Bought AMZN 795/825/860 iron fly @ 33.15 (sold for 31.50) Loss of 1.65 which is less than half of max
Bought GOOGL 795/820/845 iron fly @ 11.70 ( sold for 22.10)
Net gain of 8.75 on the two biggies…I’ll take it!
Author Archives: fuzzballl
GOOGL caution! caution!
Low probability, low risk, but high reward. BTW, I’ve never had much luck with the GOOGL.
795/820/845 iron fly @ 22.10 needing a lower than expected move by quite a bit. Only risking 290 to possibly make 2210.
IBM adjustment
Rolled 152.5 puts out a week and up to 155’s @ 2.00 credit. Sold against 150 calls in the same expiration. Whichever one expires, I’ll probably roll the remaining position out into a new strangle.
AMZN iron fly
Going with 790/825/825/860 @ 31.50
35 wide on a 45 expected move skewed slightly to the upside. Risk 350 to make 3150.
TSLA…. :(
Can I have a do over? LOL…think I would’ve learned my lesson with AZO. Same thing…closing too soon. I think Jeff is right…be comfortable with max loss and let ’em ride awhile. Lesson learned.
Whew…
Sorry about all the posts…LOL Very good chance I’ll be unavailable tomorrow so taking care of some housekeeping. Now to look at some of the earnings ideas.
REGN adjustment
Rolled 377.5 put to next week 370 @ .25 credit.
Still sitting on this week’s 372.5 call (sold for 4.00). Depending on where it ends up (hopefully expired) I’ll be selling another call at some point next week. Earnings next Friday so we’ll see where it is then.
IWM adjustment
Original position of Nov 113/127 strangles @ 1.60
Even with IWM down the 113 puts still look fairly safe just below the 200ma. Calls were almost worthless so rolling them down to the 50ma which appears to be rolling over a little. Counting on some resistance there…
Rolled IWM Nov 127 calls down to 122 for .76 credit.
GLD adjustment
Rolled this week’s 120 calls to next week 120.5 calls @ .14 credit. Still selling against Nov 122 puts. Gradually reducing basis while bringing in nice weekly premium.
WYNN adjustment
Unless something crazy happens this week’s 97’s should go out worthless (sold for 1.79). Replacing with:
Sold WYNN NOV 4 2016 95.0 Calls @ 2.80
Still selling against some ITM puts so should be an interesting earnings next week.
TLT adjustment
Bought to Close TLT OCT 28 2016 133.0 Calls @ .02 (sold for 2.38)
Then:
Sold TLT NOV 4 2016 130.5 Calls @ 1.10
Used that premium to roll Nov 136 puts to Dec 134. Did the whole package for .06 credit. Reduces delta a little and now have about 6 weeks worth of weekly selling against them.
TSLA iron fly
Closed for 6.79…sold for 6.15 so a .64 loss. Worth a shot since it was a big winner last quarter. Get ’em next time!
BMY puts
TSLA earnings
Looking at iron flies. Maybe 7.5 wide on 11 dollar expected move?
SPX call spreads
Bought to Close SPX OCT 28 2016 2170.0/2180.0 Bear call spreads @ .20 (sold for 1.25)
DUST call spreads
Sold DUST DEC 16 2016 55.0/65.0 Bear call spreads @ 1.32
AAPL new strangle
Looks like I’ll be out of the earnings trade so selling another strangle. Had to use a weekly expiration to get single point strikes.
Sold AAPL DEC 2 2016 110/123 Strangles @ 1.42
CMG adjustment
Bought to Close CMG OCT 28 2016 410.0 Call @ .35 (sold for 5.30)
This was the inverted side of a strangle paired with a 430 put. Obviously the put is DITM now so looking to roll it out and down and then hammer it with weekly call sales. It’s not really as bad as it looks though. The put has accumulated 27.35 in credit after numerous rolls as well as plenty of call premium collected against it. As long as CMG doesn’t go to zero it should be alright…
AAPL earnings strangles
Busy morning….just getting in and seeing what got filled this morning.
Bought to Close AAPL OCT 28 2016 123.0 Calls @ .02
Waiting for the 113 puts for now…
CMG earnings
CMG reports tonight also. I’m not doing anything though since I’m already in a strangle I’ve been rolling around.
AAPL strangles
Not necessarily an earnings trade but if it works out then great! I’ve been wanting to add some strangles to trade around on this thing so earnings seems like a good place to sell the starter.
Sold Oct 28th 113/123 strangles @ 1.40
SPX trading with Whiz
Bear call yesterday and bull put today for this Friday. I’m much safer and wider wings than him but kinda using his idea.
