$SPX was lower a couple weeks ago, but this is a new $VIX high, highest since March.
Monthly Archives: October 2023
MMM TGT Covered Calls Rolled
Bought to close 1 MMM 10/20/2023 93.0 Covered Call at $$0.04.
Sold 1 MMM 10/27/2023 94.0 Covered Call at $0.45 + added one point to the short strike.
Bought to close 1 TGT 10/20/2023 117.0 Covered Call at $$0.04.
Sold 1 TGT 10/27/2023 117.0 Covered Call at $0.35
#CoveredCalls
CVS DG calls rolled
Rolled CVS 10/20/2023 74.0 Calls to CVS 10/27/2023 74.0 Calls at $0.14 Credit
Rolled 1 DG 10/20/2023 113.0 Call to 1 DG 10/27/2023 115.0 Call at $0.02 Credit and added 2 points to the short strike.
#OnlySpreads
TSLA
#SyntheticStock – Taking a shot here with plenty of time to work.
Bought TSLA Jan 16 2026 220/220/175 Synthetic Stock @ 54.20
Sold TSLA Oct 27 2023 220.0 Call @ 6.50
Will roll my 4 dollar loss on the earnings trade into this and start with a 58.20 debit. The synthetic keeps a lot more cash in the sweep drawing 5 percent vs taking stock.
EDIT: Rolled next week’s short 220 call down to 212.5 for 4.30 credit. Gives protection down to around the 200 day…(and guarantees a bounce!) LOL
SPY
#ShortPuts – Taking a little risk off on the tiny bounce.
Bought to Close SPY Oct 20 2023 425.0 Put @ .63 (sold for 2.10)
Bought to Close SPY Oct 20 2023 430.0 Puts @ 2.13 (sold for 2.10)
Bought to Close SPY Oct 27 2023 425.0 Put @ 2.55 (sold for 2.60)
SPX same day
#SPX1dte Sold to Open $SPX 4265/4245 put spreads for .95, delta -.09, IV 31.6%
Futures were flat when jobless claims report came out and then we ticked a bit higher. MACD bullish crossover on 5-min chart. I will look to sell call side and roll up put side if strength continues.
IVZ Stock
Added a tiny bit of IVZ at $13.00. Div = 6.0%
#SP500 #FallingKnife
TSLA Earnings
#Earnings #BullPutSpreads – Tried this last time and stock sold off. Eventually got out at even. Might as well try again! Selling ITM with the plan of taking stock again if it implodes (I’ll sell the long side Fri afternoon).
Sold TSLA Oct 20 2023 255/245 BuPS @ 6.05
TLT
#ShortPuts – A couple.
Rolled TLT Oct 20 2023 88.0 Puts to Nov 17 2023 88.0 Puts @ .75 credit (2.90 total now)
Early assigned on 89 and 90 strikes at 87.05 basis so:
Sold TLT Nov 03 2023 88.0 Calls @ .47
VXX UVXY Diagonal Calls
Sold 1 VXX 10/27/2023 30.0 / VXX 10/20/2023 25.0 Diagonal Bear Call Spread at $0.19 Credit
Sold 1 VXX 10/27/2023 31.0 / VXX 10/20/2023 25.5 Diagonal Bear Call Spread at $0.12 Credit
Sold 1 UVXY 10/27/2023 25.0 / UVXY 10/20/2023 18.5 Diagonal Bear Call Spread at $0.12 Credit
#OnlySpreads
SPY
#ShortPuts – Adding at the expected move and below the 200 day.
Sold SPY Nov 24 2023 415.0 Put @ 3.32
SPX same day
#SPX1dte Sold to Open $SPX Oct 18th 4280/4300-4405/4425 condors for 1.20, deltas -.06 +.07, IV 26.9%
MELI rolling
With the stock at 1237, rolled short $MELI Oct 20 1120 put down and out to Nov 17 1050 put (13 delta) @ 12.80 credit. Earnings expected 11/2. Total credit now 18.50.
