#LongCalls #LEAPS – Second batch closed this expiration. Selling 70 percent of next batch for no upside risk if this thing rebounds…
Bought to Close EWZ JUN 1 2018 38.0 Calls @ .04 (sold for .32)
Sold EWZ JUN 15 2018 37.0 Calls @ .50
Author Archives: fuzzballl
EWZ
#ShortPuts #IRA – I’d take a shot down there…
Sold EWZ DEC 21 2018 30.0 Puts @ 1.69
OLED
#LongCalls #LEAPS – Small debit roll picking up 3.40 of upside…
Rolled OLED JUN 1 2018 99.5 Calls to OLED JUN 29 2018 103.0 Calls @ .10 debit
UVXY
#BearCallSpreads – In two different accounts…
Sold UVXY DEC 21 2018 20.0/30.0 Bear Call Spreads @ .86 and .85
LABU and….
Just stumbled across this…LABD is the bearish version. Weeklies available and a reverse split already in the books. Could be one to watch for a short entry on the next biotech selloff. Maybe buy some 2020 puts and sell weekly against them. Not a ton of liquidity but spreads aren’t terrible.
FWIW…
AMBA
#LongCalls #LEAPS – Last one…squeezing in one more sale before earnings.
Bought to Close AMBA MAY 25 2018 50.5 Calls @ .08 (sold for .80)
Sold AMBA JUN 1 2018 51.5 Calls @ .91
JNJ
#ShortPuts #IRA – Thanks @Iceman !
Sold JNJ NOV 16 2018 115.0 Put @ 3.05
RTN
#LongCalls #LEAPS – The NOC replacement at twice the size…BTW this is Whiz’s favorite and he’s always right! 🙂 🙂
Bought RTN JAN 17 2020 220.0 Calls @ 22.50
Sold RTN JUN 8 2018 217.5 Calls @ 1.25
Payoff by Jan 2019 and Jan 2020 is .66/.25
NOC to RTN conversion
#LongCalls #LEAPS – Now that RTN has finally joined the weekly world I’m moving over there. It’s a little cheaper so I can do more contracts too. NOC needed a little pullback to get back to the top of the risk profile (max profit) and it got it today.
Sold NOC JAN 17 2020 330.0 Calls
Bought NOC MAY 25 2018 327.5 Calls
All said and done 17 day position booked 3.08 per contract (just a 2 lot here)
Question….
I can wait until the end of day and post these together all at once and avoid some clutter or I can post them individually in closer to real time. Am I posting too much? Fridays can be busy sometimes…just don’t want to irritate anyone. I like to add the details since it might help someone out there. Let me have it…I’ve got thick skin! 🙂 🙂
TQQQ
#LongCalls #LEAPS – Here’s the 2020 reset…
Bought TQQQ JAN 17 2020 55.0 Calls @ 14.60
Sold TQQQ JUN 1 2018 56.5 Calls @ .80 (sold 8 of 10)
Payoff by Jan 2019 and Jan 2020 is .42/.16 (assuming full sales)
EWZ
#LongCalls #LEAPS – Still selling less than max to control upside risk but still enough to cover cost by end of year…
Bought to Close EWZ JUN 1 2018 40.5 Calls @ .03 (sold for .40)
sold EWZ JUN 1 2018 38.0 Calls @ .32
AZO
#LongCalls #LEAPS – Was a little irritated at this one but the rally helped. Needed 657.75 to get even but didn’t quite make it. Short put was exercised a couple days ago. Sold the stock today for 633.95 with a basis of 657.75. Taking the 23.80 loss and rolling it into a Jan 2020 LEAP position. Only rolling one for one since these are pricey. I might consider adding another one on a big drop.
Once I calculated the final numbers it definitely looks doable and possibly even very profitable…
Bought AZO JAN 17 2020 640.0 Call @ 99.50 (basis 123.30 now)
Sold AZO JUN 1 2018 642.5 Call @ 4.10
Payoff by Jan 2019 and Jan 2020 is 3.61/1.40
ADSK
#ShortStrangles #LongCalls #LEAPS – A timely pullback today in this thing. Two different trades going and both sets of short calls were DITM. Selloff allowed for much better rolls to get all the positions back in the game.
