Weekend ideas

TNA

#ShortPuts – Once again couldn’t quite get this one over the finish line. Try again next week…

Rolled TNA JUL 02 2020 27.5 Puts to JUL 10 2020 27.5 Puts @ 1.15 credit (2.85 total now)

OPTION EXPIRATIONS: 7/2/20, all below…

OPTION EXPIRATIONS: 7/2/20, all below expired worthless except as noted.

APT 21.5 CALLS STO @.90
NCLH 16.0 PUTS STO @1.35 Rolled out last week.
PLAY 12.5 PUTS STO @.25
PLAY 17.5 CALLS STO @.45
SWBI 17.0 PUTS STO @.40
SWBI 20.0 CALLS STO @.38 Stock will be called
WFC 24.5 PUTS STO @.46
WFC 27.0 CALLS STO @.39
AAL 13.0 CALLS STO @.60
AAL 13.5 CALLS STO @.49
Happy Holiday to all.

OptionsExpiration

Expired:
AAL 07/02/2020 13.0 Covered Call
KSS 07/02/2020 21.0 Diagonal Calls
SLB 07/02/2020 20.0 Covered Calls
SLB 07/02/2020 22.0 Diagonal Calls
SQQQ 07/02/2020 9.0 Covered Calls
SQQQ 07/02/2020 9.50 Covered Calls
VXX 07/02/2020 42.0 Diagonal Calls
VXX 07/02/2020 44.0 Diagonal Calls
VXX 07/02/2020 46.0 Diagonal Calls
WFC 07/02/2020 29.50 Covered Calls

Assignments:

None – my timing sucked on rolling my VXX short Puts, but I’ll make it up by next Friday

Expirations etc

OX NFLX 420/430 #BuPS – Was STO @1.13 on 6/24
Rolled SLB Jul-02-2020 $20 #CoveredCalls // Jul-10-2020 $19 @0.32 Credit, but lower strike. Basis is $16.23.
OX SPX Jul-02-2020 3190/3200 #BeCS – STO @1.00 this morning, thanks @Jeff !!
OX Work Jul-02-2020 $34 #Covered Call – was STO @1.33 on 6/19. Replaced with Jul-10-2020 $31.5 @ 0.48

Happy 4th.

SPX trades

#SPX7dte Bought to Open $SPX July 10th 3125/3145-3155/3175 condors for 17.00, with SPX at 3148.

#SPX1dte #RiskReversal – going for a bullish trade given the low $VIX
Sold $SPX June 6th 3060/3040 put spreads for .80
Bought $SPX June 6th 3215/3235 call spreads for .50
Placed as one trade for .30 credit. IV 14%, SPX 3141, put short delta -.09, call long delta +.04

Expiring: June 2nd 3190/3210 call spreads, sold this morning for 1.20.

VXX last roll

With less than an hour until expiration I decided not to chance riding this out to the bitter end –
Bought to close 07/02/2020 32.0 Puts / Sold 07/10/2020 29.0 Puts @ 0.05 Credit plus 3.00 lower strike for next week.

All my puts are rolled now and my 42,44,46 short calls will expire.

Ready for the next pullback in the market now.

NKLA Iron Fly

Over on OMM they’re getting filled on this trade. Took it in a a couple of accounts. Seems impossible:
Filled on $NKLA 8/21 45/55/65 iron butterfly for 10.40 credit. You read that right. Credit exceeding the wing width. Can’t figure out how that happened, I’ve never seen it before.

VXX Rolldown Puts

Bought to close VXX 07/02/2020 32.50 Puts / Sold VXX 07/10/2020 30.50 Puts @ 0.04 Credit plus 2.00 better strike.
Stock is 31.65

WBA Rollup

Bought to close WBA 07/02/2020 42.0 Covered Calls/ Sold WBA 07/10/2020 42.50 Covered Call @ 0.89 Credit
#Earnings on 07/09

CINF early unwind

This was a very profitable buy/write in a small retirement account
Sold 100 CINF 64.91 today. Acquired this on a Put assignment at an adjusted basis or 52.80 on 05/12/2020.
Covered 1 July 60 Call @ 5.91. Sold it @ 7.90 on a nice rollout of the June 60.

Earned one nice $60 dividend payment due 7/15.
Over all I’m happy with the result and glad to be back in cash.

KSS Rolls

Bought to close KSS 07/02/2020 20.0 Covered Calls / Sold KSS 07/10/2020 20.50 Covered Calls @ 0.42 Credit plus 0.50 better strike.
Bought to close KSS 07/02/2020 20.50 Diagonal Calls/ Sold KSS 07/10/2020 21.0 Diagonal Calls @ 0.52 Credit plus 0.50 better strike.
My 07/02/2020 21.0 short calls should expire today.

#FuzzyHotAir #PutRatioLadder I really like…

#FuzzyHotAir
#PutRatioLadder

I really like Fuzzy’s work on this. I’ve been doing loads of collars all year, but there’s times on a run up that I don’t want to chase the calls up, so I’ll let the position go. Then I’ll use some type of premium selling as a way to re-establish a position at a discount. Or if I want to add to a position, I can’t stomach buying at highs, but this is a great way to add in.

My favorite put selling strategy is a put ratio. My go-to is 45 DTE, buy 1x 30 delta and sell 2x 25 delta. THEN (since I’m more and more risk averse every year) I’ll often set a broken wing debit fly right at the breakeven on the put ratio to get me a few more $$ of break even room.

The part I’ve been missing though is the ladder dynamic of doing this campaign style.

