Anyone looking at a put or put spread sale on this thing?
Author Archives: fuzzballl
TSLA earnings
Bought to close TSLA 210/225/225/240 iron fly @ 6.23 (sold for 10.90)
Interesting…I was watching some tastytrade replays last night and at one point they were showing the TSLA options chain earlier in the day. This particular position was going for over 12 bucks. They commented this morning about how volatility was coming out of TSLA all afternoon…still feel like normally you’re better off waiting until last minute to set these to keep them centered…
TSLA iron fly
Sold 210/225/225/240 @ 10.90. Risk 410 to make 1090. On my phone so not sure if I’m liking this but can’t resist. Lol
Good luck!
Fun with NUGT
Bought stock at 163.50 on the morning drop. Sold for 167.50 on the bounce. Seems like this thing always recovers a little after an opening drop…
EA earnings
Out most of the day today so bought back the iron flies for 1.60. Sold for 2.40. I’ll take it for a little overnight quickie. Hoping to get a chance to do something in TSLA or PCLN later.
tastytrade iron fly research…
Quite a few segments on these. Think I’ll review a few tonight.
https://www.tastytrade.com/tt/learn/iron-fly
FIT earnings
Trying for the weekly 11/13/13/15 iron fly @ 1.30. Risking 70 to make 130 per fly. Expected move of 1.55 so selling just outside that. Possibility of a huge IV collapse on this one.
EA earnings
Trying for the weekly 74/77/77/80 iron fly @ 2.45. Risking 55 to make 245 per fly. Expected move of 3.90 but selling 3 wide so need a small move.
NEM…hey Jeff check it out
Similar to what we were talking about the other day…is this trade too late?
NEM Oct 2016 $45/$49 Diagonal Call Spread for $2.60 or better when NEM was trading at 45.44
Stop: 37.8 Stock Below (Stop at 37.8 )
Legs:
Buy 1 Oct 21 45 NEM Call
Sell 1 Sep 16 49 NEM Call
SRPT…premium too good to pass up
As thomberg pointed out this morning…premium is through the roof on this thing. I’ve gotta give it a shot but defining my risk (remember CLSN or was it CLDX?)
Sold SRPT SEP 16 2016 12/10 Bull put spreads @ .80
UVXY…no naked for Fuzzy
Promised myself I wouldn’t go naked on these anymore. Got squeezed pretty hard in Aug 2015 and a little last January. Didn’t like the feeling and it caused me to miss some really good opportunities in other places (like shorting VIX futures). Keeping these in an IRA and spreading a little closer to the money but no margin issues even if this thing goes to 100 again. Rolling strategy is to leave enough room to roll and widen slightly to allow a credit roll. This worked great during the Aug 2015 spike. Held a Dec 50/60 through that entire thing with no worries at all. Only regret was not selling more while they were in the money.
Sold to Open UVXY OCT 21 2016 40/50 Bear call spreads @ 1.00
I’ll sell more at the same strikes as UVXY rises…margin required is still the same so might as well be more aggressive on the sales.
PCLN and TSLA
Maybe this volatility coming in will help with earnings trades premium tomorrow. Today looks better than yesterday now. PCLN iron fly selling for 55 bucks on a 70 wide. Risking 15 to make 55 on a slightly less than expected move. MMM now showing 78. Maybe super wide iron condor the safer play? Still looking at TSLA….hopefully Jeff will take a look at these before the close tomorrow.
UVXY…I was mad
Did this as an anger trade…LOL (not really…just irritated). Was starting to look like this thing was gonna go right back to single digits without a chance to do anything. Right after the split I sold Sep 35/45 bear call spreads for 1.55 on a rare uptick.
Bought ’em back today for 1.05 since they are a little too close for comfort and volatility looks to be perking up a little. Made some beer money and looking to re-load higher…
NUGT reverse roll
Next week expiration:
Bought 1 180 call and sold 2 155 puts for 1.52 credit. Overall NUGT position still short but playing this breakout with shorter term puts. Still strangles for Aug and Sep with calls that are in the money now. I’ll see how these puts play out before any aggressive rolls on the put side of those strangles…
NUGT…inverted?
