BIIB

Expert panel votes down Biogen’s Alzheimer’s drug, and rebukes the FDA in the process

https://www.fool.com/investing/2020/11/06/fda-committee-votes-strongly-against-biogens-alzhe/

Wil it return to where the rally started from?
chart (2)

SPX expirations

Expiring today:
$SPX 11/6 3300/3325/3530/3555 iron condor
$SPX 11/6 3395/3420/3560/3585 iron condor
#optionsexpiration

Expiration

#optionsexpiration

$PFE 38.5 call
$NIO 29 put
$MRVL 43 put
$NVAX 78 put

OptionsExpiration

EXPIRED TODAY:
SLB 11/06/2020 17.50 Covered Calls
SLB 11/06/2020 18.00 Covered Calls
VXX 11/06/2020 27.50 Diagonal Calls
VXX 11/06/2020 29.00 Diagonal Calls
VXX 11/06/2020 30.00 Diagonal Calls
VXX 11/06/2020 31.00 Diagonal Calls
VXX 11/06/2020 32.0/45.0 Bear Call Spreads
VXX 11/06/2020 33.0/50.0 Bear Call Spread
WBA 11/06/2020 38.00 Covered Call
WFC 11/06/2020 24.00 Covered Call

BIIB 11/06/2020 220.0 Diagonal Put – Yeah !!

Assignments:
None

Have a great WE

Have a great WE

TQQQ OSTK Puts Closed

#shortputs

$TQQQ BTC 11/20 80 put at .20. STO at 2.35
$OSTK BTC 11/20 60 put at 1.80. STO at 5.90 Thank you @fuzzballl

VXX New Diagonals

Bought to open Jan 15 2021 14.0 Puts / Sold Nov 13 2020 19.50 Puts @ 0.05 Credit.
Bought to open Jan 15 2021 13.0 Puts / Sold Nov 13 2020 19.0 Puts @ 0.05 Credit.
VXX is at the low of the week @ 20.51

BTW – the strike prices are getting much closer together so the margin on the spreads is pretty small.

TSLA

#ShortPuts – Taking the one day scalp here…

Bought to Close TSLA NOV 13 2020 405.0 Put @ 3.25 (sold for 5.70)

MGM Put Closed / NFLX BUPS Part Close

#shortputs

$MGM BTC 11/13 21.5 put at .40. Originally STO the $23 put on 9/16 for 1.62. Rolled for a while and gained .05 of moss.

#bups
$NFLX BTC 11/20 445/455 BUPS at .40. STO at 2.60

SPX trades

#SPX1dte Sold to Open $SPX Nov 9th 3370/3390-3580/3600 iron condors for 1.40, SPX 3500, IV 17.4%, deltas -.06,+.06

Expiring: Nov 6th 3400/3420-3600/3620 condors, sold yesterday for 1.25

#SPX7dteLong Expiring with max credit of 20.00: Nov 6th 3375/3395 call spreads. Condors bought Tuesday for 18.35.

BIIB

@adamfeuerstein 2m
$BIIB – FDA panel votes against aducanumab efficacy for the “positive” EMERGE study.

1 Yes 8 No 2 Uncertain

This was the best data Biogen had.

More votes to come.

GILD

Decided to roll this instead of taking assignment. The EX Dividend date is not until December so no need to commit the cash just yet.
Bought to close GILD 11/06/2020 60.0 Put / Sold GILD 12/04/2020 58.0 Put @ 0.25 Credit and lowered the short strike 2 points.
Made money on the short 60 put too.

LABU

#ShortPuts – Peeling a few more of these off after another big run…

Bought to Close LABU NOV 20 2020 40.0 Put @ .20 (sold for 1.55)
Bought to Close LABU NOV 27 2020 35.0 Put @ .15 (sold for 1.29)
Bought to Close LABU DEC 04 2020 35.0 Put @ .29 (sold for 1.65)

VXX – one last roll

Bringing in $CASH. Buying more time.

Bought to close VXX 11/06/2020 21.0 Diagonal Puts / Sold VXX 11/13/2020 19.50 Diagonal Puts @ 0.01 Credit plus 1.50 points better on the short strike..

When VXX was 27.00 on Monday I never would have believed I would have to roll this position.

Done with VXX rolls for this week.

And I’m just waiting for my remaining VXX Diagonal Calls to expire in an hour.

ADS Roll

Bought to close ADS 11/06/2020 55.0 Calls / Sold ADS 11/13/220 55.0 Calls @ 0.35 Credit

Last ADBE adjustment

Rolled $ADBE 11/20 470/460 bull put spread up to 485/475 @ 1.40 credit. After multiple rolls on both sides of this original iron condor, the position has now been adjusted to ultimately become an iron butterfly with total premium collected of 7.30. With wing widths of 10 points, that leaves the max loss at 2.70 which I am okay to sit with through expiration. I will probably put a GTC order in probably for somewhere around 7.00 to get out of this wild garden hose of a trade for near breakeven.

