Barely worth posting, but for the sake of consistency…
Monthly Archives: June 2024
Economic Calemdar 7/1 – 7/5
Actually a fair amount of data coming in the Holiday week.
OptionsExpiration
EXPIRED:
BMY 43.5 Covered Call
BMY 44 Covered Calls
BMY 44.5 Covered Call
BMY 45 Covered Call
CVS 64 Covered Call
GILD 69 Covered Call
WBA 20.5 Covered Calls
SQQQ 9 Covered Call
PARA 11.5 Covered Call
VFC 15 Covered Call
VXX 13 Covered Calls
NVDA 102 Put
WBA 11.5 Put
GME 18 Put
UPS 128 Put
AAP 60 Put
SQQQ 8 Put
BOIL 15.5 Put
NUE 146/149 Bull Put Spread
UPS 129/132 Bull Put Spread
CMG 61.9 Diagonal Put
GME 19/21/31/40 Short Iron Condor
GME 23 Diagonal Put
GILD 74/70 Bear Call Spread
TSLA 177.5/187.5/210/220 Short Iron Condor
SBUX 70/77 Bull Put Spread
SPY 533/541/549/550 Short Iron Condor
ASSIGNMENTS:
None
VIX
Lottery ticket for a possible sh*t show between election day and inauguration day.
Bought VIX Dec 18 2024 20/30 Bull Call Spreads @ 1.06
TQQQ,
STO August 9, 60 puts at .71 and August 16, 60 puts at .95
SPX
Roll to Monday and up to just inside the expected move.
Rolled SPX Jun 28 2024 5465.0 Puts to Jul 01 2024 5475.0 Puts @ 5.25 credit (13.90 total now)
VXX long term puts
Bought VXX Jan 17 2025 5.0 Puts at $0.04.
#VXXContango
Picked the right day
What a day to skip for a neutral trader. Overnight was UP, and after a brief pullback before the open, we’re now at all-time highs again. This week’s $9+ profit made up for my past 5 losing and breakeven weeks, so I was comfortable skipping today. Fridays have been bad to me this year so happy to skip this one. Hoping for a few days of opportunities on the holiday week before next Friday’s job report.
TQQQ,
My $46 puts will expire at zero today.
USOY
#dividends
announced div today
Ex day is 7.1.2024 /$1.23 per share
BOT USOY @19.81989
NVDA
One add.
Sold NVDA Aug 16 2024 105.0 Put @ 2.00
SPX
I may regret this this but with weak premium next week staying aggressive tomorrow with the extra juice available.
Bought to Close SPX Jun 27 2024 5455.0 Puts @ .65 (sold for 34.10)
Sold SPX Jun 28 2024 5465.0 Puts @ 8.65
MMM Stock
Sold part of my tiny position in MMM at 104.01.
#FormerFakkingKnife
SPX 0-dte trades 6/27/24
#SPX0dte Sold to Open $SPX Jun 27th 5445/5475-5480/5510 condors for 13.559, IV 15.23%, at 8:53 ET.
SPY Expiration
1 SPY 06/26/2024 542.00 Diagonal Put. Sold at $0.26
TSLA Calls
Sold 1 TSLA 06/28/2024 220.0/210.00 Bear Call Spread at $0.27 Credit
COIN META MSFT TTD Calls
$COIN STO 6/28 235 calls at 1.57
$META STO 6/28 520 calls at 1.82
$MSFT STO 6/28 457.5 calls at .68
$TTD STO 6/28 101 calls at .23
SPX
Not much happening today. Straight roll to tomorrow.