2170/2180 @ 1.25 BeCS yesterday
2125/2115 @ 1.30 BuPS today
UA puts
Sold UA Dec 16 32.5 puts @ 1.30
Thoughts on this tweet?
DUST….book ’em!
Plenty of time to sell these again so not even messing with it. I’ll look to get back in if this bounce follows through.
Bought to Close DUST DEC 16 2016 60.0/70.0 Bear call spreads @ .97 (sold for 2.05)
TLT roll
Rolled 133 calls to next week’s 133’s @ .53 credit. These are sold against longer term short puts.
WYNN calls
Replacing this week’s expiration with same strike next week. Selling against short puts.
Sold WYNN OCT 28 2016 97.0 Calls @ 1.79
Rolled Gold
Rolled 120 calls to next week 120 a .45 credit. Selling against longer term puts.
REGN calls
Replacing a 370 expiring today. Selling against next week’s 377.5 put.
Sold REGN OCT 28 2016 372.5 Call @ 4.00
NFLX puts
Replacing expiring position with next week. Selling against longer term short calls…
Sold NFLX OCT 28 2016 122.0 Puts @ 2.00
IBM puts
Replacing some that are expiring this week.
Sold IBM OCT 28 2016 152.5 Puts @ 1.50
Looking to roll some 149 calls out and up also…
EBAY earnings
Tony V brought me down…LOL Instead of messing around rolling the puts I’m taking the stock so:
Sold EBAY NOV 4 2016 29.0 Calls @ 0.91
Guess he’s making up for the huge BBY winner last time around…goal is to get out of EBAY as quickly as possible. Stayed small just for this reason…in case I had to buy the stock.
Daily Theta %
Do you guys ever look at daily theta as a percentage of net liq? TT recommends anything up to close to 1 percent on the high end with maybe one-fourth to one half of one percent as more normal. Checked mine and I’m at .46 of 1 percent…so just under one half of one percent. Seems reasonable I guess…feels like I could go higher but like having a nice cushion. These percentages according to TT should be attainable with only about a third of your account in the market at any time. I’ve never paid much attention to it but starting to watch it a little now.
EBAY
Sort of following Tony V. Bought 33/34 call spreads and financed by selling 30.5 puts for .07 credit
CMG calls
Tried getting sneaky yesterday and sold next week’s call a little early. Of course, Raymond James downgrades the stock with about a 275 price target and it immediately rallies 11 dollars. TT is right…those analysts are clueless and have no idea. I’m guessing Raymond James wanted to buy it so they tried downgrading it…LOL
I don’t want 2 of these so I : Bought to Close CMG OCT 21 2016 405.0 Call @ 3.20
I’ll take that out of the 8.50 received yesterday for the early sale and call it a 5.30 credit roll…LOL
NFLX adjustment
According to John Carter, when a stock gaps up big on earnings like NFLX did, it tends to keep going for awhile (not sure if that’s true but seems reasonable).
After seeing his free video on this yesterday afternoon, I rolled my 115 puts up to 120 for Friday @ another 1.65 credit. This morning I rolled the 115 calls leftover from earnings out to Dec 4th 120’s for .05 debit. I’ll continue selling weekly puts against those…
CMG short call
This week’s 405 looks pretty safe. Selling next week.
Sold CMG OCT 28 2016 410.0 Call @ 8.50
Earnings next week and with an ITM 430 put figured I better sell an aggressive call to help out. Could go anywhere when they announce.
IBM adjustment
Similar to NFLX….
Original position was 149/160 strangles @ 2.19. Sold weekly 149 calls @ 1.01 replacing the worthless 160 calls.
New position is 149 straddles @ 3.20. And now we wait and let theta do it’s job!
NFLX adjustment
Tied up on an airplane this morning (not literally…LOL). Taxiing in right at the open made a couple adjustments.
Trade was originally 90/115 strangles @ 2.41. Since I don’t mind keeping this for awhile I sold 115 puts for this Friday @ 1.50. These replace the worthless 90 puts and add quite a bit to the bottom line.
Position now is 115 straddles for Friday @ 3.91. Plan now is to wait and see. Might get lucky with the 115 strikes. If not, I’ll roll the ITM side out and up (or down) and continue selling weekly puts (or calls) against them. Continuing with TT experiment of keeping almost perpetual (small) positions on some popular stocks and just letting the market tell me what to do. Love it so far! Great premium with small margin.
Similar positions in CMG EWW GLD IBB IBM IWM REGN TLT WYNN XLE and will add APPL with an earnings strangle.
IBM?