PTON TQQQ LULU

BTC TQQQ Nov-20-2020 80.90 #BuPS@0.14. Was STO 10/28 @1.56.
Roll-up PTON Nov-20-2020 110 #CoveredCall // Nov-20-2020 125 #CoveredCall @10.25 debit ( 15$ better strike)

Expiring (unless the bottom drops out of athleisure wear the next hour & 1/2) LULU Nov-6-2020 285/295 #bups
Thats the last of my rolling LULU positions for the time being. Couple downs with the ups, but basically 2x’d my original capital in ~6mo.

KSS Covered Calls

Bought to close KSS 11/06/2020 23.0 Covered Calls @ 0.01. It won’t trade any lower. Sold last Friday @ 0.43.

Replaced them with KSS 11/13/2020 23.50 Covered Calls @ 0.26

#earnings TTD Up big after…

#earnings TTD

Up big after earnings!

#shortputspread WYNN Sold Nov. 20,…

#shortputspread WYNN

Sold Nov. 20, 70/75 for 1.05
Thanks @fuzzballl for the idea

WBA Covered Calls

Bought to close WBA 11/06/2020 37.50 Covered Calls / Sold WBA 11/13/2020 38.50 Covered Calls @ 0.08 Credit plus a point higher on the option strike price.

Econ Calendar for week of 11/9/20

#FOMC Jerome Powell speaks Thursday morning.

Screen Shot 2020-11-06 at 10.27.22 AM
Screen Shot 2020-11-06 at 10.27.22 AM

SPY Roll

Bought to close 1 SPY Nov 06 2020 345 Diagonal Call / Sold to Open 1 SPY Nov 11 2020 348 Call @ 0.02 Net Credit plus a 3 point bump in the short strike.
SPY @ 349.59

COST – Unbalanced Condor

COST @ $384

BTO 1 x COST Nov 20: $385 /$380 long PUT Vertical @ $ 2.45 debit
STO 2 x COST Nov 20: $375 / $370 short PUT Vertical @ $1.22 credit (x 2)

Total debit of $0.01 for the unbalanced Condor. Downside breakeven is around $372. No risk to the upside.

FTCH Puts

#shortputs

$FTCH STO 11/20 38 put at 2.00

VXX – more rolls

Bringing in $CASH. Buying more time

Bought to close VXX 11/06/2020 22.0 Diagonal Puts / Sold VXX 11/13/2020 21.0 Diagonal Puts @ 0.04 Credit.
Bought to close VXX 11/06/2020 21.5 Diagonal Puts / Sold VXX 11/13/2020 20.5 Diagonal Puts @ 0.12 Credit.
Dropped the strikes a full point.

I’m still holding out hope that my 21.0 puts can expire

TDOC

#ShortPuts – Bought to Close TDOC NOV 6 2020 197.5 Put @ .05 (sold for 2.20)

VXX

Bought to close VXX 11/06/2020 28.0 Diagonal Calls @ 0.01 to release some margin. They won’t trade any lower.
Sold last Friday on a rollup @ 1.48.
Bought to close VXX 11/06/2020 26.50 Diagonal Calls @ 0.01 to release some more margin. They won’t trade any lower.
Sold last Friday on a rollup @ 2.18

Rolled some Puts down for next week:
Bought to close VXX 11/06/2020 23.0 Diagonal Puts / Sold VXX 11/13/2020 22.50 Diagonal Puts @ 0.17 Credit.
Paired off with long Jan strike 15 and 16 puts.
Bought to close VXX 11/06/2020 22.50 Diagonal Puts / Sold VXX 11/13/2020 22.0 Diagonal Puts @ 0.22 Credit.
Paired off with long Jan strike 15, 16 and 17 puts.

TSLA

#ShortPuts – Throwing an aggressive one out to have something for next week…

Sold TSLA NOV 13 2020 405.0 Put @ 5.70

October Jobs Report

#Jobs — higher than expected

“October’s growth brings the total payroll gains since May to around 12 million, though that still leaves unfilled about 10 million positions lost in March and April.” -CNBC

Gain of +638,000 non-farm payroll jobs, vs. expected 530K gain
Unemployment at 6.9%, down by 1.0%, vs. expected 7.7%
U6 unemployment at 12.1%, down by 0.7%
Labor force participation 61.7%, up by 0.3

Sept jobs revised up by +11K to +672K
August jobs revised up by +4K to +1.493M