#ShortPuts – Starting to see some nice premium with VIX pushing 20. Going outside the expected move and down to the 200 day.
Sold SPY Jun 21 2024 465.0 Put @ 3.42
Author Archives: fuzzballl
SPY
#ShortPuts – Couldn’t resist. Starters around the expected moves and the 100 day. Beyond this I’ll be looking at the 200 day to add any more.
Sold SPY May 10 2024 490.0 Put @ 2.95
Sold SPY May 17 2024 485.0 Put @ 2.95
Sold SPY May 24 2024 480.0 Put @ 2.85
SPX
#SyntheticShortStock – Played it not so good this week.
Had the 5240 sitting for today. Early in the week rolled it into Wed and up to 5245 at even. Was playing for a bounce on the numbers. That didn’t work. LOL
Had to roll it back out to next week 5240 at even. No harm no foul. Took a shot. Only downside is if I would’ve waited could’ve rolled it today out to next week’s 5230 at close to even.
Each roll down in the short puts adds gains to the synthetic shorts. If we really sell off might have to start rolling it a few weeks out and down. For example even with it 90 points in the money right now I could roll it to May and down 80 points for close to even. Now that would really help the shorts!
SPX
#SyntheticShortStock – Wow. Didn’t see this reversal coming. Way too early on these this morning. Out a week and down a couple strikes. May adjust again Monday.
Rolled SPX Apr 05 2024 5250.0 Puts to Apr 12 2024 5240.0 Puts @ even (22.65 total now)
SPX
#SyntheticShortStock – More data coming in the morning so very aggressive here. No clue how the market will react.
Rolled SPX Apr 05 2024 5240.0 Puts to Apr 05 2024 5250.0 Puts @ 3.85 credit (22.65 total now)
SPX
#SyntheticShortStock – Out to Friday and down a strike.
Rolled SPX Apr 02 2024 5245.0 Puts to Apr 05 2024 5240.0 Puts @ 2.00 credit (18.80 total now)
SPX
#SyntheticShortStock – Straight roll today.
Rolled SPX Apr 01 2024 5245.0 Puts to Apr 02 2024 5245.0 Puts @ 6.25 credit (16.80 total now)
SPX
#SyntheticShortStock – Gonna call these good. Got my roll target so resetting accumulated premium.
Bought to Close SPX Mar 28 2024 5235.0 Puts @ 1.55 (sold for 25.65 and 26.15)
Sold SPX Apr 01 2024 5245.0 Puts @ 10.55
SPX
#SyntheticShortStock – Rolling down a strike. Could have gotten 3.50 for this at the open but thanks to Fidelity’s absolutely horrible mobile app had to wait until back home.
Rolled SPX Mar 27 2024 5240.0 Puts to Mar 28 2024 5235.0 Puts @ .50 credit (25.65 and 26.15 total now)
SPX
#SyntheticShortStock – Straight roll again today.
Rolled SPX Mar 26 2024 5240.0 Puts to Mar 27 2024 5240.0 Puts @ 4.10 credit (25.15 and 25.65 total now)
SPX
#SyntheticShortStock – Straight roll today.
Rolled SPX Mar 25 2024 5240.0 Puts to Mar 26 2024 5240.0 Puts @ 4.50 credit (21.05 and 21.55 total now)
SPX
#SyntheticShortStock – Straight roll.
Rolled SPX Mar 22 2024 5240.0 Puts to Mar 25 2024 5240.0 Puts @ 6.10 credit (16.55 and 17.05 total now)
SPX
#SyntheticShortStock – Another round.
Bought to Close SPX Mar 21 2024 5200.0 Puts @ .45 and .55 (sold for 12.15)
Sold SPX Mar 22 2024 5240.0 Puts @ 10.45 and 10.95
SPX
#SyntheticShortStock – Another round. Staying aggressive.
Bought to Close SPX Mar 20 2024 5150.0 Puts @ .65 (sold for 13.70)
Sold SPX Mar 21 2024 5200.0 Puts @ 12.15
SPX
#IronFlies – My lottery ticket for fun today. Betting on a 5200 pin. My regular positions would like to see it lower so throwing something out there for a bounce.
Sold SPX Mar 20 2024 5190/5200/5200/5210 Iron Fly @ 9.20
Threw an order in to close it for 2.00 so it’ll be easy to cancel and replace if we get anywhere close.