Earnings today also. 6.25 expected move. 5 wide iron fly about 3.95 right now…no position yet although considering it for a strangle and then manage if needed.
WYNN adjustment
Rolled next week’s 108 short puts out to Nov 11 107’s for even. Continuing to sell weekly calls against them.
Short 100 calls expiring today (sold for 1.02)
Short 100 calls next week (sold for 1.27)
Still long a few deltas but don’t want to over hedge. Earnings coming up (Oct 27th) so should be sweet call premium available there.
IBB adjustment
Scalping a little and a delta adjustment against a Nov 265 put:
Sold IBB NOV 4 2016 280.0 Call @ 2.40
Should be some resistance up in that area…
XLE strangles
Just another tiny position…
Sold XLE NOV 18 2016 66.0/74.0 Strangles @ 1.16
OMM…finally pulled the trigger
My subscription is up for renewal after this week. I left my email at the bottom hoping some OMMers will contact me and I can let them know about “The Bistro”.
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#OffTopic – Well this is it. My last week at OMM. A bittersweet day since I was in the group of beta testers from the very beginning. Can’t believe how much I’ve learned from all the great traders here. Too many names to mention but I won’t hesitate to throw one out there.
@Iceman – Thanks for all your postings over the years and opening my eyes to an entire new spectrum of option trading. Changed everything! I’ll never forget watching you sell into that summer 2011 meltdown. I paper traded right along and it was incredible…thank you sir!
A special thanks to @DAN also. An incredible resource here, an incredible library of learning, and most of all a great teacher. Thank you for having us!
I’ll be moving my “website dollars” over to SMM at some point so I’ll be looking forward to seeing most everyone over there also.
Thanks again everyone and great trading!!
Fuzzball (Scott)
fokkrfuz at charter dot net
UVXY call spreads
Earlier today:
Sold UVXY JAN 20 2017 30.0/40.0 Bear call spreads @ 1.00
SVXY put ladder
Adding one…
Sold SVXY JAN 20 2017 45.0 Put @ 2.60
IBB leg out
Bought to Close IBB NOV 18 2016 310.0 Call @ .60
This was the call side of a strangle sold ( @ 5.15) earlier. Still plenty of time to sell this again on a bounce.
IWM strangle
Sold IWM NOV 18 2016 113.0/127.0 Strangles @ 1.60
REGN roll
Pretty aggressive (crazy? 🙂 ) here….rolling un-threatened call down into congestion for additional premium.
Rolled next week’s 410 call down to 380 @ 5.20 credit. This is against a 380 put…
Current position is 380 straddle @ 15.10. Have to see where she goes next week and adjust accordingly.
WYNN…still selling
Sold WYNN OCT 21 2016 100.0 Calls @ 1.30
Still selling weeklies against in the money puts. Similar to a covered call trade. Plan is to roll the puts out and down next week and keep selling the calls.
Position is now Oct monthly 108/100 inverted strangle @ 13.77 credit received.
Let’s say WYNN doesn’t get back to 108 for a year. Selling weeklies @ 1.25 a week for a year would bring breakeven down to about 30 bucks. The power of the weekly! Not bad for margin of 1300 per strangle….
UVXY Whaddya think about this?
Didn’t do it but seemed interesting for a cash secured account. Long term practically guaranteeing 30 percent annualized….
Sell Jan 2018 5/10 Bear call spreads @ 1.40.
Figure there’s got to be a split or two between now and then so probably could close early….
EWW first time ever
Been watching this for awhile and have been wanting to do something in it. Just missed selling puts on it before the first debate so trying something different.
Sold EWW NOV 18 2016 46.0/54.0 Strangles @ 1.32
VIX call spreads
Trying something a little different….
Sold VIX DEC 21 2016 20.0/25.0 Bear call spreads @ .80
/ES hedge adjustment
Sure looks like some technical damage today. Rolling my covered put out and down for a nice credit. Selling it about where the descending 20ma could be when we bounce. Raising basis AND increasing downside profit potential. Still have the option of rolling the put up for additional credit on any rally.
Bought to close /ES OCT 16 (Wk3) 2155 PUT @ 34.50
Sold /ES NOV 16 (Wk3) 2140 PUT @ 44.50
The short emini basis is now up to 2189.0 after selling some earlier weekly puts against it. That’s the new breakeven against the new 2140 put so max gain is now up to 49 points to the downside.
