Bought to close UVXY 10/06/2023 18, 18.5 and 19 Covered Calls at $0.01
Replaced them with UVXY 10/13/2023 18.5 Covered Calls at $0.36 and $0.37
#CoveredCalls
Daily Archives: Friday, October 6, 2023
Torpedoed again
#SPX1dte Another week torpedoed by over-trading on a Friday. Just a blistering reversal that I could not get filled on, so chased all the way to close for 7.80.
Third losing week in a row. I set some new rules for myself last Friday and I stuck with them mostly… until today. My first error was selling before the report. I got stopped out on bottom for a small loss. My second error was selling too soon after the open, but even if I had waited this rally would have stopped me. My last error was not being aggressive enough on exiting when my upside stop was hit.
So the new rule I am implementing today is a temporary halt on trading for CPI report, Fed announcement, and Jobs report days. I will not place trades for these days until current volatility comes down and inflation/interest rate concerns significantly diminish.
VXX CVS Calls
Rolled 1 VXX 10/06/2023 23.50 Call to 1 VXX 10/13/2023 24.50 Call at $0.02 Credit.
A bit later, Rolled 1 VXX 10/06/2023 23.50 Call to 1 VXX 10/13/2023 24.50 Call at $0.12 Credit
#OnlySpreads
Rolled CVS 10/06/2023 72.0 Covered Calls to CVS 10/13/2023 73.0 Covered Calls at $0.22 Credit
#CoveredCalls
SPX roll
#SPX1dte Trying a new one: Sold to Open $SPX Oct 6th 4150/4170-4285/4305 condors for 1.30, deltas -.06 +.06, IV 32.6%, SPX at 4230.
The put side is only 5 points below my last one, since we bounced higher than from when I was stopped out.
TGT D OGN PEAK VZ Stocks
Added a tiny bit of TGT stock at $105.00. Div = 4.18%
Added a tiny bit of D stock at $40.00. Div = 6.51%
Added a tiny bit of OGN Stock at $16.00. Div = 6.90%
Added a tiny bit of PEAK Stock at $17.00. Div = 6.90%
Added a tiny bit of VZ at $30.33. Div = 8.40%
Right now about 20% of the S&P500 stocks yield over 4%
Already stopped!
#SPX1dte Well, should have stuck to my plan of WAITING, but fortunately I only suffered a loss of .40. The low of the morning so far in $SPX futures breeched my stop level, and then we got a decent enough of a bounce to minimize the cost of closing put side. I closed it for 2.00. I will look for another trade AFTER the open; waiting to see it settle into a range.
September Jobs Report
#Jobs — Much higher than expected, countering the Fed’s belief that job market is softening. Plus large upward revisions of previous months.
Gain of +336,000 non-farm payroll jobs, vs. expected gain of 170K
Unemployment up 0.1 to 3.8%, vs expected 3.7%
U6 unemployment 7.0%, down by 0.1
Labor force participation at 62.8%, unchanged
Average hourly earnings up by 0.2%; 4.2% increase over the year, each 0.1 weaker than expected
July jobs revised up by +79K to +236K
August jobs revised up by +40K to +227K
SPX same day
#SPX1dte Since I was getting strong premium and decent width of 155 points, I sold this 30 seconds before the reports release:
Sold to Open $SPX Oct 6th 4155/4175-4330/4350 condors for 1.60, deltas -.06 +.06
After the report I have downside pressure but still above my stop.
Options Bistro 