Great review of the tastytrade inverted strangle strategy this morning. May try it on one of my NUGT positions…
NUGT TOS Active Trader tab
Lost 33 dollars playing with NUGT in the TOS Active Trader tab. Seems like some interesting possibilities once you get the hang of it…
NUGT roll
Was short this week’s 155/165 strangle from a roll last week. Don’t want to let the call get in the money so rolled to next week’s 180 call for even. Leaving this week’s 155 put where it is for now. Position is about delta neutral. Watching for now…
NUGT…another crazy day
Quick flipper:
Sold NUGT AUG 5 2016 130.0 Puts @ 3.00
Bought NUGT AUG 5 2016 130.0 Puts @ 1.70
Roll: (this is getting old)
Rolled this week’s 145 call (sold for 6.10 net so trying to keep that) into next week’s 155/165 strangle for even.
Back to work now…have a great weekend everyone!
IBB…managing winners
Looking a little weak here at the top of it’s range for last 6 months so booking these.
Bought to close IBB Aug 19 2016 260 Put @ .86 (sold for 4.00)
Bought to close IBB Sep 16 2016 250 Put @ 1.80 (sold for 4.10)
AMZN earnings play
Bought to close weekly 700/750/750/800 iron fly @ 15.00 (sold for 40.25)
Can’t believe it worked this well. Weakness at the open allowed for a nice exit. In the trade for 16 minutes of “market open” time…LMAO . What’s that annualized? After scratching iron flies in FB and NFLX this earnings cycle, finally got something inside the expected move.
AMZN earnings….gulp
Here goes…putting all my CMG earnings profits on the line. (by the way…thank you Ramie for that awesome CMG trade!)
Sold AMZN 700/750/750/800 iron fly @ 40.25. Risking 9.75 to make 40.25. Anything inside the 45 dollar expected move would be nice. Otherwise it’s back to breakeven for earnings season!
CMG…??
One of the founders of CMG is a tastytrader…ripoff!
http://www.streetinsider.com/Corporate+News/Chipotle+Mexican+Grill+(CMG)+Confirms+Burger+Restaurant+Tasty+Made/11874563.html
IBB…watching closely
Is that a quadruple top on the daily? Short some puts so watching it….may not try to squeeze it all out of these. Aug 260 and Sep 250 both up almost 75 percent of available premium.
AMZN or GOOGL earnings?
Waiting until 2:30 central time to see what Tony V. (the earnings slayer…LOL) at tastytrade is doing. He now has a 2 minute segment at 2:30 each day on an earnings play. He went with the double diagonal super bull on FB yesterday. Guessing he’ll talk about one of the biggies today.
FEYE…following DAN at OMM
Sold FEYE Aug 19 2016 17.0 Puts @ .90
NUGT put
Not even messing with this…unless I get a chance to sell it again!
Bought to Close NUGT JUL 29 2016 125.0 Put @ .20 (sold for 2.30)
FB…my earnings attempt
Was doing this quickly yesterday afternoon on my phone. Wasn’t sure of the exact expected move either. I would’ve liked to have waited until closer to the close to center it better but didn’t have time.
Sold the weekly 117/122/122/127 iron fly for 4.40. Risking 60 to make 440. Obviously a bigger move than this but with the massive volatility crush was able to exit the entire thing at 4.30 today. Made a dime so calling it a scratch and moving on. Doesn’t anything ever move inside the expected move any more?…LOL
Busy week…
Just checking in….keep an eye on Jumpin’ Janet for me. LOL! Crazy week at work so not much happening. Tiny Nuggets this week for fun. Good luck!
SVXY…more covered calls
I’ll plan on buying these back on the next volatility spike. If we don’t get it then they’re covered.
Sold SVXY JAN 20 2017 70.0 Call @ 6.50
Sold SVXY JAN 20 2017 75.0 Call @ 4.72
Sold SVXY JAN 20 2017 80.0 Call @ 3.30
OPTT
Anybody back up the truck on this one last week? Wow!
SPX spread adjustment
Rolled short Aug 31 1900 puts up to 2000 for 2.65 credit. Gradually rolling up over last few weeks. Doubt if I go any higher since this is now sitting at the Brexit low.