Rolled SPX Jun 26 2024 5455.0 Puts to Jun 27 2024 5455.0 Puts @ 6.00 credit (34.10 total now)
SBUX CMG Puts – GILD Calls
Sold 1 SBUX 06/28/2024 70.0/77.0 Bull Put Spread at $0.12 Credit
Sold 1 CMG 06/28/2024 64.0/64.4 Bull Put Spread at $0.17 Credit (first day of post split strikes)
Sold 1 GILD 06/28/2024 75.0/70.0 Bear Call Spread at $0.34 Credit
SPX 0-dte trades 6/26/24
#SPX0dte Sold to Open $SPX Jun 26th 5440/5470-5475/5505 condors for 14.55, IV 15.28%, at 8:12am ET
UPS Puts
Sold 1 UPS 06/28/2024 129/132 Bull Put Spread at $0.36 Credit
Just prior to FEDEX earnings
SPX
Feels like it wants to drift lower. Rolling early on the little bounce. Out a day and down another strike.
Rolled SPX Jun 25 2024 5460.0 Puts to Jun 26 2024 5455.0 Puts @ 3.40 credit (28.10 total now)
SPX 0-dte trades 6/25/24
#SPX0dte Last night at 12:13am ET, sold to open $SPX Jun 25th 5425/5455-5460/5490 condors for 15.723. Didn’t get much decay overnight… price was 15.30 around 8am when structure was very close to centered ATM. But since then, it has dropped to 14.00. Considering when to exit.
This demonstrates how little decay there is overnight and that it really starts in earnest after 8am. Overnight risk may not be worth it, even if probability of stop-out is low.
NVDA
One add.
Sold NVDA Aug 16 2024 105.0 Put @ 3.45
SPX
Held out as long as I could for the theta. Roll out a day and down a strike now. Love a flat day!
Rolled SPX Jun 24 2024 5465.0 Puts to Jun 25 2024 5460.0 Puts @ 5.75 credit (24.70 total now)
SPX 0-dte trades 6/24/24
#SPX0dte Sold to Open $SPX Jun 24th 5405/5425-5505/5525 condors for 1.05, deltas -.06 +.06, IV 15.65%
Earnings 6/24 – 6/28
Economic Calendar 6/24 – 6/28
Lotsa stuff dropping Friday
OptionsExpiration
EXPIRED:
ALB 90 Put
NVDA 121 Put
PARA 9.5 Put
SQQQ 8 Put
TSLA 165 Put
BMY 43.5 Covered Call
BMY 44.5 Covered Call
BOIL 23 Covered Calls
BOIL 25 Covered Call
SBUX 85 Covered Call
VFC 14.5 Covered Call
GME 10/23 Bull Put Spread
GME 48/40 Bear Call Spread
ASSIGNMENTS:
GILD 69 Covered Call (glad to get my cash back)
SPX
Out to Monday and down a strike.
Rolled SPX Jun 21 2024 5470.0 Puts to Jun 24 2024 5465.0 Puts @ 4.25 credit (18.95 total now)
NVDA
One more a little closer in. Plenty of rolling time before earnings.
Sold NVDA Jul 19 2024 115.0 Put @ 2.59
TLT
Doubling up the divvy again.
Bought to Close TLT Jun 21 2024 94.0 Calls @ .03 (sold for .45)
Sold TLT Jul 19 2024 97.0 Calls @ .42
Sold TLT Jul 19 2024 98.0 Calls @ .29
NVDA
Could’ve done a lot better earlier but missed it. Just a little starter at the expected move the week before earnings.
Sold NVDA Aug 16 2024 110.0 Put @ 2.70
TQQQ,
STO August 2, 60 puts at .95
TQQQ,
My June 21 40 puts and 50 puts will expire at zero today.
SPX 0-dte trades 6/21/24
#SPX0dte As posted below, at last night’s close I sold to open $SPX Jun 21st 5395/5415-5530/5550 condors for 1.15, IV 14.91%, deltas -.07 +.06. This morning, IV is 21.92%, and a similar delta condor is going for the same or more. The night-before entry didn’t help me. It may be the 9:45 PMI data, but traders knew that was coming yesterday too. Overnight moves were minor.