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Position 1:
Selling weekly calls against longer term short puts that (used to be) deep in the money. Good chance to roll the weekly calls now.
Rolled ADSK MAY 25 2018 131.0 Calls to JUN 8 2018 133.0 Calls @ .25 credit
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Position 2:
Long LEAPS against short calls where short calls had gotten absolutely demolished. Using the weakness today to roll up the LEAPS and taking the credit to make a huge roll up of the weeklies.
Rolled ADSK JAN 18 2019 120.0 Calls to JAN 18 2019 130.0 Calls @ 5.90 credit
Rolled ADSK MAY 25 2018 122.0 Calls to JUN 15 2018 130.0 Calls @ 5.66 debit
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Assuming no more crazy rallies in this thing the weekly calls are now back in play for further selling….
DG
#LongCalls #LEAPS – Rolling out and up. Earnings next week so the premium helps on the roll…
Rolled DG MAY 25 2018 96.0 Calls to JUN 1 2018 101.0 Calls @ .02 debit
ROKU
@LongCalls #LEAPS – This was a short put repair trade I put on two weeks ago. Rolled those losses into the basis of this trade. Had to roll the short calls twice and they’ve reached zero deltas for a second time already so booking it.
Sold ROKU JAN 17 2020 35.0 Calls
Bought ROKU JUN 1 2018 37.0 Calls
All said and done made back the put losses and another 1.11 per contract on top of that. A nice 10 lot and recovery. Love this ticker….in and out quite a few times this year already. Waiting on the next pullback now.
GLD
#LongCalls #LEAPS – Been in this awhile. Got caught in the December whipsaw but finally back where it started. Getting even and getting out is the goal here. Not a fan of GLD with weak premiums. On the bright side it’s out to 2020 so a lot of time…
Bought to Close GLD MAY 25 2018 124.0 Calls @ .05 (sold for .78)
Sold GLD JUN 8 2018 124.5 Calls @ .51 (70 percent size)
TQQQ
#LongCalls #LEAPS – After the split I’m booking my current position and resetting with the new strikes and using more even numbers and sizes. This was nicely profitable so a good time to adjust on the tiny dip right at the open…
Sold to Close TQQQ JAN 17 2020 50.0 Calls (150.0 pre-split)
Bought to Close TQQQ JUN 15 2018 52.0 Calls (156 pre-split)
Pounded down the basis really early in this one including originally buying the call spreads and then closing the short on the big drop.
All said and done a 7.07 gain on the pre-split number. Only a 4 lot but good enough!
NVDA
#LongCalls #LEAPS – Late fill…
Bought to Close NVDA MAY 25 2018 255.0 Calls @ .10 (sold for 2.59)
Sold NVDA JUN 8 2018 255.0 Calls @ 2.90
FAS
#LongCalls #LEAPS – Here’s the 2020 reset. I’d prefer a bigger pullback but not sure when (or if) it will come.
Bought FAS JAN 17 2020 67.0 Calls @ 14.75
Sold FAS JUN 1 2018 67.5 Calls @ 1.02
Payoff by Jan 2019 and Jan 2020 is .42/.16
FAS
#LongCalls #LEAPS – Going through all my 2019’s and seeing what’s nicely profitable and looking at closing and resetting to 2020’s. Here’s the first one I came across. Weeklies were ITM and rolled out to July. Taking advantage of the weakness today to take this one off for a nice gain. Even though I’d reduced basis from 10.50 down to 4.50 in just two months I think I’ll feel better starting a new one in 2020. I’m finding the extra time is well worth the little bit extra it costs.
Sold to Close FAS JAN 18 2019 65.0 Calls
Bought to Close FAS JUL 20 2018 68.0 Calls
Net gain of 1.95 on a 10 lot in a couple months. Happily moving on….