SPX
#SyntheticShortStock – Ready for a possibly wild day tomorrow (but finish unchanged) LOL!
Bought to Close SPX Mar 19 2024 5150.0 Puts @ .70 (sold for 26.00 and 26.70)
Sold SPX Mar 20 2024 5150.0 Puts @ 13.70
SPX
#SyntheticShortStock – Good IV for rolling this week so taking a little more risk.
Rolled SPX Mar 19 2024 5145.0 Puts to Mar 19 2024 5150.0 Puts @ 2.00 credit (26.05 and 26.75 total now)
XBI
#ShortPuts – One add to the ladder.
Sold XBI Apr 19 2024 87.0 Put @ 1.15
TSLA
#SyntheticStock – Another round.
Bought to Close TSLA Mar 15 2024 165.0 Calls @ .15 (sold for 12.85)
Sold TSLA Mar 22 2024 160.0 Calls @ 5.40
SPX
#SyntheticShortStock – Finally getting a little weakness. Roll these down a little and hopefully reset the selling level a lot lower. Going out to Tue and down 10 points.
Rolled SPX Mar 15 2024 5155.0 Puts to Mar 19 2024 5145.0 Puts @ 1.75 credit (24.80 total now)
TSLA
#SyntheticStock – Roll down again. Almost keeping up with the drop.
Rolled TSLA Mar 15 2024 170.0 Calls to Mar 15 2024 165.0 Calls @ 2.00 credit (12.85 total now)
SPX
#SyntheticShortStock – A straight roll…my favorite kind. Feels like a free day when no adjustments needed. Triple witching tomorrow so IV hanging in there nicely. Could’ve gotten over 10.00 if I would’ve held out a little longer. You never know.
Rolled SPX Mar 14 2024 5155.0 Puts to Mar 15 2024 5155.0 Puts @ 8.75 credit (23.20 total now)
SPX
#SyntheticShortStock – Rolling a little earlier today.
Rolled SPX Mar 13 2024 5150.0 Puts to Mar 14 2024 5155.0 Puts @ 7.40 credit (14.45 total now)
SPX
#SyntheticShortStock – Another round.
Bought to Close SPX Mar 12 2024 5135.0 Puts @ .17 (sold for 13.75, 20.15, and 20.40)
Sold SPX Mar 13 2024 5150.0 Puts @ 7.05
BA
#CoveredCalls – Fairly aggressive roll (again)
Rolled BA Mar 22 2024 192.5 Calls to Mar 22 2024 185.0 Calls @ 3.05 credit (11.95 total now)
PFE
#BullPutSpreads – Taking the quickie on the bounce up to the 50 day.
Bought to Close PFE Aug 16 2024 30.0/25.0 Bull Put Spreads @ 2.45 (sold for 3.20)
TSLA
#SyntheticStock – Roll down into strength.
Rolled TSLA Mar 15 2024 195.0 Calls to Mar 15 2024 180.0 Calls @ 3.15 credit (6.40 total now)
BA
#CoveredCalls – Fairly aggressive roll.
Rolled BA Mar 15 2024 197.5 Calls @ to Mar 22 2024 192.5 Calls @ 3.40 credit (8.90 total now)
XBI
#ShortPuts – One add.
Sold XBI Apr 19 2024 89.0 Put @ 1.10
SPX
#SyntheticShortStock – A nice VIX pop and good IV tomorrow for CPI allows for a nice roll and credit.
Rolled SPX Mar 11 2024 5145.0 Puts to Mar 12 2024 5135.0 Puts @ 3.75 credit (13.75 and 20.40 total now)
SPX
#SyntheticShortStock – Added a 2029 position at 5200/5200/5600 yesterday. Didn’t get a chance to sell against it.
Sold SPX Mar 11 2024 5145.0 Put @ 10.00
Maybe a little early on these though.
Rolled SPX Mar 08 2024 5125.0 Puts to Mar 11 2024 5145.0 Puts @ 8.00 credit (16.65 total now)
SPX
#SyntheticShortStock – Another round.