UVXY DG Covered Calls
Very early Rolls:
Rolled 1 UVXY 10/20/2023 20.5 Covered Call to UVXY 10/27/2023 20.5 Covered Call at $0.37 Credit
Rolled UVXY 10/20/2023 20.0 Covered Calls to UVXY 10/27/2023 20.0 Covered Calls at $0.37 Credit
Rolled 1 UVXY 10/20/2023 19.5 Covered Call to 1 UVXY 10/27/2023 20.0 Covered Call at $0.37 Credit
Rolled DG 10/20/2023 113.0 Covered Calls to DG 10/27/2023 114.0 Covered Calls at $0.30 Credit + added a point to the short strike
#CoveredCalls
AAP CVS DG Calls
Sold 1 AAP 10/20/2023 58/56 Bear Call Spread at $0.30 Credit
Sold 1 AAP 10/27/2023 60.0 / AAP 10/20/2023 56.0 Diagonal Bear Call Spread at $0.32 Credit
Sold 1 CVS 10/27/2023 77/74 Bear Call Spread at $0.22 Credit
Sold 1 CVS 10/27/2023 77.0 / CVS 10/20/2023 73.0 Diagonal Bear Call Spread at $0.15 Credit
Sold 1 DG 10/27/2023 124.0 / DG 10/20/2023 119.0 Diagonal Bear Call Spread at $0.40 Credit
Sold 1 DG 10/27/2023 125.0 / DG 10/20/2023 120.0 Diagonal Bear Call Spread at $0.25 Credit
#OnlySpreads
XBI
#ShortStrangles – Selling against short puts.
Sold XBI Nov 17 2023 76.0 Calls @ .63
$SPX trades 10/17
1. STO 10/17 4310/4290 put spread @ 1.75
Rolled 4310 puts up to 4325 @ 1.45 credit
Rolled 4325 puts up to 4335 @ .80 credit
BTC @ .45
Profit: 3.55
2. STO 10/17 4370/4390 call spread @ 1.80
BTC @ 2.80
Loss: (1.00)
3. STO 10/18 4315/4285 put spread @ 2.40, short put 15 delta. Lowering position size by 40%.
Rolled 4315 puts up to 4335 @ 2.00 credit
BTC @ 3.55
Profit: .85
4. STO 10/18 4345/4325 put spread @ 1.80, short puts 15 delta
BTC @ 3.00
Loss: (1.20)
5. STO 10/18 4420/4440 call spread @ 1.75, short calls 13 delta
BTC @ 1.00
Profit: .75
6. STO 10/18 4320/4300 put spread @ 1.90, short puts 15 delta
BTC @ 2.85
Loss: (.95)
I’m likely done for today.
Total profit for the day: 2.00
SPX same day
#SPX1dte Sold to Open $SPX Oct 17th 4280/4300-4405/4425 condors for 1.25, deltas -.06 +.06, IV 26.4%
ZION Put
Sold 1 ZION Oct 20 2023 30.00 Put at $0.20
Economic Calendar 10/16 – 10/20
CVS TGT DG AAP Calls
Sold CVS 10/20/2023 73.00 Covered Calls at $0.64.
Sold WBA 10/20/2023 24.00 Covered Calls at $0.07.
#CoveredCalls
Sold CVS 10/20/2023 74.00 Calls at $0.26.
Sold 1 TGT 10/20/2023 121/117 Bear Call Spread at $0.32 Credit
Sold AAP 10/20/2023 58/56 Bear Call Spreads at $0.22 and $0.25 Credits
Sold 1 DG 10/27/2023 120/DG 10/20/2023 115 Diagonal Bear Call Spread at $0.40 Credit
Sold 1 DG 10/27/2023 121/DG 10/20/2023 116 Diagonal Bear Call Spread at $0.52 Credit
Sold DG 10/27/2023 122/DG 10/20/2023 117 Diagonal Bear Call Spreads at $0.42 Credit
#OnlySpreads
Another beautiful day, another stop
#SPX1dte Rather than getting stopped out in sunny Los Angeles, I’m being stopped out in a cloudless sunny morning of the Colorado mountains.