LUV OLED TLT DG CELG
#LongCalls #LEAPS – Did manage a few today…
======================================
LUV:
Bought to Close LUV May 25 2018 53.0 Calls @ .05 (sold for .32)
Sold LUV JUN 8 2018 52.0 Calls @ .50
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OLED:
Bought to Close OLED MAY 25 2018 104.0 Calls @ .10 (sold for 1.70)
Sold OLED JUN 1 2018 99.5 Calls @ 1.25
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TLT: #PerpetualRollingStrangles
Bought to Close TLT JUN 1 2018 119.0 Calls @ .24 (sold for .40 double sale so closed early for safety)
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DG:
Added to DG for earnings next week…full position now
Bought DG JAN 18 2019 95.0 Calls @ 8.70
Sold DG JUN 1 2018 101.0 Calls @ .90
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CELG:
Bought to Close CELG MAY 25 2018 86.5 Calls @ .03 (sold for .65)
Sold CELG JUN 1 2018 79.0 Calls @ .72
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TQQQ 3 for 1 split….and others
#StockSplits – Have to say I missed this. Kinda surprised when I got back in and saw some strange numbers in my account. Quite a few funds forward and reverse splitting. I was wanting a few more contracts in TQQQ and looks like I got them! 🙂
http://www.proshares.com/news/proshares_announces_etf_share_splits_050918.html
EWZ
#LongCalls #LEAPS – Jumping back in here. Buying 10 but only selling 8 to eliminate upside risk…still plenty of time to get it all back only selling 8 weeklies.
Bought 10 EWZ JAN 17 2020 40.0 Calls @ 5.80
Sold 8 EWZ JUN 1 2018 40.5 Calls @ .40
Payoff by Jan 2019 and Jan 2020 is .16/.06 (selling 10)
Payoff by Jan 2019 and Jan 2020 is .20/.08 (selling 8)
AZO
Crazy! Guess the conference call didn’t go too well…LOL I did manage to get out of one short put at the open but missed the other one. Left both long 620 puts in place and just closed one a couple minutes ago.
Current positions had 9.35 of total credit in them so:
Bought to Close AZO MAY 25 2018 670.0 Put @ 5.00
Bought to Close AZO MAY 25 2018 710.0 Call @ 2.50
Sold to Close AZO MAY 25 2018 620.0 Put @ 8.25
This leaves a 677.5/620.0 BuPS @ 10.05
With just one contract left I’ll sit on it awhile and see what happens. Maybe roll to a new strangle or possibly roll it into a 2020 position of some sort…probably buying a BuCS and rolling this basis into that which would probably be the safest way to go.
LABU
#ShortPuts #IRA – Kinda risky but great premiums. It has had one reverse split back during the late 2015 meltdown. Other than that a pretty good performer. I’ll take a shot in an #IRA that has no other biotech exposure. Thanks @hcgdavis for reminding me of this one.
Sold LABU SEP 21 2018 60 Put @ 4.70
Sold LABU SEP 21 2018 55 Put @ 3.50
Sold LABU DEC 21 2018 50 Put @ 4.70
Sold LABU DEC 21 2018 45 Put @ 3.50
tastytrade LEAPS and selling weeklies…
LMAO this morning when I saw this. Wondering if anyone here sent this question in. It wasn’t me even though I’d been planning on it. I can’t agree with these guys here. They can’t seem to wrap their heads around a position being out longer than a few months. Classic rambling, confusing Sosnoff answer! I do agree I wouldn’t do them for 6 months but they never even addressed longer time frames.
Start at the 29:45 mark…
https://www.tastytrade.com/tt/shows/confirm-and-send/episodes/following-rolling-rules-05-21-2018
AZO….Anatomy of a Trade
Started out with Bull Call Spreads and selling Bear Call spreads against them to reduce basis. Everything looked good until ORLY reported blowout earnings. Of course when that happened AZO started heading up pretty quickly in anticipation of it’s earnings.
At that point I closed the bull call spreads for their gains. The bear call spreads were getting run over so I rolled them into ITM bull put spreads for earnings week. Stock has been easing higher and higher so looking good for now. Position is currently 677.5/620.0 Bull Put Spreads so it’s decision time….a few choices here:
1. Leave it alone and hope for blowout numbers and go quietly into the night.
2. Roll the 677.5 short puts into a wide strangle and add some upside risk to give the downside more room.
3. (most risky) Close the long 620 puts and add that to the potential profit and do the roll from above. That would leave the downside naked and really increase margin but give me the highest potential profit.