Bought to Close SPX Mar 07 2024 5115.0 Put @ .65 (sold for 19.80)
Bought to Close SPX Mar 07 2024 5120.0 Put @ .85 (sold for 16.25)
Sold SPX Mar 08 2024 5125.0 Puts @ 8.65
SPX
#SyntheticShortStock – Straight rolls again today.
Rolled SPX Mar 06 2024 5115.0 Put to Mar 07 2024 5115.0 Put @ 8.00 credit (19.80 total now)
Rolled SPX Mar 06 2024 5120.0 Put to Mar 07 2024 5120.0 Put @ 7.00 credit (16.25 total now)
SPX
#SyntheticShortStock – Straight rolls today.
Rolled SPX Mar 05 2024 5115.0 Put to Mar 06 2024 5115.0 Put @ 4.00 credit (11.80 total now)
Rolled SPX Mar 05 2024 5120.0 Put to Mar 06 2024 5120.0 Put @ 3.25 credit (9.25 total now)
PFE
#BullPutSpreads – Added to yesterday.
Sold PFE Aug 16 2024 30.0/25.0 Bull Put Spreads @ 3.10 (3.30 yesterday)
XBI
#ShortPuts – Just a little starter to maybe build off of.
Sold XBI Apr 19 2024 90.0 Puts @ 1.20
SPX
#SyntheticShortStock – Another round. Difference is once again the horrible Fidelity software. Mobile app locked up and by the time I got it going again market had moved.
Bought to Close SPX Mar 04 2024 5095.0 Put @ .60 (sold for 7.85)
Bought to Close SPX Mar 04 2024 5095.0 Put @ .25 (sold for 6.25)
Sold SPX Mar 05 2024 5115.0 Put @ 7.80
Sold SPX Mar 05 2024 5120.0 Put @ 6.00
SPX
#SyntheticShortStock – Different fills on these in different accounts thanks to Fidelity’s horrible software. Had to close and reload in between so missed the 12 minute selloff in one account. 🙂 🙂
Bought to Close SPX Mar 01 2024 5075.0 Put @ .45 (sold for 38.95)
Bought to Close SPX Mar 01 2024 5075.0 Put @ .85 (sold for 38.95)
Sold SPX Mar 04 2024 5095.0 Put @ 7.85
Sold SPX Mar 04 2024 5095.0 Put @ 6.25
SNOW
#JadeLizards – Sacrificing the upside for more downside help. Sold another call spread just below my short put. I’ll risk the 30 cents on a rally for a lower breakeven if it continues dropping.
Sold SNOW Mar 15 2024 185/190 Besr Call Spreads @ 2.10 credit.
Position is now 190 short put against 185/190 call spread. 4.70 total credit. Max loss .30 to the upside and breakeven 185.30 to the downside.
Not something I really want to mess with long term.
BA
#CoveredCalls – Out and up.
Rolled BA Mar 01 2024 195.0 Calls to Mar 15 2024 197.5 Calls @ .35 debit (5.50 total now)
SPX
#SyntheticShortStock – A clean sweep. Straight rolls the entire week. I could hold out for more but a last hour rally would cost me premium and possibly a higher strike sale tomorrow. Dips during last 90 minutes of the day seem to work pretty good.
Rolled SPX Feb 29 2024 5075.0 Puts to Mar 1 2024 5075.0 Puts @ 8.50 credit (38.95 total now)
SNOW Earnings
#ShortPuts – Jade Lizards.
Sold SNOW Mar 15 2024 190.0/242.5/245.0 Jade Lizards @ 2.60
SPX
#SyntheticShortStock – Sideways week so another straight roll today.
Rolled SPX Feb 28 2024 5075.0 Puts to Feb 29 2024 5075.0 Puts @ 8.80 credit (30.45 total now)
SPX
#SyntheticShortStock – Another straight roll today.
Rolled SPX Feb 27 2024 5075.0 Puts to Feb 28 2024 5075.0 Puts @ 7.60 credit (21.65 total now)
SMCI
#ShortPuts – Taking half six weeks early.
Bought to Close SMCI Apr 19 2024 360.0 Put @ 1.70 (sold for 3.40)
SPX
#SyntheticShortStock – Straight roll today.
Rolled SPX Feb 26 2024 5075.0 Puts to Feb 27 2024 5075.0 Puts @ 8.50 credit (14.05 total now)
Fed Heads Everywhere!
