 16 2020 235.0 Put @ 2.05
VIX
Is 75.30? big OMG
#CoveredCalls – Rolling out and down slightly. A little below my basis so watching it closely if it rallies.
Rolled NVDA MAR 20 2020 255.0 Call to MAR 27 2020 235.0 Call @ 7.50 credit (10.90 total now)
#shortputs HTZ
Sold a July 17, 5 put for 1.40 with stock at 7.
#SPX1dte Bought to close $SPX March 16th 2380/2400-2930/2950 condors for 6.00. Sold Friday for 1.60.
Slap my hand for selling on a Friday again. Honestly, the last minute surge on Friday sucked me in. I was quite certain we would open down today, but I felt -11%+ OTM would be safe. It may still be safe, but since it almost touched my short strike, stopping is the prudent choice.
I hope I’m not wasting everyone’s time with this. I must be missing something. Does it make sense to buy straight puts on VXX or UVXY? I see Fuzzy selling bear call spreads on UVXY to protect himself. Thank you for your thoughts.
Anyone else?
Great reading — https://www.zerohedge.com/markets/aftermath-surveying-wreckage-last-weeks-market-nado
Some highlights:
#BearCallSpreads – One last fill to get to a full position. Highest premium received so far.
Sold UVXY JAN 15 2021 45.0/55.0 Bear Call Spread @ 3.31
Options Bistro 