Bought to close call side for 2.20.
SPX same day
#SPX1dte Sold to Open $SPX Oct 16th 4265/4285-4395/4415 condors for 1.15, deltas -.07 +.05, IV 27%
CELH Roll Put
#shortputs
$CELH BTC 10/13 165 put and STO 10/20 162.50 put at added credit of .81. Credit taken in so far is 2.81 and reduce
if assigned by 2.50.
NOC
#SyntheticShortStock – Taking a shot here on one spread.
NOC Jan 16 2026 490/490/590 Synthetic Short Stock @ 13.00 debit (113 max loss with 118 weeks to go)
Sold NOC Oct 20 2023 490.0 Put @ 7.50
SPX Scalping (Paper Trading!)
Jeff has inspired me to start experimenting in the 0 DTE world. Whiz does these all the time with great success. Some of these are his but most are mine. This covers the last week. The previous 2-3 weeks are very similar.
Every position is nearly always legged into based on market movement. I will sometimes throw an iron condor on all at once but mostly try to leg it. Been using 10 contracts at either 5 or 10 wide wings and taking the position off at 70, 80 or 90 percent. There was one today I closed at net zero for max profit.
These total about +3450 for the week in one account. Very interesting to trade these. I know going live adds an extra layer of caution to these so when I go it’ll be tiny. Maybe one or two spreads max for now.
As far as managing, I’m considering a few options.
1. Set a stop loss at an amount I’m willing to lose.
2. If short side gets breached immediately sell the other side and turn it into an iron fly.
3. If short side gets breached immediately sell the other side at same strikes and accept that loss.
Ideas?
XBI
#ShortPuts – Got a few short puts in the money and adding here. Been throwing some short calls out there against the position also.
Bought to Close XBI Oct 20 2023 74.0 Calls @ .08 (sold for .42)
Sold XBI Nov 17 2023 75.0 Calls @ .69
Sold XBI Nov 17 2023 65.0 Puts @ 1.01
UVXY WBA Calls
Bought to close 1 UVXY 10/13/2023 20.00 Call at $0.01. Sold on 10/04 at $0.91
Bought to close WBA 10/13/2023 25.00 Calls at $0.01. Sold 2 days ago at $0.19
Bought to close WBA 10/13/2023 24.50 Calls at $0.01. Sold at $0.18 and $0.42
#OnlySpreads
Flat
#SPX1dte. Closed call side for .15 and put side for .35. Profit for day +.75
TLT
#ShortPuts – Rolling and collecting more premium.
Rolled TLT Oct 13 2023 88.0 Puts to Oct 20 2023 88.0 Puts @ .65 credit (2.15 total now)
Rolled TLT Oct 13 2023 89.0 Put to Oct 20 2023 89.0 Put @ .38 credit (2.65 total now)
SPX same day
#SPX1dte Sold to Open $SPX Oct 13th 4275/4295-4405/4425 condors for 1.25, deltas -.06 +.06, IV 27%
VXX UVXY 1dte
after the 2:00 pm market collapse
Sold 1 VXX 10/13/2023 24.00 Call at $0.38
Sold 1 UVXY 10/13/2023 17.00 Call at $0.22
#OnlySpreads
SNOW
#ShortPuts – Jumping back in. Selling prior to earnings and near recent lows.
Sold SNOW Nov 17 2023 145.0 Put @ 3.05
SPY
#ShortPuts – One add.