#SPXah Last night at 9:07pm PT sold to Open $SPX 5445/5475-5480/5510 condors for 18.35. At the overnight low (about 1:40am PT) it got up to 19.43. Now as we are currently rising in premarket, it is 17.70. I will close this before PMI. High to low swing overnight was over 20 points, so I’m glad to see it only got a buck in the hole. However, the IV remains high this morning so decay has been minimal.
TQQQ,
STO July 26, 60 puts at .75
GME WBA GILD Calls
Sold 1 GME Jun 21 2024 48/40 Bear Call Spread at $0.07 Credit
Paired with one of the Diagonal Put Spreads I sold yesterday
Sold 1 GILD Jun 28 2024 69.0 Covered Call at $0.23
Sold WBA Jun 28 2024 20.5 Covered Calls at $0.04
Replacing similar Calls that expired last week.
#EveryLittleBitHelps
ALB NVDA TSLA Puts
Sold 1 ALB Jun 21 2024 90.0 Put at $0.08.
Sold 1 NVDA Jun 21 2024 121.0 Put at $0.05.
Sold 1 TSLA Jun 21 2024 165.0 Put at $0.06.
Using up all my buying power. Expires tomorrow.
#EveryLittleBitHelps
SPX
Rolling to just inside the expected move. C’mon Mr. Market take a run at it.
Rolled SPX Jun 20 2024 5460.0 Puts to Jun 21 2024 5470.0 Puts @ 5.50 credit (14.70 total now)
SPX 0dte trades 6/20/24
#SPX0dte Sold to Open $SPX Jun 20th 5435/5455-5540/5560 condor for 1.05, deltas -.07 +.07, IV 16.05%
VIX Put Expiration
1 VIX Jun 18 2024 12.0 Put
GME Diagonal Puts
Bought 1 GME Jun 28 2024 19.0 Put / Sold 1 Jun 21 2024 23.0 Put at $0.15 Credit
Bought 1 GME Jul 05 2024 18.0 Put / Sold 1 Jun 21 2024 23.0 Put at $0.16 Credit
Covering the cost of my original buy of Jun 21 2024 10.0 Puts a month ago
Overnight strategy details
#SPX0dte #SPXah I started “#SPXah” hashtag for this. It is basically the same IB/condor trade we have been doing same-day but placed around 9pm Pacific and closed before the next day’s open. I recently discovered that SPX options can be traded from 5:15pm to 6:15am PT, whereas before I thought it was only 3a-6:15a.
(I’m usually post times in ET but using PT time here since that’s where I live)
Overnight moves CAN be large, but lately we’ve been in a period with the market making its moves during market hours and the overnight being fairly calm. I tracked the price of the condors with a 5-pt middle and 30-pt wings from 5:15pm onward. I have seen little decay in the price between 5:15 and midnight, so waiting until 9pm to enter the trade. To exit trade before 5:30am, when data releases typically happen, we can usually only expect .85 t0 1.50 in profit.
The premium does NOT move very much with minor swings. It seems we need at least a 20 point move before we hit a 2-dollar stop level. So in the first two live trades I’ve done, I entered bracket orders to take profits at 1.10 and stop-loss at 2.00. I had one loss and one win.
The chart below shows the 10 days tested, with notes. For two weeks potential profit is +3.76.
You must monitor the /ES chart for movement, but look at the $SPX option chain to determine the centered strikes, looking at the puts and calls that are each closest to .50 delta.
I’m thinking best approach is to make sure the first 4 hours (5:15-9:15pm) have no major market moves from the close. If earnings or something have caused volatility, skip the trade as it is more likely to keep moving overnight. Also, may be best to avoid large events occurring the expiry day, even though test trades on both Jobs and CPI reports worked, because the premium sold was so high that the IV drop made up for the move in the index.
Check out the chart and let me know if you have questions.
SPX Update
Just looking at my oldest position (one spread). Dec 2027 5000/5000/5400. Set the position back on Feb 7th when the market was around 5000. Since then we’ve rallied 10 percent. There was about a month in there where I collected zero premium and had to roll the short put sales down while we were selling off a little. That can be expected. It is nice to see that decent money can be made even when the market is going big against your synthetic short LEAPS.
