Daily Archives: Tuesday, June 30, 2020
SQQQ
Buy Write
Bought 100 SQQQ / Sold 1 SQQQ 07/17/2020 8.50 Covered Call @ 7.27 Net debit.
The all time low on the stock was 7.30 about a week ago.
SPX 1-dte
#SPX1dte Bought to close $SPX June 30th 3105 calls for .50. Talk about blind side… exited this AFTER its run up to 3111. Condors sold yesterday for 1.15
Sold to open $SPX July 1st 3005/3025-3170/3190 condors for 1.20. IV 20.7%, SPX 3105, deltas -.06, +.06.
Closing CODX
Closed diagonal call spread (sold to close 8/21 10 calls + bought to close 7/17 20 calls) @ 7.63. Would think about rolling the short leg out to August but with earnings before opex I decided to just close the position for a nice profit. With a previous roll overall profit 2.68. Adjusted basis after rollout was 4.95.
MSFT BUPS Closed
#bups
$MSFT BTC 7/10 167.50/177.50 BUPS at .10. STO 6/8 at 1.36.
BA BUPS Closed -Badabadabing!
#bups
$BA BTC 7/17/110/120 BUPS at .10. STO 5/29 at 1.77. Thank you @Ramie
FB July Iron Condor
Sold $FB 7/17 200/210//240/250 iron condor @ 2.78. Short term. Slightly bullish (short puts 25∆ short calls 19∆).
Looking for volatility contraction over the next week. IV rank 48.
/GC
Gold Smashes Above $1800 For First Time Since 2011
SPY Ladder unwind
Bought to close 06/30/2020 308.00 Call @ 0.25
Sold to close 07/17/2020 315.00 Call @ 2.42
On 5/22 Bought 07/17/2020 315.00 Call @ 2.20
At the time I sold a 05/29/2020 297.00 Call @ 2.25 which I have rolled and rolled (for a credit each time) until it became today’s 308.00 short call which I sold last Friday for 1.27.
Today I unwound both sides for a gain on both sides.
I’m pretty sure that the July 315.00 long call would have ended up worthless so I’m glad to get out of it.
VXX
New diagonal Put Spread
Bought to open 06/18/2021 9.00 Puts / Sold VXX 07/02/2020 32.50 Puts @ 0.16 Credit.
The short has 2 DTE and can be rolled weekly and the long has 353 DTE
VXX Puts
Sold VXX 07/02/2020 33.00 Puts @ 0.37.
Sold VXX 07/02/2020 32.50 Puts @ 0.32.
I’m more afraid of the call side of my strangles than the put side so I’m overloading the Puts a bit for the remainder of the week.
SPY Roll
Bought to close 1 SPY Jun 30 2020 301 Call @ $3.39
Sold to Open 1 SPY Jul 02 2020 303 Call @ $3.68 for 0.29 Net credit and a 2 point bump in the strike for Thursday.
Still have a 308 call left for today
FDX earnings analysis
#Earnings $FDX reports tonight. Below are details on earnings one-day moves over the last 12 quarters.
March 17, 2020 AC +4.97% Biggest UP
Dec. 17, 2019 AC -10.02%
Sept. 17, 2019 AC -12.91% Biggest DOWN
June 25, 2019 AC +2.52%
March 19, 2019 AC -3.49%
Dec. 18, 2018 AC -12.16%
Sept. 17, 2018 AC -5.53%
June 19, 2018 AC -2.69%
March 20, 2018 AC -1.17%
Dec. 19, 2017 AC +3.51%
Sept. 19, 2017 AC +2.08%
June 20, 2017 AC +1.60%
Avg (+ or -) 5.22%
Bias -2.77%, negative bias on earnings.
With stock at 136.00 the data suggests these ranges:
Based on current IV (expected move into Friday per TOS): 126.33 to 145.67 (+/- 7.1%)
Based on AVERAGE one-day move over last 12 quarters: 128.90 to 143.10
Based on MAXIMUM one-day move over last 12 Q’s (12.9%): 118.44 to 153.56
Based on UP max only (+5.0%): 142.76
Open to requests for other symbols.
Options Bistro 