I have a small AAPL collar position right now that I’ve been wanting to add into. I’ve been doing weekly put ratios on it, but I’d like to flip to a laddering style like Fuzzy laid out in his post yesterday. Why AAPL? It’s the driving force behind both SPY and QQQ…as AAPL goes, so goes SPY/QQQ. But it has higher volatility than SPY, so more $$$ (mo’ money ties into probability).

I’ll do one of these every week, here’s today’s trade (I chose Aug 21 strike at 50 days for liquidity, had problems with fills on the Aug 14 expiry)

Bought to open qty 1 Aug 21 345 put @ 9.34
Sold to open qty 2 Aug 21 340 put @ 8.02
Ratio net credit 6.70, break even: $328.24 (roughly 18 delta)
Additional butterfly (hedge):
Aug 21 330/320/315 @ .97 debit
New breakeven: $319.69 about 13% down, 15 delta

I acknowledge the butterfly hedge eats into profits, but I’m happy w/ the trade off for the extra wide profit structure on these. Plus this is a much more complicated way of executing Fuzzy’s idea, but I really like the risk/reward on it.

fuzzy

MDLZ DiagBFly

#DiagonalButterfly

BTC MDLZ July 02: 52.50 short straddle @ $0.82 (originally sold for $2.38)
STO MDLZ July 10: 51 short straddle @ $1.32

Selling weeklies for the moment, but may lengthen the time period to reduce screen staring time.

Cover is the Jan 2022 long 40 put / 65 call strangle.

SPY Roll

Bought to close 1 SPY 07/02/2020 309.0 Call / Sold 1 SPY 07/13/2020 312.0 Call @ 0.34 Credit plus 3 points improvement in the short strike.
Stock at 313.64.

EWZ DiagBfly

#DiagonalButterfly

BTC EWZ July 02: 28 straddle @ $2.31 (originally sold for $1.89)
STO EWZ July 10: 30 straddle @ $1.90

Tried to get clever by adding the new straddle late yesterday and hoping to close out the Jul 02 ITM short call at a smart price today – Wrong!

The short straddle is covered by a long EWZ Sep 18: 24 put / 30 call strangle.

Rolling PFE Call

#coveredcalls
$PFE BTC 7/2 32.50 call and STO 7/17 35 call at added .75 credit and 2.50 in price if called away. Vaccine.

NTAP

#CoveredCalls – An old earnings trade that’s been a pain for a long time. Getting closer to being out…

Bought to Close NTAP JUL 2 2020 45.0 Calls @ .05 (sold for 1.10)
Sold NTAP JUL 17 2020 45.0 Calls @ .80

EWZ

#ShortPuts – Nice little pullback. Re-loading out an extra week.

Sold EWZ JUL 24 2020 27.5 Puts @ .72

VIAC

Bought to close VIAC 07/02/2020 23.0 Calls / Sold VIAC 07/10/2020 24.0 Calls @ 0.04 Credit plus 1 one point better strike

VXX Roll Puts

Bought to close VXX 07/02/2020 33.0 Puts / Sold 07/10/2020 31.50 Puts @ 0.26 Credit plus a 1.50 drop in the short strike.
Written against 2021 and 2022 long puts.

The 33’s were the farthest in the money of all my short Puts and since VXX rallied from 31.03 to 32.03 in the last hour I don’t want to deal with how low it may go if the market has a late run higher and pushes VXX back down.

I still have to cover or roll 32.0 and 32.50 puts but those should be easier.

SPY Roll

Bought to close 1 SPY 07/02/2020 303.0 Call / Sold 1 SPY 07/10/2020 304.0 Call @ 0.10 Credit plus a 1 point improvement in the short strike.
This got too far ITM for a better roll today.

#SPYLadder

VXX Calls

Bought to close VXX 07/02/2020 41.0 Calls @ 0.01. Sold these last Friday @ 1.52

EWZ ROKU UVXY

#ShortPuts – Booking, adding, and rolling.

EWZ: This thing has gone from up nicely to back to even 3 times since opening the positions. Taking profits this time and hoping for a pullback to reset.

Bought to Close EWZ JUL 17 2020 28.0 Put @ .50 (sold for 1.55)
Bought to Close EWZ JUL 17 2020 29.0 Put @ .78 (sold for 1.98)
Bought to Close EWZ JUL 17 2020 30.0 Put @ 1.12 (sold for 2.56)
Bought to Close EWZ JUL 17 2020 31.0 Put @ 1.60 (sold for 3.15)
Bought to Close EWZ JUL 17 2020 32.0 Put @ 2.25 (sold for 3.95)

ROKU: Replacing the one closed yesterday.
Sold ROKU JUL 17 2020 115.0 Put @ 2.33

UVXY: Rolling.
Rolled UVXY JUL 2 2020 31.0 Puts to JUL 10 2020 29.0 Puts @ .01 credit

SPX 0-dte

#SPX1dte Sold to Open $SPX July 2nd 3190/3210 condors for 1.20, with SPX at 3160. Same day trade meant to expire worthless in a few hours.

June Jobs Report

#Jobs — an increase beats expectations again.

Gain of +4,800,000 non-farm payroll jobs, vs. expected 2.9M gain
Unemployment at 11.1%, down by 2.2%, vs. expected 12.4%
U6 unemployment at 18.0%, down by 3.2%
Labor force participation 61.5%, up by 0.7%
Average hourly earnings down 1.2% from May, up 5% from last June.
May jobs revised upward by +190K

TSLA

Up 100 points pre-market on June deliveries number
Over 1200 now

Tesla Says It Delivered 90,650 Vehicles In Q2, Beating Estimates
…production was down 20% Q/Q, however…
#CrazyTown