Decisions decisions…currently leaning towards number two and leaving the put protection in place…
AMBA
#LongCalls #LEAPS – I’ll jump in this with you guys. Premiums nice and still two weeks to sell before earnings. Different account than my OLED position since they’re in a similar field. As usual going out in time. Half position to start out with…
Bought AMBA JAN 17 2020 50.0 Calls @ 11.00
Sold AMBA MAY 25 2018 50.5 Calls @ .80
Payoff by Jan 2019 and Jan 2020 is .30/.12
UVXY
#BearCallSpreads – C’mon reverse split!
Bought to Close UVXY JUN 15 2018 20.0/30.0 Bear Call Spreads @ .07 (sold for 1.06)
EDIT…these are all going to cover SVXY losses. It’s a slow process but when the next split comes I’ll be loading up.
EWW
#LongCalls #LEAPS – Booking this week. Selling next week aggressively but only covering 60 percent (6 of 10) of the LEAPS. Zero up side risk but still covering min required to cover the LEAPS by end of year.
Bought to Close 10 EWW MAY 25 2018 48.0 Calls @ .05 (sold for .25)
Sold 6 EWW JUN 1 2018 46.0 Calls @ .50
EWZ
Getting interesting….no position yet.
DG
#LongCalls #LEAPS – Rolling to the week before earnings….
Rolled DG MAY 18 2018 95.0 Calls to MAY 25 2018 96.0 Calls @ .28 debit
TSLA
#LongPuts #LongCalls #LongLEAPStraddles – Light day today. A little TSLA adjustment here. Rolling puts and calls down into a Jun 1st short straddle.
Rolled TSLA MAY 18 2018 297.5 Puts to JUN 1 2018 292.5 Puts @ .73 debit
Rolled TSLA MAY 25 2018 295.0 Calls to JUN 1 2018 292.5 Calls @ 2.25 credit
NOC
#LongCalls #LEAPS – Another week…
Bought to Close NOC MAY 18 2018 330.0 Calls @ .20 (sold for 2.30)
Sold NOC MAY 25 2018 327.5 Calls @ 1.80
OLED
#LongCalls #LEAPS – Slow day today. I really like the premiums and rollability of this ticker. I’m in a tiny 2019 position so adding a little more out in 2020. I’ll add more when (if) I get the 2019’s covered but for now…
Bought OLED JAN 17 2020 105.0 Calls @ 26.90
Sold OLED MAY 25 2018 104.0 Calls @ 1.70
Payoff by Jan 2019 and Jan 2020 is .74/.30
UVXY
#BearCallSpreads – Replacing some of the ones that have closed recently. One fourth size to allow room to add.
Sold UVXY SEP 21 2018 20.0/30.0 Bear Call Spreads @ .71
UVXY
#BearCallSpreads – Surprisingly, the rest of this filled today…
Bought to Close UVXY JUN 15 2018 25.0/35.0 Bear Call Spreads @ .06 (sold for .81)
NVDA
#LongCalls #LEAPS – Booked this one a little early so I could get the next sale going…
Bought to Close NVDA MAY 18 2018 260.0 Calls @ .34 (sold for 3.57)
Sold NVDA MAY 25 2018 255.0 Calls @ 2.59
TSLA
#LongPuts #LongCalls #LongLEAPStraddles – Looks like I’ll be rolling the short puts down so bringing the short calls down and in with them. May end up with a short straddle for next week…
Rolled TSLA JUN 1 2018 312.5 Calls down and in to MAY 25 2018 295.0 Calls @ 2.20 credit (6.90 total now)
TLT
#PerpetualRollingStrangles – Going out a couple weeks on next sale…
Bought to Close TLT MAY 18 2018 119.5 Calls @ .05 (sold for .52)
Sold TLT JUN 1 2018 119.0 Calls @ .40
LUV
#LongCalls #LEAPS – Another week done…
Bought to Close LUV MAY 18 2018 53.5 Calls @ .08 (sold for .60)
Sold LUV MAY 25 2018 53.0 Calls @ .32
EWW
#LongCalls #LEAPS – This completes another double dip. NAFTA deadline this week so it could go anywhere…
Bought to Close EWW MAY 18 2018 49.5 Calls @ .03 (sold for .36)
Sold EWW MAY 25 2018 48.0 Calls @ .25
UVXY
#BearCallSpreads – Starting to run low on inventory…
Bought to Close UVXY JUN 15 2018 25.0/35.0 Bear Call Spreads @ .06 (sold for .81)
EDIT…just noticed only a partial fill on this lot.