NEM
With all of our NUGT positions, it will be interesting to see what Newmont reports after the close today…
NFLX recap
Posted yesterday:
Sold the weekly 89/99/99/109 for 7.30 yesterday for earnings.
Obviously a bigger move than the market expected. By staying small I can afford to mess with this for awhile. At the open today, I sold the long 89 puts at 3.65 (too early) giving me a total premium received for the trade of 10.95. This would give me the stock at a cost basis of 88.05. I’ll be looking for a rally to this number to close this week or start looking to sell covered calls beyond this week.
Update:
By staying small I’ve been able to adjust and extend duration. Trade is now back to even and with DAN over at OMM putting on a long trade this morning I’m feeling like there’s a decent chance to get out fairly profitably.
NUGT again
Little bounce there so:
Sold NUGT JUL 29 2016 160.0 Call @ 3.50
Looking to add put side soon…
NUGT adjustment
Sitting on an August 125/200 strangle from a rollout that only brought in 2.90 net after the roll. Making a delta adjustment and adding some premium to make it seem more worthwhile to hold this thing.
Rolled the 200 call down to 170 for 4.15 credit. Still above all time high bringing total strangle premium to 7.05…
Still looking to add some shorter term calls if the chance comes along….
NUGT…getting out of the way for now
Bought to Close NUGT JUL 22 2016 135.0 Put @ 6.10 (sold for 3.10)
Bought to Close NUGT JUL 29 2016 190.0 Call @ .78 (sold yesterday for 3.40)
38 cent loss on these so combined with the closing yesterday of this week’s call for a 2.20 gain still a decent week. Not going to ride the put side of this thing into a smoking hole so happy to be out with good profit. Looking to re-sell some calls on a bounce later…
IBB…getting back in the game
#401k was all cash so dipping a toe back in to this fairly reliable ticker…(so far). Starter positions small.
Sold IBB Aug 19 2016 260.0 Put @ 4.00
Sold IBB Sep 16 2016 250.0 Put @ 4.10
NUGT…keep the theta rolling
Bought to Close NUGT JUL 22 2016 195.0 Call @ .30 (sold for 2.50 as part of a weekly strangle)
Sold to Open NUGT JUL 29 2016 190.0 Call @ 3.40
I’ll add next week’s put side once this week’s looks a little safer.
NFLX earnings iron fly
Sold the weekly 89/99/99/109 for 7.30 yesterday.
Obviously a bigger move than the market expected. By staying small I can afford to mess with this for awhile. At the open today, I sold the long 89 puts at 3.65 (too early) giving me a total premium received for the trade of 10.95. This would give me the stock at a cost basis of 88.05. I’ll be looking for a rally to this number to close this week or start looking to sell covered calls beyond this week.
NUGT weekly strangles
As long as IV is through the roof I’ll keep selling these weeklies.
Sold NUGT JUL 22 2016 135.0 Put @ 3.10
Adding this to the 195 call sold yesterday for 2.50
NUGT…playing it safe again
Rolled this up a couple times so closing just in case she goes lower…already closed call side of strangle.
Bought to Close NUGT JUL 15 2016 155.0 Put @ 2.10 (sold for 5.90)
HLF…blast from the past
Looks like we have a winner!
http://www.cnbc.com/id/100408608
NUGT weekly strangle
Been paying nicely each week…getting a jump start on next week. Already closed this week’s 190 call and rolled up the put side a couple times (currently 155). With the aggressive put roll I’ll start the call side for next week a little early.
Sold NUGT JUL 22 2016 195.0 Call @ 2.50
SPX….still on the fence about trading this regularly
I’ve been messing with SPX off and on for a year or so mainly with 60-90 day positions well out of the money. Making a little here and there but can’t decide if it’s worth the effort for the return I’m getting…especially with these seemingly impossible crazy moves we’ve gotten. Taking a step back for now…
Bought to Close SPX SEP 30 2016 2225/2250 Bear call spread @ 6.90 (sold for 2.25)
Bought to Close SPX OCT 31 2016 2250/2275 Bear call spread @ 6.30 (sold for 2.50)
Net loss on these 2 positions of 8.45. Only other position is twice as many Aug 31 1900/1775 put spreads where I’ve been rolling up the short side. Net credit on those is 4.30 at twice the size of the calls so bringing in 8.60. This was my intended stop point…when the call losses equaled the max possible put gains I would close. Risking a whipsaw here but could reload the calls if needed. I’d prefer the puts expire and walk away with a wash though…we’ll see!