Here’s the actual numbers:
Cost to open the position: 22500 debit
Cost to close the position: 5400 credit
Loss on LEAPS: 17100
Total daily premium received: 32000
Net gain if closed everything today: 14900
That works out to about 46 cents on the dollar going to profit.
My thoughts: In a flatter market these would make really really good money. Been pretty much straight up the whole time but pretty easy to keep up with the lossses on the LEAPS. Already over halfway to covering max loss and the trade still has 182 weeks to run (130 weeks if I close it a year early).
Decision to make:
1. Do I close now and reset the LEAPS higher to reduce the risk and margin in the daily sales?
I say not yet since a selloff can still help the LEAPS and plenty of time to roll down the daily sales and margin requirements are still not terrible. I can’t confirm but it feels like the higher we go the less short deltas the LEAPS have. It feels like the losses are bigger as the LEAPS initially get out of the money and get closer to max loss. Pretty easy to sell the daily to flatten the delta on the overall position now with the LEAP deltas only being short 26 where they were initially around 50 at the beginning of the trade.
Gonna continue and see how things play out. So far so good.
#fuzzyspxexperiment (so I can find this post in a search LOL)
EDITED: Changed last paragraph from “in the money” to “out of the money”
SPX
This might cool things off a little…selling half the expected move.
Bought to Close SPX Jun 17 2024 5400.0 Puts @ .20 (sold for 12.55)
Sold SPX Jun 20 2024 5460.0 Puts @ 9.20
SPX 0-dte trades 6/18
SPX
Gonna be on the road rest of the day so rolling early on the first little dip.
Rolled SPX Jun 17 2024 5400.0 Puts to Jun 18 2024 5405.0 Puts @ 6.00 credit (12.55 total now)
SPX 0-dte trades 6/17/24
#SPX0dte Sold to Open $SPX Jun 17th 5400/5430-5435/5465 condors for 13.70, IV 15.71%
Earnings 6/17 – 6/21
Economic Calendar 6/17 – 6/21
Retail Sales numbers Tuesday, market closed Wednesday, PMI reports Friday
Markets
Even within tech there is a staggering divergence – yesterday the Nasdaq hit a new record high despite more than 70% of the index closed lower on the session!
OptionsExpiration
The last one for a while as I wait for my account to be moved
EXPIRED:
1 BMY 43.5 Covered Call
1 BMY 44.5 Covered Call
1 CVS 61.0 Covered Call
1 GILD 69.0 Covered Call
1 VFC 14.0 Covered Call
VXX 13.0 Covered Calls
WBA 20.5 Covered Calls
1 UPS 133.0 Put
1 AAP 59.0 Put
1 KOLD 29.0 Put
1 BOIL 27.5/23.5 Bear Call Spread
1 GME 15.5/17.5/40/42 Short Iron Condor
1 GME 15.5/25/65/70 Short Iron Condor (now completely out of GME)
1 SBUX 86/80 Bear Call Spread
VXX 11.0 Diagonal Puts
VXX 17/13 Bear Call Spreads
ASSIGNMENTS:
1 SQQQ 9.0 Put (last night)
1 PARA 11.5 Put
CLF 16.0 Puts
Last Straw for Fidelity
After making a mistake and buying back at $0.01 a SPY put that I sold as part of a diagonal spread on the same day I sold it, Fidelity put my IRA on restriction for 90 days because I couldn’t meet a $28k day trade margin call.
I’m done with them. Moving this entire account to TT
SPX
Another round. Nice end to a record week…53.10 in premium. Thank you Fed! (technically 7 trading days going back to last Thursday)
Bought to Close SPX Jun 14 2024 5395.0 Puts @ 1.05 (sold for 15.90)
Sold SPX Jun 17 2024 5400.0 Puts @ 6.55
GME
#shortputs
#closing
#releasingcapitol
Btc GME 14 JUN 2024 29 PUT @1.11
sto Wednesday@3.19
XBI
Adding.