Can someone explain why this is needed and what purpose it serves? LOL!
BA
#CoveredCalls – Another round.
Bought to Close BA Feb 23 2024 200.0 Calls @ .65 (sold for 5.00)
Sold BA Mar 01 2024 195.0 Calls @ 5.85
SPX
#SyntheticShortStock – Might be a little early but I’ll take the extra day of theta.
Bought to Close SPX Feb 23 2024 5055.0 Puts @ .55 (sold for 20.40 and 20.50)
Sold SPX Feb 26 2024 5075.0 Puts @ 5.55
XBI
#ShortPuts – Bought to Close XBI Mar 15 2024 82.0 Puts @ .18 (sold for .80)
SPX
#SyntheticShortStock – Rolling up to the bottom of tomorrow’s expected move.
Rolled SPX Feb 23 2024 5040.0 Puts to Feb 23 2024 5055.0 Puts @ 2.30 credit (20.40 and 20.50 now)
FXI
#BullPutSpreads – Been in a lot of more active FXI positions recently. Out of all of them at even. Throwing this out there to just sit and watch. Half size so might add on a dip back closer to the 50 day. Very directional bull put spreads.
Sold FXI Aug 16 2024 30/25 Bull Put Spreads @ 3.90
PANW
#ShortPuts – Bought to Close PANW Mar 15 2024 245.0 Put @ 1.30 (sold for 3.00)
NVDA
PANW
#ShortPuts – Sold PANW Mar 15 2024 245.0 Put @ 3.00
SPX
#SyntheticShortStock – See if we get a bounce by end of week before I look further out and down.
Rolled SPX Feb 20 2024 5040.0 Puts to Feb 23 2024 5040.0 Puts @ 2.80 and 3.00 credit (18.20 and 18.10 total now)
SPX
#SyntheticShortStock – Another round.
Bought to Close SPX Feb 16 2024 5015.0 Puts @ .70 (sold for 10.70)
Sold SPX Feb 20 2024 5040.0 Puts @ 15.25
SMCI
#ShortPuts – I can’t resist…but I almost feel like I’m stepping in front of a Gamestop implosion. LOL Selling waaay down around the moving averages and nearly two times the expected move. Also prior to earnings.
Sold SMCI Apr 19 2024 360.0 Put @ 3.40
SPX
#SyntheticShortStock – Bringing these back in to the dailys and getting a little less directional.
Bought to Close SPX Feb 23 2024 5045.0 Puts @ 40.90 (Sold for 57.60 and 59.35)
Sold SPX Feb 16 2024 5015.0 Puts @ 10.70
TSLA
#SyntheticStock – Roll up and out on the bounce.
Rolled TSLA Feb 16 2024 185.0 Calls to Mar 15 2024 195.0 Calls @ 1.50 debit (3.25 total now)
TLT
#ShortPuts – One fill on some rolls.
Rolled TLT Mar 15 2024 98.0 Puts to Apr 19 2024 98.0 Puts @ .35 credit (2.00 total now)
SPX
#SyntheticShortStock – On the early bounce.
Rolled Feb 16 2024 5050.0 Puts to Feb 23 2024 5045.0 Puts @ .90 debit (57.60 and 59.35 total now)
BA
#CoveredCalls – Early assignment.
Sold BA Feb 23 2024 207.5 Calls @ 2.20
XBI
#ShortPuts – Starter.
Sold XBI Mar 15 2024 82.0 Puts @ .80
SPX
#SyntheticShortStock – Not doing any crazy rolls yet. Throw it out to Friday and see where we end up. Shorts are looking much better now. A sideways grind right here for the rest of the year works. 🙂 🙂
Rolled Feb 13 2024 5050.0 Puts to Feb 16 2024 5050.0 Puts @ .25 credit (58.50 and 60.25 total now)
SPX
#SyntheticShortStock – Keeping some slightly long deltas on the overall position with CPI tomorrow. Leaving the strike just inside tomorrow’s expected move.
Rolled SPX Feb 12 2024 5050.0 Puts to Feb 13 2024 5050.0 Puts @ 6.30 credit (58.25 and 60.00 total now)
XBI
#ShortPuts – A few more. Taking 60 percent 5 weeks early.