SVXY closing puts
These were part of a short call reverse roll from awhile back so happy to have any profit. Taking them off now with VIX in the dump without much of an SVXY pop….things that make you go hmmm…LOL In an #IRA so freeing up lots of cash as well.
Bought to Close SVXY JUL 15 2016 55.0 Puts @ .25 (sold for .90 reverse roll)
IBB…playing it safe
Not holding out for the last nickel since it’s looking a little weak. Might even get a chance to reload today or tomorrow. In an #IRA so freeing up lots and lots of cash.
Bought to Close IBB JUL 15 2016 260.0 Puts @ .20 (sold for 3.20)
SPX put spread adjustment
Rolled August 31st short 1825 puts up to 1900 for 2.55 credit. Might seem like a big roll but it’s only from delta .03 to delta .08. Still a 90.78 percent chance of expiring according to TOS. Accelerating theta should help protect these on anything other than a major selloff…maybe 🙂
NUGT weekly strangle
Jumping back in for next week….
Sold July 15 2016 125/190 strangle @ 4.60
NUGT update
Been messing around this week with the rolling up of an original 95 strike put sale to see how it works out. Busy at work, but Wednesday afternoon made a super aggressive roll up from 150 to 162.5. This brought total credit for the week to 13.10. Of course Mr. Market noticed this and NUGT dumped…LOL funny how that happens! In any case, closed it on the bounce this morning at 7.55 for net gain of 5.55. Looking like I might have been a little early but leaving soon and not sure I’ll see the close. Interesting experiment….slightly too aggressive but still good for a week.
Tastytrade suggests rolling to delta 30 on the non threatened side of a strangle. I went a little beyond that but got lucky. The 150 strike would’ve been about right. All’s well that ends well!
NUGT rolls…
Busy at work most of the morning but managed a couple rolls…
Rolled Aug 105/175 strangle up to 125/200 for .74 debit
Rolled Sep 105/180 strangle up to 120/200 for .71 debit
I’ll take the 1.45 cost for these rolls out of the 11.05 received for selling this week’s put…still a nice return for the week.
NUGT – taking one for the team
If this doesn’t make NUGT roll over and die nothing will…hedging my Aug 105/175 and Sep 105/180 short strangle positions.
Originally sold this week’s 125 put last week. Rolled it up Friday to 135 for nice credit. Very aggressive roll this morning to 150…LOL! 4.50 credit on today’s roll bringing the total to 11.05. Breakeven down to 138.95. Even after this I’m slightly short overall. If NUGT continues up I’ll use some of the premium from this put to roll up the call side of the existing strangles.
Good luck!
SPX call spreads
Closed the put side of these already…finally getting a chance to sell the call side since it looks like we might be near a top. Starter positions small…
Sold SPX SEP 30 2016 2225/2250 Bear call spreads @ 2.25
Sold SPX OCT 31 2016 2250/2275 Bear call spread @ 2.50
/GC Gold futures
Boring rainy days here in STL so to liven things up a little took a shot scalping gold from the long side….
Stopped out overnight with -1.9
This morning:
In 1350.50 Out 1353.20 +2.7
In 1351.20 Out 1352.90 +1.7
In 1352.00 Out 1352.50 +0.5
Net gain 3 points…I’ll take it! (this contract is fairly large trading at 100 dollars per point)
From VIXCONTANGO.com
Key Market Levels
The market traveled more than 200 SPX points this week on the way down and back. Here are all the instances where the SPX has traveled 200 points or more in the span of 5 consecutive trading days.
