#SPX5dte Bought right before the bell: $SPX Sept 1 4060/4080-4090/4110 condors for 17.80.
#SPX1dte Sold right after the bell: $SPX Aug 29th 3925/3945-4145/4165 condors for 1.20, SPX close 4057, IV 17%, deltas -.06 +.06
Rolled quite a bit more than I had too, but a good week anyway.
LABU 15/12 Bear Call Spreads
LABU 10.5 Covered Calls
SLV 15/17 Bull Put spreads
TNA 47.0 Diagonal calls
TQQQ 45/38 Bear Call Spreads
TQQQ 34.5 Diagonal Calls
VXX 19.5 Diagonal Puts — #VXXContango
Called out of another 100 shares of TQQQ when the Aug 26 2022 27.0 Covered call was exercised Thursday night. With the Call premium, I’m out of the stock at $36.43
The Dow index is down 1000 points today
Back to buying tiny bits of good yielding #SP500 stocks at their lows:
SWK at $90.60
VFC at $41.35
GRMN at $92.30
WBA at $36.13
VNO at $27.15
BXP at $81.80
Bought to close SOXL Aug 26 2022 15.0 Diagonal Puts at $0.01 . Sold on Monday at $0.14.
Replaced them with SOXL Sep 02 2022 13.0 Puts at $0.12 for an $0.11 Credit.
Sto 2 SEP 2022 392 PUT @1.22
I was way too early rolling my calls but who knew TQQQ would go down 10% in a day.
Rolling the puts down while I can get a good credit for next week.
Bought to close TQQQ Aug 26 2022 30.0 Diagonal Puts at $0.02. Sold on Monday at $0.20 and at $0.33.
Replaced them with TQQQ Sep 02 2022 27.0 Puts at $0.31 for a $0.29 Credit
Btc 26 AUG 2022 286.67 PUT @.05 /sold for 1.18/for 1 day/out before close.
I was way too early rolling my puts but who knew UVXY would go up 13% in a day.
Rolling the calls up while I can get good credits for next week.
Bought to close UVXY Aug 26 2022 11.0 Diagonal Calls at $0.02. Sold on Monday at $0.26.
Replaced them with UVXY Sep 02 2022 12.5 Calls at $0.14 for a $0.12 Credit
Bought to close UVXY Aug 26 2022 11.5 Diagonal Calls at $0.01. Sold on Monday at $0.19.
Replaced them with UVXY Sep 02 2022 13.0 Calls at $0.11 for a $0.10 Credit
#ShortPuts – One more this afternoon.
Sold SPY OCT 7 2022 385.0 Put @ 5.15
#SPXdte Put side stopped, bought to close $SPX Aug 26th 4080/4060 put spreads for 1.05. Condors sold for 1.70 yesterday.
Rolled LABU Aug 26 2022 9.0 Covered Calls to next week for $0.24 Credit
Letting LABU 10.5 and 12.0 short calls expire
Rolled out my deep in the money covered calls laterally for small credits
Rolled some of my diagonal calls up a bit for next week.
Rolled TNA 41.5 calls to 42.0 calls at $0.02 Credit
Rolled TNA 42.0 calls to 42.5 calls at $0.02 Credit
Rolled TNA 43.0 calls to 43.5 calls at $0.02 Credit
Waiting for TNA 47.0 calls to expire
STO October 7, 35 call at 2.05, I think we go lower.
#SPX5dte After weeks of success I screwed up pretty badly today on this long condor. After missing the chance to exit on the big swings during Powell’s speech, I felt the action was bullish so wanted to exit the put spreads first. I did for 4.00 as it started down, but then it dropped WAY down. Now it looks like no bounce will come, or at least not one big enough to make the 4165/4185 call side profitable enough.
My recent strategy has been going well, using #SPX1dte as a base and then throwing in a long condor about once per week. However, I’m wary that the long strategy is inherently more risky. The best bet is to try to exit before expiration day, and indeed, today is the first week in awhile where I waited for expiration day. I did that because the week was pretty flat, giving me no obvious swings with which to exit.
During Powell’s speech, when we dropped, I set an order to sell the put spreads at 8.00. We had just hit about 8.50 so was trying to pick a bottom. Turns out I did pick it, but set my order a few seconds too late as the bounce began. Then we bounced way up and could have exited for 13.00 or more. That would have ended my day. But alas, now I’m pretty much screwed.
I don’t like relying on a strategy that is that fragile. The loss I’ll take today, as much as 13.75, is made up by the last few weeks of profit on this 5-dte trade, but it is a shame that my overall progress takes a big step back. So what I’ve determined is that I need to take a loss on the day before expiration if the SPX is still near the center of my condor. Typically, that would result in a 1.00 to 3.00 loss, which is completely acceptable. Going into expiration day could mean a big win, but only if you play the swings exactly right. So that risk of big loss is too great to risk.
Bought to close VXX Aug 26 2022 19.5 Diagonal Puts at $0.01 (partial fill)
Leaves long VXX Nov 18 2022 11.0 Puts fully paid for.
Rolled down short VXX Aug 26 2022 20.5 Puts to VXX Sep 02 2022 20.0 Puts at $0.01 Credit
Rolled down short VXX Aug 26 2022 20.0 Puts to VXX Sep 02 2022 19.0 Puts at $0.01 Credit
Bought to close UVXY Aug 26 2022 9.5 Puts at $0.23. Sold on a roll last week at $1.04
Sold UVXY Sep 02 2022 9.0 Puts at $0.25 for a $0.02 Credit and a $0.50 lower strike.
Also bought to close UVXY Aug 26 2022 9.0 Puts at $0.01.
Leaves UVXY Dec 16 2022 4.0 Puts fully paid for.
#ShortPuts #CoveredCalls – A few today.
NVDA: Got both sides rolled at decent prices on the fluctuations.Out the rest of the day so won’t be able to watch much.
Rolled NVDA AUG 26 2022 170.0 Calls to SEP 2 2022 175.0 Calls @ .30 debit (11.15 total now)
Rolled NVDA AUG 26 2022 170.0 Calls to SEP 2 2022 175.0 Calls @ .35 debit (10.60 total now)
Rolled NVDA AUG 26 2022 182.5 Put to SEP 2 2022 182.5 Put @ 2.35 credit (8.95 total now)
Rolled NVDA AUG 26 2022 185.0 Put to SEP 2 2022 185.0 Put @ 1.75 credit (10.85 total now)
TQQQ: Assigned on 39 and 40 strike puts. Adding covered calls and rolling the rest.
Rolled TQQQ AUG 26 2022 33.0 Calls to SEP 2 2022 34.5 Calls @ .02 credit (.65 total now)
Sold TQQQ SEP 2 2022 34.5 Calls @ 1.05
Rolled TQQQ AUG 26 2022 38.0 Puts to SEP 2 2022 38.0 Puts @ .25 credit (2.50 total now)
Rolled TQQQ AUG 26 2022 41.0 Puts to SEP 2 2022 41.0 Puts @ .04 credit (3.68 total now)
Rolled out most of my deep in the money covered calls laterally for small credits
Rolled some of my diagonal calls up a bit for next week.
Rolled TQQQ 31.0 calls to 31.5 calls at $0.02 Credit
Rolled TQQQ 33.0 calls to 34.0 calls at $0.08 Credit
Waiting for TQQQ 34.5 and 38.0 calls to expire
Bought to close VXX Aug 26 2022 19.0 Diagonal Puts at $0.01.
Leaves my long VXX Oct 21 2022 11.0 Puts fully paid for and available to write against again.
At least one of my #VXXContango trades worked this week.