TSLA
#BearPutSpreads #LEAPS …adding #BullCallSpreads now. Trading both sides with the great premium. Using 2020’s for the call side.
Bought TSLA JAN 17 2020 300.0/400.0 Bull Call Spreads @ 34.00 (2019’s were nearly 30.00 so went 2020)
87 weeks to go so need 39 cents per week or 97 cents to cover max loss with a year to go…if TSLA really tanks I’ll probably book the winner on the short 400s.
So:
Sold TSLA JUN 1 2018 312.5 Calls @ 4.70
TSLA
Amazing it’s holding up this well. Saw over the weekend some top talent leaving and/or taking extended leaves….and this:
https://www.digitaltrends.com/news/tesla-model-s-crashes-into-fire-truck-in-utah-at-60-mph/?utm_source=sendgrid&utm_medium=email&utm_campaign=daily-brief
Rolling….
#LongCalls #LEAPS – A lot of rolling this morning. Out to July for the ones deep in the money. Others not quite so far. Some small debits but no problem with all the premium received so far. On the bright side most of these are trading above the LEAP strike so most of these calls are similar to trailing stops giving some downside protection. On a big pullback these could easily be rolled back in and down.
CELG: May 18th 85.5 to May 25th 86.5 @ .13 credit (nearing end of life so will roll any time it’s near the money)
FAS: May 18th 64.5 to Jun 15th 66.0 @ even
FAS: May 18th 64.5 to Jul 20th 68.0 @ .02 credit
OLED: May18th 96.0 to Jun 8th 100.0 @ .15 debit
ROKU: May 18th 35.5 to Jun 1st 37.0 @ .06 credit (I’ll look to book it if it reaches zero deltas again)
SMH: May 18th 99.5 to Jul 20th 102.0 @ .13 debit
TNA: May 18th 71.0 to Jul 20th 75.0 @ .28 debit
TQQQ: May 18th 152.0 to Jun 15th 156.0 @ .16 debit
XBI: May 18th 88.0 to Jun 22nd 90.0 @ even
XLY: May 18th 103.5 to Jun 8th 104.5 @ .02 credit
FB: Playing the Jan 2019 calls and puts on this one. Stock has rallied and I’ve sold puts all the way up nearly covering the put LEAPS already. Of course the call side has been struggling. It was 160 long LEAPS against 162.5 short calls next week. I’d like to get the call side back in the game so I’m using my old strategy that worked when AMZN was going crazy to the upside.
Rolling the LEAP calls up for a credit and using that to roll the weekly calls up and out. Basically a wash but gets the short calls into a much more rollable position. Moved the LEAPS up 10 but only got the weeklies up 7.50 since I didn’t want to go out any further and wanted a credit.
Jan 2019 160.0 to Jan 2019 170.0 @ 7.17 credit
Then:
May 25th 162.5 to Jun 15th 170.0 @ 6.65 debit
LEAPS and weekly sales…a closer look
I’ve gone through all of my current 2020 LEAPS positions and added another little detail to how I track them. This additional detail will assist me in selling the weekly calls…especially when the stock is trading well below the LEAP and whipsaw risk is at it’s greatest.
I’ve always tracked and updated how much weekly premium I need to average to cover max loss over the duration of the position. Selling that much every week isn’t going to make any profit though. I’ve added another number to my tracking that tells me how much premium I need to average to have max loss covered by Jan 2019. By watching that number, I would be able to have the LEAP cost covered and still have 12 more months to sell. Surprisingly, that number really isn’t that much more which further shows that going out as far in time as possible for these is the way to go.