Bought to Close XBI Mar 15 2024 80.0 Puts @ .41 (sold for 1.12 and 1.18)
XBI
#ShortPuts – Seems like one of the few things out there with decent premium that hasn’t gone to the moon yet.
Bought to Close XBI Feb 16 2024 80.0 Puts @ .03 (sold for .47)
SPX
#SyntheticShortStock – Playing with some slightly long deltas here now. Selling just outside the upper end of Monday’s expected move. Should be interesting. Should be easy to roll since it doesn’t feel like an implosion coming yet. If nothing else, roll ’em sideways for credits while protecting the upside a little.
Rolled SPX Feb 09 2024 4985.0 Put to Feb 12 2024 5050.0 Put @ 43.30 credit (51.95 total now)
Rolled SPX Feb 09 2024 4990.0 Put to Feb 12 2024 5050.0 Put @ 42.50 credit (53.70 total now)
SPX
#SyntheticShortStock – Added 2028. Back to same position size I had before being in timeout.
SPX Synthetic Short with protective call Dec 15 2028 5000/5000/5400 @ 283.0 debit
And:
Sold SPX Feb 09 2024 4990.0 Put @ 11.20
TSLA
#SyntheticStock – Another round.
Rolled TSLA Feb 09 2024 182.5 Calls to Feb 16 2024 185.0 Calls @ .25 credit (4.75 total now)
SPX
#SyntheticShortStock – Nice unchanged day so far.
Bought to Close SPX Feb 08 2024 4975.0 Put @ .55 (sold for 7.50)
Sold SPX Feb 09 2024 4985.0 Put @ 8.65
SPX Breaking News!
#SyntheticShortStock – Fidelity is letting me back in the game. Starting with a 2027 and may add a 2028. Had to go 400 wide on the call side since no 5500s available. Costs a little more out of pocket but max loss is still similar. 310 per week to cover max loss.
SPX Synthetic Short with protective call Dec 17 2027 5000/5000/5400 @ 225.0 debit
And:
Sold SPX Feb 08 2024 4975.0 Put @ 7.50
SPX Experiment
#SyntheticShortStock #WeekendReading
I am officially in timeout with Fidelity in my IRA for the next 90 days on these types of trades. I can still do about anything else until then though. Here’s the summary of the live trades.
Two entries synthetic short stock with a protective call.
Jan 12 4800/4800/5300 @ $5100 debit (2025 expiration)
Jan 23 4900/4900/5400 @ $11600 debit (2026 expiration)
Closed all positions on the Mon Feb 5th morning dip:
$4300 credit (2026 profitable and 2025 slight loss)
Total premium for 3 weeks of daily selling:
$14700 (4900 per week avg)
So:
$19000 credit vs $16700 debit ($2300 gain total) in pretty much a straight up market.
My thoughts:
Perfect time to try these with market at lifetime highs. Max loss on each position is debit paid plus width of call spread. (55100 and 61600 in these cases) That sounds like a lot but bringing in 4900 a week max loss is covered in about 6 months with 18 months and 30 months still to run.
Super aggressive play is to add another one (2027) when max loss is covered then sell 3 a day against that to cover max loss very quickly. Then add a fourth and fifth if you want. Could possibly have four running by next fall with little risk.
Rough math for just my two positions continuing without adding anything new.
$2450 per week each in premium received.
104 weeks for first position: 254800 total premium.
156 weeks for second position: 382200 total premium.
637000 total minus max loss = 520300 net gain if max loss is hit.
How is this all margined in an IRA?
1. Max width of call spread (50000) per position in these cases.
And
2. Width of daily put sale from long LEAP put. AS THE MARKET RISES THAT REQUIREMENT WILL INCREASE.
What risks do I see?
In a down market the daily put sales will need to be rolled down. That will cause less long term premium to be booked but at least the synthetic short is rocking. I could see that being an issue near expiration if your synthetic short stock is waaay out of the money and your daily put sale is way above that. Might be better to do these at the max expiration (Dec 2029 right now) and close them about a year prior to expiration where in most cases max loss probably hasn’t been hit yet. Could still have two or three running at once all the time.
I’ll continue paper trading these and see how it goes. So far so good!
FXI
#SyntheticStock – Getting out of the way until we see where this might be going.
Bought to Close FXI Feb 16 2024 23.5 Calls @ .35 (sold for .42)