Sold SPY Nov 10 2023 420.0 Put @ 3.20
AMCR
Bought a tiny bit of AMCR at $8.75. Div = 5.47%
#SP500 #FallingKnife
PARA MMM TGT Rolls
Bought to close 1 PARA Oct 13 2023 12.5 Covered Call at $0.01
Bought to close 1 MMM Oct 13 2023 93.0 Covered Call at $0.02
Bought to close 1 TGT Oct 13 2023 117.0 Covered Call at $0.02
Sold 1 PARA Oct 20 2023 12.5 Covered Call at $0.13
Sold 1 MMM Oct 20 2023 93.0 Covered Call at $0.21
Sold 1 TGT Oct 20 2023 117.0 Covered Call at $0.31
#CoveredCalls
TQQQ,
STO January 19, 30 puts at 1.62
SPY
#ShortPuts – Jumping back in down near the 200 day.
Sold SPY Nov 03 2023 425.0 Put @ 3.20
TQQQ, STO October 27, 39 puts at 1.51
BTO, November 17, 35 calls at 5.77
TLT
#ShortPuts #CoveredCalls – Rolling covered since we’re getting some weakness today and adding. Keeping everything pre Fed.
Rolled TLT Oct 13 2023 86.5 Calls to Oct 27 2023 88.0 Calls @ .10 debit (.72 and .78 total now)
Sold TLT Oct 20 2023 89.0 Put @ 2.02
Revenge Trade
#SPX1dte At 37 minutes before the close, Sold $SPX Oct 11th 4360/4365/4370 call butterfly for 1.30. Risking 3.70 to make 1.30. Trade expired worthless.
Market was more subdued today but still was whipsaw swinging. This is first time I have done a narrow butterfly like this; although market was consolidating at 4365 for about 30 minutes, it seemed apparent there would be another move before the close so I took this shot. It succeeded when market shot higher into the close.
No trade for tomorrow to avoid the CPI report aftermath (plus I’m driving to Colorado). I will consider a trade Friday morning. I am breakeven for the week, so I want to break the losing streak, even if it’s only by a dollar or so.
Flat
#SPX1dte Had to close put side as this steady march downward has small chance of following through. BTC puts for .25, so profit on day +.85
TLT
#ShortPuts – Moving this one in to a little shorter timeframe.
Bought to Close TLT Nov 17 2023 86.0 Put @ 1.29 (sold for 2.42)
Sold TLT Oct 20 2023 90.0 Put @ 2.15
SWK UVXY Spreads
Sold 1 SWK 10/20/2023 90/85 Bear Call Spread at $0.85 Credit
Sold 1 UVXY 10/13/2023 20.5/16.5 Bear Call Spread at $0.16 Credit
Sold 1 UVXY 10/13/2023 20.5/17 Bear Call Spread at $0.20 Credit
#OnlySpreads
CVS TSN WBA Calls
Sold 1 CVS 10/13/2023 75.00 Call at $0.27
Sold 1 TSN 10/13/2023 49.00 Call at $0.27
Sold WBA 10/13/2023 24.50 Calls at $0.42
Sold WBA 10/13/2023 25.00 Calls at $0.19
#OnlySpreads
SPX risk off
#SPX1dte Bought to close call side for .15. Today looking less bullish, however, the rallies in last few days started later in the morning so I’m getting out of the way.
Inflation
The producer price index increased 0.5% for September, against the Dow Jones estimate for a 0.3% rise.
Excluding food and energy, core PPI was up 0.3%, versus the forecast for 0.2%.
Inflation pressures came primarily from final demand goods, which surged 0.9% on the month, while services increased 0.3%.
SPX 1-dte
#SPX1dte Sold to Open $SPX Oct 11th 4290/4310-4420/4440 condors for 1.25, deltas -.07 +.05, IV 26.3%.
Slight bullish lean based on futures being slightly higher and the 5-day trend. Producer Price Index (PPI) report coming up at 8:30am ET.
