Monthly Archives: November 2025
Econ Calendar 12/1 – 12/5
SPX Fun Fact
Closed Oct 31st @ 6840
Currently @ 6840
LEAPS have not changed in value this month so every bit of premium is straight to the bottom line!
We did open higher on Nov 3rd so Nov is showing slightly down for the month but in reality unchanged from Oct close.
SPX XSP
Bought to Close SPX Nov 28 2025 6750.0 Put @ .45 (sold for 89.40)
Sold SPX Dec 01 2025 6775.0 Put @ 6.65
Bought to Close XSP Nov 28 2025 675.0 Puts @ .10 (sold for 2.50)
Sold XSP Dec 01 2025 677.0 Puts @ .65
Gold vs. Interest rates
If you take CPI data at face value, the current real rate is between 1.6 and 1.25 percent (That’s the Fed funds rate minus the current CPI of 2.9 percent).
If the Federal Reserve cuts its rate by 25 basis points, as expected, the average real rate will fall below 1 percent. Two or three more cuts will result in a negative real rate. And if price inflation continues to increase, negative rates will manifest even faster.
Keep in mind that the true price inflation rate is higher than the CPI indicates. The government revised the CPI formula in the 1990s so that it understates the actual rise in prices. Based on the formula used in the 1970s, CPI is closer to double the official numbers. So, given the current BLS estimate of 2.9 percent, under the old formula, you’d be looking at CPI closer to 6 percent. In other words, real rates may well already be negative.
And that means there is no opportunity cost to holding gold or silver.
This is extremely bullish for precious metals. It explains why their prices have rallied every time the Fed has hinted at cutting. And it’s one of the reasons many analysts believe the gold and silver rally has plenty of legs left.
The truth is (although they would never say it out loud), the central bankers over at the Federal Reserve prefer negative real rates because it softens the government’s massive debt burden.
Happy Thanksgiving
GLD expiration
1 GLD 11/26/2025 391/390 Bear Call Spread
SPX
Rolling up to the bottom of the new expected move for Friday.
Rolled SPX Nov 28 2025 6715.0 Put to Nov 28 2025 6750.0 Put @ 3.50 credit (89.40 total now)
SPY
Taking about 75 percent 3 weeks early.
Bought to Close SPY Dec 19 2025 595.0 Put @ .76 (sold for 4.25)
Bought to Close SPY Dec 19 2025 600.0 Put @ .85 (sold for 4.75)
Bought to Close SPY Dec 19 2025 605.0 Put @ .98 (sold for 4.00)
Bought to Close SPY Dec 19 2025 610.0 Put @ 1.07 (sold for 4.00)
Bought to Close SPY Dec 19 2025 615.0 Put @ 1.25 (sold for 4.53)
Bought to Close SPY Dec 19 2025 620.0 Put @ 1.40 (sold for 4.58)
Bought to Close SPY Dec 19 2025 625.0 Put @ 1.60 (sold for 4.00)
CPB Puts
Sold 1 CPB 11/28/2025 30.0 Put at $0.17
Sold 1 CPB 11/28/2025 29.5 Put at $0.07
#TinyPuts #EveryLittleBitHelps
MSFT Puts
Sold 1 MSFT 11/28/2025 442.5/447.5 Bull Put Spread at $0.24 Credit
XSP
Taking these on out to Friday.
Rolled XSP Nov 25 2025 664.0 Puts to Nov 28 665.0 Puts @ 1.50 credit (2.33 total now)
BBY Puts
On Monday sold these low risk puts
Sold 1 BBY 11/28/2025 64.0 Put at $0.18
Sold 1 BBY 11/28/2025 61.0 Put at $0.16
#TinyPuts
SOXL META GOOGL Calls
#coveredcalls #syntheticcoveredcalls
$SOXL STO 11/28 37.5 call at .75
$META STO 11/28 640 call at .80
$GOOGL STO 11/28 327.5 call at 1.90
GLD expiration
1 GLD 11/24/2025 384/381 Bear Call Spread
XSP
Bought to Close XSP Nov 24 2025 660.0 Puts @ .03 (sold for 3.10)
Sold XSP Nov 25 2025 664.0 Puts @ .83
MSTX puts and stock
Got assigned on MSTX 5.50 put on Friday
Just dumped the stock at $5.61.