The profit potential in these is pretty eye opening. These last 2 to 3 weeks of selling have been far and away the most I’ve ever brought in on weekly sales. Once the LEAPS are paid for these sales would be all profit. The May 4th expiration was my all time high bringing in over 15k of realized gains. Not all of that was weekly sales against the LEAPS but a big chunk of it was. Keeping a long term outlook and just gradually plugging away week after week is the key. Duration over direction for these. I’m almost to the point now where I really don’t care where the market goes as long as the VIX stays up where premium stays somewhat elevated. Crazy thing is that these aren’t huge oversized positions. I stay within strict limits on my position sizes but these really add up with 8 or 10 underlyings each brininging in a little every week or two.
Here are all my current 2020’s with updated weekly sales required for both scenarios. My 2019 positions are similar numbers too. If I’m happy with the underlying stock as soon as the 2019’s are completely covered I’ll be looking to add more 2020’s and when the 2020’s are covered I’ll be waiting on the 2021’s to show up and start working to cover them.
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First number is required weekly sales to cover max loss by Jan 2020. Second number is to cover max loss by Jan 2019 which leaves another year to sell.
EWW .09/.21
FAS .16/.31
GLD .16/.42
NOC .42/1.05
NVDA .56/1.38
REGN .73/1.95
ROKU .12/.30
SMH .14/.35
TNA .18/.44
SYMC
There’s a #FallingKnife …
NOC
#LongCalls #LEAPS -Since it’s in an #IRA I’m paying the dime to get the next sale going. Getting the weekend and stock looks a little weak since Rocket Man is now a fine upstanding citizen.
Bought to Close NOC MAY 11 2018 330.0 Calls @ .10 (sold for 2.70)
Sold NOC MAY 18 2018 330.0 Calls @ 2.30
ADSK
#ShortStrangles #LongCalls #LEAPS – Rolling out to earnings week. This is a small position so after earnings if it keeps going up I may try the old method I used with my AMZN position. I’ll be rolling the core (in this case the LEAPS) up to finance the weekly call roll. Worked for AMZN synthetic and I think it can be even more effective with just plain old long calls since there’s no downside short puts to be concerned with…
Rolled ADSK MAY 11 2018 128.0 Calls to MAY 25 2018 131.0 Calls @ .06 debit
AAOI
#TiredofIt – Still rolling and selling this one. Won’t bore everyone with the details. Will have it out to end of year and then see where it stands.
TSLA
#BearPutSpreads #LEAPS – Still selling against 300/200 Bear Put Spreads. Sold aggressively through earnings and continuing that until it decides where it wants to go. Finally out of these after accumulating premium through a few rolls…
Bought to Close TSLA MAY 11 2018 295.0 Puts @ .10 (sold for 13.15)
Sold TSLA MAY 18 2018 297.5 Puts @ 4.00
REGN
#SyntheticStock – I guess the Donald isn’t going to punish drug companies as much as everyone was thinking. Unfortunately I might be fighting the recovery in this one. Rolling weekly calls up and out for now similar to a trailing stop. Great premium all the way down at least!
Rolled REGN MAY 11 2018 290.0 Calls to JUN 15 2018 300.0 Calls @ .40 credit
NVDA
#LongCalls #LEAPS – I hate doing it up at these levels but the premium is great. Staying small here and going slightly out of the money. Might book it on a bounce if we get one. Otherwise….sell weeklies aggressively.
Bought NVDA JAN 17 2020 260.0 Calls @ 51.90
88 weeks to run so need 59 cents per week to cover cost…
So:
Sold NVDA MAY 18 2018 260.0 Calls @ 3.57
ROKU
#LongCalls #LEAPS – After finally having time to sit down and update all my positions I’m switching into a longer term trade on this. LEAPS are reasonably priced given the weekly premium available. I closed the puts at a loss that I sold yesterday (1.00 loss). The LEAP position will be twice the size so will roll a 50 cent loss into that cost.
This is also in a different account from my SMH position to avoid some overlap.
Bought ROKU JAN 17 2020 35.0 Calls @ 10.50 (basis will be 11.00 with loss addition)
88 weeks to run so need 12.5 cents per week to cover cost…
So:
Sold ROKU MAY 18 2018 35.5 Calls @ .75
NVDA Earnings
#Earnings – A clean sweep for the week. Wish all earnings seasons were like this!