These instances are Apr of 2000, Sep/Oct/Nov of 2008, Aug of 2011, Aug of 2015 and now Jun of 2016. All of these are associated with market stress – Tech Bubble Burst, Lehman, AAA downgrade, Sudden China Devaluation and now Brexit. In all of these instances, there is no comparable where the rally ended this close to the All-Time-High. In each prior instance, the bounce ended well below -5% from the ATH. This is what makes this week’s recovery stand alone in the pantheon of sudden reversals. You have never had reversal this quickly this fast this close near a top. Only April of 2000 is somewhat similar and after an extended flat-market in 2000, the market turned into the bear market of 2000-2003.
The market now has to push above the 2100-2135 resistance area in order for anybody to get convinced that this rally will last. Right now, we are back right smack in the resistance area. Whether we break through depends on the following incoming data over the next 2-3 weeks:
US Non-Manufacturing PMI (Service PMI)
FOMC Minutes on Wednesday
ADP/BLS Job Reports (180K expected)
Corporate earnings
For the SPX, at resistance there is only 2 trades from a technical standpoint:
Short SPX with a stop over the breakout level which is at 2135
Long SPX after a breakout over 2135
This is going to be an epic tug of war here over the next 2-3 weeks as this data is rolling in.
Seasonally, July is the strongest summer month, which is not really saying much as the average July SPY return is 0.5% or the 6th weakest month in a year with 12 months. More notably, the year’s worst months on average are ahead of us. So you can’t expect seasonal factors to favor the bulls or bears here and the price will be entirely determined by external factors. However, you should expect seasonal factors and low volume to favor the bears in August and September.
Resistance levels on the topside is the 2100-2135 area where rally petered out multiple times over the past 2 months and over the past 2 years.
Support area is at the 2080 level where the 10-50MAs are and after that 2020-2040 area where the 100-200MAs are.
Key Volatility Levels:
We already discussed the historic nature of the VIX drop this week. The VIX futures curve also went from a “Bear Market” formation to a “Rally” formation in the span of one week. Technically this is defined as Contango going from negative to positive (above 5%) with the jump being more than 10 basis points. Here are all the prior occurrences of this phenomenon:
There are 3 instances in 2007, one during the European Crisis in 2010, one at the start of 2013 (Fiscal Cliff Deal), one at the end (Government Shutdown), end of 2014 and July of 2015.
2007 instances were precursors to the historically high volatility regime of 2008, from 2010-2014 they were amazing buying opportunities for XIV, in 2015 the August crash of 2015 followed soon after and now Brexit.
So no verdict can be reached from a technical standpoint, but the verdict is pretty clear once you take into account qualitative factors. These volatility curve formation changes were great times to short volatility when the result was “market positive” such as the attainment of a deal during the Fiscal Cliff or the Government Shutdown. But shorting volatility was precisely the wrong trade during times where no such deal was present. Nobody really looks at Brexit as a market positive. Christine Lagarde of the IMF projected that the UK GDP loss will be anywhere between -1.5% and -4.5% by 2019 and the IMF routinely overestimates growth. In other words, this is the best case scenario. So buying the dip here in XIV may not be a wise thing.
XIV had a heck of a rally this week with a nearly 20% run, but remains -20% over the past month. VXX is -20% for the week and +2% over the past month. However, the drop this week was way too fast for my taste and rushing in to buy the dip in XIV right here is probably a very bad idea. This is the “picking up pennies in front a steamroller” period now. VATR and VVIX remain very high and in all prior instance where VVIX remained high, a higher volatility regime ensued in the not so distant future. August is still ahead of us and August stands alone from a seasonal perspective as the one really bad month for XIV.
UVXY and KOLD
http://finance.yahoo.com/news/proshares-announces-etf-share-splits-201000848.html
ETE…Lou over at OMM likes it
He suggested RLYP and it worked out nicely so I’ll follow again.
Sold ETE JUL 15 2016 14.0 Puts @ .65
NUGT adjustments
All of my nuggets were in this week and tiny positions…(stay small!)
Bought to Close NUGT JUL 1 2016 117.0 Puts @ .05 (sold for 8.40 after multiple roll ups)
This left me with short 105 and 115 calls for today.