Then Sold 1 MSTX 11/28/2025 5.0 Put at $0.17
#TinyPuts
SPX
My biggest SPX position is in Dec monthly at 6830 strike. Throwing this out there just above that as a little hedge. Come get it!
Sold SPX Dec 19 2025 6850/6855 Bear Call Spreads @ 1.70
And: Decent size SPY short put position in Dec monthly also. So very happy if this spread takes some heat.
Testing out the @fuzzballl SPX…
Testing out the @fuzzballl SPX strategy
I’m joining Jeff and some others in trying out Fuzzy’s well-documented strategy (YouTube videos were very helpful, thanks!)
Basically, I’m looking for less stress, or maybe more accurately less need to constantly watch my screen during the trading day monitoring 0DTE SPX trades. I’ve been profitable selling put and call spreads over the last couple of years but the volatility creates big up and down weeks which require a lot of maintenance as many here have talked about.
After careful review of the strategy I decided to put a 1 lot out there and watch it closely, and get into the rhythm of the daily rolls. I’ll run this parallel to my existing trades for a while and at some point I will look to jump to the @fuzzballl‘s LEAP strategy exclusively if I can create close to the income I’m currently generating. Life is too short LOL.
So here is my first pilot position:
A little while ago, with SPX around 6640-
Bought Dec 2029 LEAP 6600/6600/7000 @ 460.25
Sold Nov 24 6590 put at the expected move @ 7.90
I’ll obviously be watching closely and tracking all the trades carefully to monitor cost basis reduction.
Thank you Fuzzy for sharing all of this info with us, in the forum daily and on YouTube. I hope my decision to enter doesn’t cause the market to go into a tizzy. I know we all have that power around here. 😀
Earnings 11/24 – 11/28
Econ Calendar 11/24 – 11/28
Week One result
I entered the trade on Monday when SPY was at 672, and the week ended at 659. With a one-lot my account is down 150.00, which is pretty satisfying for a week that was down 13 points. This included three rolls totaling 2.54, including two assignments. My ITM short 677 put is currently at -18.00.
If I had purchased 100 shares of SPY stock, I’d be down 1,300.
If I had just bought the LEAPs spread and not sold puts, I’d be up 594.
TQQQ,
I will be assigned on my $100 puts which are now $50 puts on the TQQQ and my cost basis will be $49.28 so will be writing covered calls on Monday. Have a nice weekend.
XSP
Reloaded. No early assignment risk now. Went as far out in time as I could….wish they had further out available though. Decent fills without much trouble so the liquidity seems to be there.
Dec 2027 660/660/700 @ 33.25
Sold XSP Nov 24 2025 660.0 Puts @ 3.10 (selling 4 against 5 LEAPS)
SPX
Rolled SPX Nov 21 2025 6725.0 Put to Nov 28 2025 6715.0 Put @ 4.00 credit (79.50 total now)
Rolled SPX Nov 21 2025 6850.0 Puts to Dec 19 2025 6830.0 Puts @ .50 credit (90.80 total now)
Since this is a sharing…
Since this is a sharing platform posting a trade I put on yesterday. Standard BWB 200 point range on SPX with a 5 point offset or a total margin of 10k on 10 contracts. Nice flat T + zero line and because initially delta negative I make money right away if the market tanks.
Today market is up and continuing with the discussion below about getting run over to the upside I am adding 10 calendars above the market. Puts are cheaper but calls allow you to diagonalize to the upside if it keeps moving. More likely I just add some additional calendar spreads. Do not hold until expiration, I am usually taking 5-20% profits on these in 1-2 weeks. Sometimes like this week it took 3 weeks to hit the 10% range.