Bought to Close NVDA MAY 11 2018 242.5 Puts and 272.5/275 Bear Call Spreads (Jade Lizard) @ .27 (sold for 2.55)
CELG
#CoveredCalls – Small position in an #IRA. Basis now 94.20 so scratching out a couple bucks while waiting for some sign of life.
Bought to Close CELG MAY 18 2018 95.0 Calls @ .04 (sold for 1.42)
Sold CELG JUN 22 2018 94.0 Calls @ .48
FB
#LongPuts #LongCalls #LongLEAPStraddles – Gonna continue pounding the put side while waiting for a pullback. I may end up getting put and call LEAPS paid for in a month just selling near the money puts on this rise. Rolled this one up multiple times last two weeks.
Bought to Close FB MAY 11 2018 182.5 Puts @ .20 (sold for 3.95)
Sold FB MAY 18 2018 187.5 Puts @ 3.22
17.50 premium received in 4 weeks. The combined cost of LEAP calls and puts was 30.00. Still 35 weeks to run. Would enjoy a pullback to get the call side involved again. Until then I’ll be gradually rolling the ITM calls up and out.
EDIT: Rough numbers on the sales. I’ll catch up over the weekend…
NVDA Earnings
#Earnings – Not sure what this is called. Skewed iron condor maybe? I’m looking at it like a #JadeLizard with a disaster put. Selling at near the expected move on each side but with no upside risk and a disaster put just in case.
Sold NVDA MAY 11 2018 242.5 Puts and 272.5/275 Bear Call Spreads @ 2.72 (Jade Lizard)
Using some of the extra 22 cents to buy disaster puts 20 points below the sold put. If this stock misses earnings by a mile it could really implode (guessing).
Bought NVDA MAY 11 2018 222.5 Puts @ .17
Net credit of 2.55 with zero upside risk. If it implodes I’ll look to roll the puts or move it all into a #LongCalls #LEAPS type trade.
EDIT: What do I want the stock to do? As little as possible! Just like a strangle…stay between my short strikes…
NVDA Earnings
#Earnings – Haven’t done anything yet. Kinda busy moving my daughter today. This stock is completely out of control so is it a “sell the news”? Not sure but looking at big wide strangles for now or possibly another #JadeLizard with the 2.5 wide strikes available.
NUGT
#LongPuts #LEAPS – Been in this one for awhile and it really never has worked. Little rally today gets it back to close to even so bailing. May look at it again on a spike back to the mid 40’s.
Sold to Close NUGT JAN 18 2019 32.0 Puts
Bought to Close NUGT MAY 18 2018 28.0 Puts
Glad to be done with it. All said and done a loss of 16 cents per contract.
ROKU again…
#ShortPuts – Still a little bit of juice in these. Let’s see if the breakout holds. Not doing anything on the call side since we could wake up any day and see they’re being bought out for 50 bucks.
Sold ROKU JUN 8 2018 33.0 Puts @ .85
ROKU Earnings
#Earnings – In and out and forget about it. On to NVDA now…
Bought to Close ROKU MAY 11 2018 35.0 Puts and 41.0/44.0 Bear Call Spreads (Jade Lizards) @ .48 (sold for 2.55)
Bought to Close ROKU MAY 11 2018 31.0 Put @ .05 (sold for .60)
CELG
#LongCalls #LEAPS – Another one getting close to fully covered on the max loss but time is dwindling. Getting a bounce here so paying the 2 cents in order to get the next one sold sooner.
Bought to Close CELG MAY 11 2018 89.0/94.0 Bear Call Spreads @ .02 (sold for .56)
Sold CELG MAY 18 2018 85.5/91.5 Bear Call Spreads @ .54
Whipsaw risk is high here and need 25 cents per week out to July expiration to break even. This has been a nearer term position I tried just to see how they trade close to the end. Would love a few more months…
LUV
#SyntheticStock #LongCalls #LEAPS – If next week’s 53.5s expire I’ll officially have the core synthetic cost of 5.52 covered. That will leave the max loss of 2.50 to take care of. Since I’m not sitting at max loss yet I’m converting to plain long #LEAPS and saving .65 of recovery that would be required.