UVXY risk management
These aren’t getting hit too bad today but another down day tomorrow and volatility could really get cranking again. Gonna book these just because it seems like the right thing to do…LOL
Bought to Close UVXY OCT 21 2016 25.0/35.0 Bear calls spreads @ .19 (sold for 1.65)
UVXY call spreads
Replacing some I closed yesterday…starter position:
Sold UVXY JAN 20 2017 25.0/35.0 Bear call spreads @ 1.00
DUST…joining in
TDA has removed this ticker from portfolio margin calculations so naked is way too risky for me now. I’ll spread it and give it plenty of time…and staying small enough to be able to widen and add for a credit roll if this thing gets way in the money.
Sold DUST DEC 16 2016 60.0/70.0 Bear call spreads @ 2.05
GLD adjustment
Current position was 123 Oct monthly short straddles @ 2.48 (this was previously adjusted from a strangle). Making some small moves on it today to collect more premium.
Rolled 123 puts out to Nov 122 @ .12 credit
Rolled 123 calls down to 120 @ .83 credit (staying in Oct)
SVXY puts
Bought to Close SVXY OCT 21 2016 50.0 Put @ .15 (sold for 2.50)
Bought to Close SVXY OCT 21 2016 55.0 Put @ .25 (sold for 2.50)
Then:
Sold SVXY NOV 18 2016 50.0 Put @ .80
Sold SVXY NOV 18 2016 55.0 Put @ 1.40
IBB puts
In the #IRA ….selling at the 200ma and lower:
Sold IBB Nov 18 2016 270.0 Put @ 6.50
Sold IBB Dec 16 2016 260.0 Put @ 6.40
Sold IBB Jan 20 2017 250.0 Put @ 6.60
IBB strangle
Adding a new one to my stable of strangles…
Sold IBB NOV 18 2016 265.0/310.0 Strangle @ 5.15
UVXY call spreads
Bought to Close UVXY OCT 21 2016 40.0/50.0 Bear call spreads @ .02 (sold for 1.00)
Only a starter position that I never got a chance to add to…
AZO…anybody still in?
2 weeks to go….still need ‘er a little lower.
REGN roll down
Oct monthly 380/440 strangle originally sold for 7.50. Rolling down the un-threatened side to resistance.
Rolled 440 calls down to 410 for 2.37 credit. New position is now 380/410 strangle @ 9.87
WYNN
Still adjusting and still bringing in premium. I may never close some of these positions…LOL
Rolled 108 short puts out 2 weeks @ .20 credit.
Against those:
Sold WYNN OCT 14 2016 100.0 Calls @ 1.02
Replacing 98’s expiring today. The 98’s were a roll down from a little higher to capture even more premium. (2.21 to be exact) By rolling the ITM puts out I can now sell 2 sets of weeklies against them. Earnings on the 27th so premium should start increasing in that expiration.
GS short calls
Rolling 165 out 2 weeks and up to 167.5 @ .05 debit. Continuing to sell against a long term bullish position. Gradually reducing basis…
/ES covered put
Rolled this week’s 2165 covered put out to the monthly 2155 for 5.75 credit. Raising basis and making a little more room for some downside.
Whew….
Survived the hurricane now back and set up for the last hour. Only time for some rolls today…
@TravelinTrader are you on here?
?? Saw your question on OMM…I’ve often wondered the same thing. Still no answer but performance over there can’t be too hot…unless you go in big on the winners and small on the losers…LOL
/ES Eminis keeping the hedge on
Replacing the one expiring today…selling against short Dec futures.
SOLD /ES OCT 16 (Wk1) 2165 PUT @ 12.00
GS roll
Had this week’s 162.5 calls that were an aggressive roll down for a total of 1.85 credit for the week. Rolling them out and up to next week’s 165’s @ .50 credit. Short term sales against a long term 2018 position…
Should’ve closed those 162.5’s for 4 cents earlier this morning…grrr. Got greedy and cost myself at least 30 cents trying to make 4 cents.
NUGT…again
Rolled 18.5 short calls out another week for .75 credit. Still inverted against monthly 26 puts and still selling at a 3 call per 2 put ratio. I hope NUGT stays right here forever!
IBB…whew!
Happy I closed those Dec short puts a few days ago. Triple top sure held…looking to reload if we can beat this thing down to the 200ma.
VIX call spreads
Just for something a little different…
Sold VIX NOV 16 2016 20.0/25.0 Bear call spreads @ .70
CMG adjustment
Made money all the way down on the inverted roll now stepping it back up a little at a time for even…
Rolled CMG Sep 30th 415.0 call out and up to Oct 14th 422.5 call @ even.
Still inverted against a monthly 435.0 put. Inverted by 12.50 but premium received so far of 23.85. I’ll get one more chance to roll it into the same week as the put then earnings are the week after that. Plenty of time and opportunity for very profitable rolling on a low margin low risk position.