Summary, I start with a BWB or a calendar then depending on what the market does I convert to a rhino trade of some sort. Rinse and repeat every 1-2 weeks. Documented 496% returns from Oct. 2020 until now. Actually up a few more percentage last few weeks but have not done the calculations yet.
Losing trades to the downside I move half of the center strikes down with a vertical roll.
After the adjustment have an upside protected rhino
Since switching to this and a few other styles of trading my returns have been consistent, crushes the market, and I can sleep well at night because everything is hedged. No more blowing up accounts chasing returns.
Cheers, Chris
SPY
I was assigned on Nov 28th 680 puts. Sold the stock pre market and closed the LEAPS when the market opened. This is my second assignment already with SPY in this account which is annoying. Had 10 of these so resetting to 1 SPX in that account or possibly using XSP.
Closed SPY Jan 2028 680/680/720
Sold assigned stock @ 655.75 (basis 673.55)
Gain on LEAPS: 14470
Loss on stock: 17837
Net loss: 3367 on a 10 lot
Thoughts:
Remember, the LEAPS aren’t full 100 deltas so they won’t make up for all losses on a big selloff since the daily put sales get to full delta quicker since they are closer to expiration. That’s a main reason for leaving a few of them uncovered…maybe sell 8 against 10.
Since I hadn’t been in this long enough to really accumulate a lot of premium and was assigned stock twice the trade was sitting at a loss. You make the big bucks being in these long term. When I reset I’ll roll this loss into the basis of the new position.
NOTE:
Issues with Fidelity this morning. I did find out that you can get free option trades for the next year if you switch over to their new platform called Fidelity Trader Plus. Seems like it’s going to be a lot better and stable.
OKLO
40 put sold @ 18.88/should expire today.
this was short side of part of a spread about 4 months ago, and rolled out.
at the time sold the long side for a profit and patiently waited/lol
SPY LEAP/dailys
Got assigned on my Nov 24th 677 puts, two trading days before expiration.
Sold stock for 655.75 and sold the Dec 1st 677 puts for 22.72. That’s a roll of 1.47 credit. I was able to do that by legging in on the opening swings. A scary move I don’t try often, but sold the put on the 9:39am down bar and sold the stock on the 9:42am spike up (ET, 1-min chart).
So now this is 5-trading days out, over the holiday week. I will look to roll on Wednesday to avoid assignment.
So, WTF Happened Today!?
https://www.zerohedge.com/markets/mega-caps-crypto-pumped-dumped-ahead-largest-nov-opex-history
SPY
Adding to Dec ladder. Filled while I was out.
Sold SPY Dec 19 2025 595.0 Put @ 4.25
SPY
Adding to Dec ladder.
Sold SPY Dec 19 2025 600.0 Put @ 4.75
September Jobs Report
#Jobs — Higher than expected, although August went negative and UE ticks up
Gain of +119,000 non-farm payroll jobs, vs. expected gain of 50K
Unemployment up by 0.1 at 4.4%
U6 unemployment 8.0%, down by 0.1
Labor force participation up 0.1 to 62.4%
Average hourly earnings up by 0.2%; +3.8% Y/Y
July jobs revised down by -7K to +72K
August jobs revised down by -26K to -4K
UVXY Reverse Split
Also split today after close. Will start trading after split on Thursday.
TQQQ SPLIT 2-FOR-1
TQQQ split today after close. Will start trading after split on Thursday.
New trades
I’ve been paper trading @fuzzballl‘s LEAP strategy on paper, for both $SPX and $SPY, and I started one in $SPY live this week. Just one contract to get an idea how it affects margin and NLV over time. Since I’m not trading too much of my regular strategies right now I devoted one account to this trade.