Sold XBI Jul 19 2024 88.0 Puts @ 1.30 and 1.40
TQQQ
STO August 2, 60 puts at 1.05
CSCO UPS Stock
Started tiny new positions
CSCO at $45.00
UPS at $133.00
#FallingKnife
TQQQ,
My June 14, 52 puts will expire at zero today.
VXX Long Term Puts
Bought VXX Jan 17 2025 6.0 Puts at $0.12
#VXXContango
SPX 0-dte trades 6/14/24
#SPX0dte After a week of wild swings and all-time highs, I think today’s market has a chance of bouncing from this overnight dip. Going with a #riskreversal
Sold to open $SPX Jun 14th 5350/5330 put spreads, delta -.07
Bought to open Jun 14th 5450/5465 call spreads, delta +.10
Total DEBIT -.30
Not looking for an ITM expiration; just 2 to 4 dollars on the intraday high.
Later I will share a new overnight trade I’ve been testing. Of course, after 8 straight days of testing success, my first day trying it live was a loss (due to this morning’s pre-market pullback). Seems to befall me every time I first switch from test to live!
SPX
A little early on these today.
Rolled SPX Jun 13 2024 5390.0 Puts to Jun 14 2024 5395.0 Puts @ 4.00 credit ( 15.90 total now)
TAP Stock
Started a tiny new position in TAP at $50.00
Time to buy a six pack 🙂
#FallingKnife
VIX Put
Sold 1 VIX Jun 18 2024 12.00 Put at $0.14
#EveryLittleBitHelps
SPX 0-dte trades 6/13/24
#SPX0dte Sold to Open Jun 13th 5400/5430-5435/5465 condors for 16.15, IV 18.54, at 8:49 ET
GME
#shortputs
#Walkingonthewildside
STO GME 14 JUN 2024 29 PUT @3.09
VXX Long Term Puts
Bought VXX Jan 17 2025 6.0 Puts at $0.16 and $0.14
#VXXContango
HE F
#coveredcalls
#everylittlebithelps
Sto HE 14 JUN 2024 10.5 CALL @.08
Sto F 14 JUN 2024 12.5 CALL @.04
TQQQ,
STO July 26, 60 puts at .91
SPX
Moving up into the gap and just below the big even number. Doing this early today to get the higher premium still priced into tomorrow for JP today. More data tomorrow too. Come and get it Mr. Market!
Bought to Close SPX Jun 12 2024 5340.0 Puts @ 1.15 (sold for 13.20)
Sold SPX Jun 13 2024 5390.0 Puts @ 11.90
CPI unchanged in May; up 3.3% Y/Y
Economists surveyed by Dow Jones had been looking for a 0.1% monthly gain and a 3.4% annual rate.
Excluding volatile food and energy prices, core CPI increased 0.2% on the month and 3.4% from a year ago, compared to respective estimates of 0.3% and 3.5%.
https://www.cnbc.com/2024/06/12/cpi-report-june-inflation.html
SPY Expiration
1 SPY 06/11/2024 523/528 Bull Put Spread – sold yesterday at $0.22
Flat (at least in the near term) in SPY
SPX
Could’ve gotten 19 bucks for a roll this morning. Just couldn’t get any sort of weakness all afternoon which is what you really need when waiting later in the day.
Bought to Close SPX Jun 11 2024 5340.0 Puts @ .20 (sold for 3.10)
Sold SPX Jun 12 2024 5340.0 Puts @ 13.20
OK Mr. Market you are now free to sell off last hour. LOL
SPX 0-dte trades 6/11/24
#SPX0dte Sold to Open $SPX Jun 11th 5315/5345-5350/5380 condors for 14.15, IV 15.71%, at 8:26 ET
Options Bistro 