Rolled the 115’s to August 160/90 strangles for .50 debit
Rolled the 105’s to Sept 160/90 strangles for .06 debit
Paid for the debit rolls with a quick scalp of this week’s 138 puts right at the open. A quick in and out for 30 cents on a few contracts…
Now will be looking to sell some weekly shorter term puts on any weakness to stay fairly delta neutral. Current position short 71 deltas and would become long at 104 so there is some room for some sales on the put side for now…
SVXY puts
Not even messing with this stuff anymore after having a nickel nugget a few weeks ago turn into nearly 3 bucks on expiration day.
Bought SVXY JUL 1 2016 45.0 Puts @ .05 (sold for 1.50)
RLYP called early
Lost the last of my stock. Called away last night at 17 with a 16.25 basis. I’ll take it since it was originally a basis of 25 but reduced using weekly covered calls.
UVXY call spreads
Took these off today for a 3 day quickie…
Bought to Close UVXY AUG 19 2016 20/30 Bear call spreads @ .43 (sold for 1.05)
SVXY covered calls
/VX VIX futures
Sold at 22.75 on the last second spike earlier and just covered at 21.75. A full point while packing for work..LOL I’ll take it!
/VX VIX futures
Sold at 22.50 and covered at 22.30
Little 20 tick winner…sold too early so looking to re-enter closer to 23 on this current drop.
SVXY covered calls
Bought to Close SVXY JUL 15 2016 65.0 Calls @ .05 (sold for .90)
Joining SPX party…
Bought to Close SPX SEP 16 2016 2250/2275 Bear call spreads @ .25 (sold for 1.60)
NUGT…playing it safe
I’ve been burned by this thing on huge Friday afternoon moves before so booking these just in case. A few weeks ago had a chance to close puts for a nickel but waited. They ended up in the money and trading for over 2 bucks a few hours later. Not this time!
Bought to Close NUGT JUN 24 2016 95.0 Put @ .15 (sold for 4.20)
Bought to Close NUGT JUN 24 2016 100.0 Put @ .29 (sold for 5.40)
NUGT again
Rolled my last call from this week earlier this morning. Starting a put position again for next since all other puts are expiring today. IV’s still crazy on both sides of the line of scrimmage today.
Sold NUGT JUL 1 2016 100.0 Put @ 4.67
Sold against 105 and 115 calls…looking to add a little more on a pullback.
UVXY call spreads
Staying small and looking to add… #IRA
Sold UVXY AUG 19 2016 20/30 Bear call spreads @ .85
SVXY
Sold SVXY JUL 1 2016 45.0 Put @ 1.50
NUGT crazy fills
Rolled 105 call to next week 115 for even when mid price was 1.00 debit…
🙂 🙂
Off topic…just had to laugh!
Rolling up to a stop light this morning…looks like a fan club forming in Missouri!
RLYP covered calls
Half position called away last week. Aggressively covering the other half now.
Sold RLYP Jun 24 2016 17.50 Calls @ .70
BIB covered calls
Replacing the 40’s that expired Friday…lowering cost basis to 35.40
Sold BIB Jul 15 2016 40.0 Calls @ 2.35
NUGT misc
Taking care of these now since tomorrow will be a fairly busy day. These weeklies keep paying quite nicely. Selling pretty aggressive strangles then rolling whichever side I have to and then selling the other side. Staying small!
Bought to Close NUGT JUN 17 2016 95.0 Put @ .20 (sold for 2.40)
Bought to Close NUGT JUN 17 2016 100.0 Put @ .49 (sold for 3.10)
Bought to Close NUGT JUN 17 2016 105.0 Put @ 1.00 (sold for 4.70)
Sold NUGT JUN 24 2016 95.0 Put @ 4.20
Sold NUGT JUN 24 2016 100.0 Put @ 5.40
Still slightly short delta overall down to around 98…
New indicator from John Carter…
Got this recently…seems kinda cool. The red/green dots at the bottom signal bearish or bullish on each of the next 4 higher time frames based on the time frame of the current chart. Haven’t quite figured out exactly how to trade it since I missed most of the webinar Saturday. Hoping to catch up over the weekend…seems like it could be a powerful tool combined with the squeeze indicator.
Options Bistro 