Monday, with 1/21/28 expiration, bought the 675 put, sold the 675/715 call spread, total debit 37.76.
Monday, sold the Tuesday 677 put for 7.00
Monday night, I was assigned stock!
Tuesday, rolled the stock to Thursday’s 677 put, net credit .27
Today, rolled the Thursday 677 to Monday’s 677, net credit .80.
Not a great start, due to this week’s dropping market. But I will be rolling deep ITM puts a day or more before expiration to avoid assignments. Despite this, the account’s value has barely dropped due to the increase in value on the LEAP spread.
I am also testing on paper doing this in reverse, with LEAP long call and selling daily calls. However, the skew is large, so this will take more time to break even. It cost me (virtually) 79.33 to enter the reverse spread, which only cost me 37.66 on the put side. It may benefit from better rolls on the call side but I will wait and see whether it’s ever worth trying with live money.
SPY
Adding to Dec ladder.
Sold SPY Dec 19 2025 605.0 Put @ 4.00
SPX
Driving for the next couple days so rolling out and down to Friday. Didn’t think I was gonna find somewhere to pull over in time today!
Rolled SPX Nov 17 2025 6750.0 Put to Nov 21 2025 6725.0 Put @ 6.00 credit (81.50 total now)
Earnings 11/17 – 11/21
Econ Calendar 11/17 – 11/21
*Recent government shutdown means these are more susceptible to change than normal.
Expired
SRPT 19
GOOGL 295
AMD 277.5
SPY (SPX Style Setup)
Rolling out and down 2 weeks.
Rolled SPY Nov 14 2025 682.0 Puts to Nov 28 2025 680.0 Puts @ .80 credit (6.80 total now)
SPX
Out to Monday:
Rolled SPX Nov 14 2025 6750.0 Put to Nov 17 2025 6750.0 Put @ 10.50 credit (75.50 total now)
Out to next Friday. Sticking with same strikes for now.
Rolled SPX Nov 14 2025 6850.0 Puts to Nov 21 2025 6850.0 Puts @ 10.00 credit (90.30 total now)
And leaving the milk and cookies out for Santa.
Rolled SPX Nov 14 2025 6900.0 Put to Dec 19 2025 6900.0 Put @ 33.00 credit (133.50 total now)
Done for the week. LSU football tomorrow!
SPY
Added at the open.
Sold SPY Dec 19 2025 610.0 Put @ 4.00
Sold SPY Dec 19 2025 615.0 Put @ 4.53
Sold SPY Dec 19 2025 620.0 Put @ 4.58
SPY
Starter. Outside the expected move and just above the 200 day.
Sold SPY Dec 19 2025 625.0 Put @ 4.00
SPX Expected Move
The horizontal white lines are the Friday close and the upper and lower edges of the SPX weekly expected move. I reset these every weekend just to have a reference. Amazing how often they turn out to be pretty accurate. Yesterday rallied to the top now selling back into the middle. Still above where we closed last Friday.
Could probably do pretty good fading those levels. Sell call spreads when upper edge is hit and sell put spreads when lower edge is hit.
The blue lines are where my SPX short put strikes are and yellow and red are 20 day and 50 day moving averages. That’s about it on my charts.
TQQQ,
BTC Nov. 14, $95 puts at .10, sold at .75
STO November 21, $100 puts at 1.17
GLD Expiration
1 GLD 11/12/2025 356/362 Bull Put Spread
1 GLD 11/12/2025 358/363 Bull Put Spread
AMD GOOGL Call
#coveredcalls
$AMD STO 11/14 277.5 call at 1.40
TQQQ,
I rolled my November 14, $95 puts to November 21, $100 puts for a credit of $1.18
GLD Expiration
1 GLD 11/10/2025 360/364 Bull Put Spread
Earnings 11/10 – 11/14
Econ Calendar 11/10 – 11/14
Expiration
#coveredcalls #syntheticcoveredcalls
$NVDA 210 call
$HOOD 148 call
$TSLA 472.5 call
$META 660 call
$GOOGL 292.5 call
$SOXL 52 call
Have a nice weekend. Bring the scopolamine for next week’s gyrations.