Bought to Close LUV JAN 18 2019 60.0/57.5 Bull Put Spreads @ 1.85 (better than 2.50!)
So….the new projections are this on one of my first ones to approach the land of #PureProfit .
Averaging 45 cents per week conservatively the final debit (max loss) will be covered by June monthly expiration. At that point the position will still have 31 weeks to run. From there on, assuming 45 cents per week until the end, the trade should make about 14 dollars. On a 10 lot that’s a pretty good return on something that could possibly end up well below the original starting point. This is the power of basis reduction (I hope!)
🙂 🙂
PYPL
#LongCalls #LEAPS – Approaching resistance but rolling a little anyway. Correcting my fat finger to get everything back together again.
Rolled 1 PYPL MAY 11 2018 74.0 Call to MAY 25 2018 75.5 Call @ .06 debit
Rolled 9 PYPL MAY 11 2018 74.5 Calls to MAY 25 2018 75.5 Calls @ .43 credit
ROKU Earnings
#Earnings #JadeLizard (sort of) – Having a great earnings season so almost decided to sell very aggressive strangles in this. Common sense took over but still staying aggressive while limiting upside risk to 45 cents with a Jade Lizard style trade…(sell puts and call spreads where the call spreads are narrow enough to eliminate or minimize up side risk).
Sold ROKU MAY 11 2018 35.0 Puts and 41.0/44.0 Bear Call Spreads @ 2.55
Eliminates most of the upside risk and brings breakeven on the put side down to 32.45 which is near the expected move and below the 20 and 50 day moving averages.
What’s the plan then? Lots of possibilities here. Stock blows out to the upside could book long calls and roll short calls into a new strangle or just sell a few puts right at the open to bring in 45 cents and get out even.
If the stock blows out to the downside could sell more calls near the short puts and wait a couple days and see what happens. Could then roll or ultimately turn this into a Jan 2020 LEAPS style position.
REGN
#LongCalls #LEAPS – It’s still dropping and I’m still selling. Has to bottom eventually. Fairly aggressive roll for additional premium this week.
Rolled REGN MAY 11 2018 300.0 Calls to MAY 11 2018 290.0 Calls @ 1.25 credit (4.65 total on these now)
TSLA
#BearPutSpreads #LEAPS – Still selling against 300/200 Bear Put Spreads. Sold aggressively through earnings and continuing that until it decides where it wants to go. Rolling up this week trying for a little more premium.
Rolled TSLA MAY 11 2018 285.0 Puts to MAY 11 2018 295.0 Puts @ 1.40 credit (13.15 total on these now)
ERX
#LongCalls #LEAPS – Even with my rollout the other day this thing is still approaching negative deltas. (great call by Whiz on the Iran/Trump/oil prices!). With this kind of gain on a 10 lot in a week just gotta book it and wait for a pullback or move on to something else.
Sold to Close ERX JAN 17 2020 36.0 Calls
Bought to Close ERX MAY 25 2018 39.0 Calls
Not much for weekly sales…nearly all directional gains of 1.21 per contract. I’ll say it again…playing just the LEAPS only instead of synthetic is the reason these scalps are possible.
EA Earnings
#Earnings – In and out and forget about it. On to ROKU now…
Bought to Close EA MAY 11 2018 118.0/131.0 Strangles @ .58 (sold for 2.45)
NOC
#LongCalls #LEAPS – Following Whiz here…he’s using RTN but I prefer weeklies.
Bought to Open NOC JAN 17 2020 330.0 Calls @ 41.50
Sold NOC MAY 11 2018 330.0 Calls @ 2.70
89 weeks so 47 cents per week required to cover max loss…
EA Earnings
#Earnings – I’ll take a small shot. Selling the 200ma and the all time high. Leaning slightly bullish…
Sold EA MAY 11 2018 118.0/131.0 Strangles @ 2.45
DG
#LongCalls #LEAPS – Adding on the weakness. Position size is now 80 percent leaving room for one more add if this thing is headed to the 200ma. Earnings estimated on May 31 so wanting to capture all that when the time comes…
Bought DG JAN 18 2019 95.0 Calls @ 7.60
Sold DG MAY 18 2018 95.0 Calls @ .95
Options Bistro 