PENN Call
#coveredcalls
$PENN STO 10/13 22 call at .45
CELH Put
#shortputs
$CELH STO 10/13 165 put at 1.80
CVS DG Calls
Sold CVS 10/13/2023 74.00 Calls at $0.22, $0.30 and $0.31
Sold 1 DG 10/13/2023 107.00 Call at $0.65
Sold DG 10/13/2023 108.00 Calls at $0.55 and $0.57
#OnlySpreads
SPY
#ShortPuts – Maybe approaching some resistance here. Taking about 60 percent a few weeks early.
Bought to Close SPY Nov 03 2023 415.0 Put @ 1.35 (sold for 3.00)
Bought to Close SPY Nov 17 2023 405.0 Put @ 1.40 (sold for 3.20)
TLT
#ShortPuts – Selling against some 86.50 covered calls for this week.
Sold TLT Oct 13 2023 88.0 Puts @ 1.50
Sold TLT Oct 13 2023 89.0 Put @ 2.30
NOC
#BearCallSpreads – Taking 60 percent in a day.
Bought to Close NOC Oct 13 2023 485/490 Bear Call Spread @ .40 (sold for 1.00)
Stopped
#SPX1dte. Neutral trading just not in the cards right now. Closed this morning’s call side for 2.05.
Now I need to worry about the one I sold yesterday. As we’ve been seeing for a third day straight, the move up moves quickly and steadily, then stops when it finds its level. Unfortunately, I just don’t know what that level will be. Yesterday I stopped out but would have been fine. Friday I stopped out and avoided a much bigger loss.
QQQ, I can’t resist.
STO QQQ
October 19, 355 puts at 1.31
October 23, 350 puts at 1.03
October 27, 345 puts at 1.13
TLT
#ShortPuts – Can’t resist. LOL
Sold TLT Nov 17 2023 86.0 Put @ 2.42
SPX part 2
#SPX1dte. Doubling down today. I know, I know, I’ve sworn off pushing boundaries… but I definitely need some catch-up premium in this slump.
Sold to Open $SPX Oct 10th 4260/4280-4385/4405 condors for 1.00, deltas -.05 +.05, IV 25.6%
IV higher in the AM than when I sold yesterday afternoon, as usual. This means I got same premium for a condor that is not much narrower. I will be looking to close one of the legs on each side as soon as premium drops.
SPX-1dte
#SPX1dte Sold to Open $SPX Oct 10th 4245/4265-4390/4410 condors for 1.00, deltas -.06 +.06, IV 17.9%
SPY
#ShortPuts – Taking half nearly six weeks early.
Bought to Close SPY Nov 17 2023 395.0 Put @ 1.25 (sold for 3.00)
Bought to Close SPY Nov 17 2023 400.0 Put @ 1.60 (sold for 3.32)
NOC
#BearCallSpreads – Taking a shot with a Whiz trade. Just one spread messing around. He went with 480/485 @ 1.30. I bumped it up a strike.
Sold NOC Oct 13 2023 485/490 Bear Call Spread @ 1.00
SPX stopped
#SPX1dte Stopped out of call side for 2.00. This was clearly a day i needed to close when the closing was cheap, and not wait for a stop.
WHR
Bought a tiny bit of WHR at 122.00 Div = 5.63%
#SP500 #FallingKnife
SNOW
#ShortPuts – Haven’t been doing a whole lot. Out of town last week for class reunion. Taking some profits on these. Might reload on a drop or move the buying power over to SPY.
Bought to Close SNOW Oct 20 2023 150.0 Puts @ 1.42 (sold for 2.40)
Bought to Close SNOW Oct 20 2023 155.0 Put @ 2.72 (sold for 4.05)
Economic Calendar 10/9 – 10/13
Monthly CPI report is released Thursday morning.
SPX same day
#SPX1dte Sold to Open $SPX Oct 9th 4210/4230-4345/4365 condors for 1.15, deltas -.06 +.06, IV 28.2%
UVXY
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
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.
SPXpire
#SPX1dte Today’s trade expired worthless. Waiting for the morning’s Jobs report before placing the next trade.
Options Bistro 