TSLA Call
#coveredcalls
$TSLA BTC 11/14 520 call at .45. STO on 11/5 at 3.85
SPX
A couple standing orders hit while I was out this morning.
Rolled SPX Nov 7 2025 6750.0 Put to Nov 14 2025 6750.0 Put @ 30.00 credit (65.00 total now)
Booked a gain on a hedge:
Sold to Close SPX Dec 21 2029 6000/5500 Bear Put Spread @ 113.00 (bought for 102.60)
SPX SPY
Rolling out a week but maintaining same strikes for now.
Rolled SPX Nov 6 2025 6850.0 Puts to Nov 14 2025 6850.0 Puts @ 12.50 credit (82.90 total now)
Rolled SPX Nov 7 2025 6850.0 Puts to Nov 14 2025 6850.0 Puts @ 13.00 credit (72.05 total now)
Rolled SPY Nov 7 2025 682.0 Puts to Nov 14 2025 682.0 Puts @ 1.50 credit (6.00 total now)
Swings continue
2025 continues to be the bizarro year for intraday moves. Whereas the last seven years (at least) have shown that 6-delta EM breaches were the rarity, the have now become the norm. It was predictable that after yesterday’s call-side EM breach, that today we would see a put-side breach. Sadly, I predicted its likelihood but didn’t buy a put spread (let the record show I am adverse to long trades). I have been trying to find trades here and there. Last week I did okay with some ATM narrow condors, but this week so far has been a misfire. On the sidelines for now.
SPX
Leaving the lid on. Come get it Mr. Market. Rolling on the bounce.
Rolled SPX Nov 7 2025 6900.0 Put to Nov 14 2025 6900.0 Put @ 15.00 credit (100.50 total now)
SPX
Straight roll (again). 🙂 🙂 🙂 Of course get a bigger bounce after getting filled.
Rolled SPX Nov 5 2025 6850.0 Puts to Nov 6 2025 6850.0 Puts @ 1.00 credit (70.40 total now)
Rolled SPY as well for .35 credit…..
TQQQ,
STO November 14, $95 puts at .75
SP500 Falling knife
Bought a tiny bit more of BAX at $18.00
Bought a tiny bit more of CLX at $108.00
Bought a tiny bit more of KMB at $100.00
All yield north of 4% and are at new lows
SPX
Straight roll (again). 🙂 🙂 🙂
Rolled SPX Nov 4 2025 6850.0 Puts to Nov 5 2025 6850.0 Puts @ 6.50 credit (69.40 total now)
SPY
Straight roll (again).
Rolled SPY Nov 4 2025 682.0 Puts to Nov 5 2025 682.0 Puts @ .80 credit (4.20 total now)
TQQQ,
STO November 14, $100 puts at 1.20
SPX
Adding one. Maybe a little bounce when the Gubment shutdown ends this week.
Sold SPX Nov 7 2025 6750.0 Put @ 35.00
GLD Expiration
1 GLD 358/361 Bull put spread
1 GLD 362/366 Bull put spread
SPY
First roll of a new SPY position in a different account.
New position is Jan 2028 680/680/720
Rolled SPY Nov 3 2025 682.0 Puts to Nov 4 2025 682.0 Puts @ 1.09 credit (3.40 total now)
SPX
Another straight roll. Rolling all but one. Waiting to see how the day goes. Either roll it later or leave it uncovered for awhile for downside help.
Rolled SPX Nov 3 2025 6850.0 Puts to Nov 4 2025 6850.0 Puts @ 10.50 credit (62.65 total now)
Earnings 11/3 – 11/7
Econ Calendar 11/3 – 11/7
Options Bistro 