Selling these against a chunk of 35 puts in same expiration…
Sold UVXY MAR 11 2016 55/75 Bear call spreads @ 1.10
and…turning this into a full position:
Sold UVXY JUN 17 2016 80/100 Bear call spreads @ 1.50 (sold as high as 3.00 a few days ago)
Author Archives: fuzzballl
SVXY
Busy all day today…did manage to sell some covered calls in the #IRA ….
Sold SVXY MAR 18 2016 40.0 Calls @ 1.50
UVXY BIB
Just checking in…not much going today. UVXY 45/55 call spread in #IRA I’ll be watching closely this afternoon. Picked up a little BIB stock at 40.25 for a flip on the next nice up day also. Was in and out of a /VX VIX future this morning for a scratch at 23.15.
Good luck everyone…looks like it’s shaping up to be a quiet day. (famous last words…LOL!)
NUGT calls
Paired up with 25 strike puts sold yesterday…
Sold NUGT MAR 18 2016 80.0 Calls @ 1.70 (highest available strike)
UVXY Puts
Delta beginning to trump IV collapse on these so booking a nice winner. UVXY is actually well below where it was when I sold these on the way up but puts have lost nearly half their value.
Bought to Close UVXY MAR 18 2016 30.0 Puts @ .90 (sold for 1.62 average)
/VX VIX futures
Sold 24.00 and bought back at 23.75 for a nice little 25 tick overnighter. Back to bed!
/VX VIX futures
Booking a little winner while I can. Big pullback today in these. Originally sold @ 24.15…bought ’em back at 23.90 for a little 25 tick winner. Looking to re-load above 24 again.
BIB stock
Trading around a core position. In 36 the other day now out at 37.90 for a quickie.
UVXY puts
Phone trading again from gate D42 MIA. Lol…
Closed Feb 38 puts @ 06. Sold for 2.26 after multiple roll ups.
Sold Mar week 2 35 puts @ 1.15. A little late to the party but following Jeff.
Like the spread idea also. Trying for monthly 35/32 @ .75 in #IRA.
UVXY call spreads
Adding one to an existing position…
Sold UVXY JUN 17 2016 80/100 Bear call spread @ 3.00
UVXY puts…hedging my hedge
Being short some VIX futures allows an aggressive roll up of next week’s UVXY puts. Rolled next week’s 33 puts up to 38 for .60 credit. Total credit on these is now up to 2.26 on a decent size position. If these get in trouble the short futures will be cranking! Ideally UVXY drops but not all the way to 35.74. Short a bunch of call spreads as well so UVXY…come on down!
UVXY puts
Sold UVXY MAR 18 2016 30.0 Puts @ 1.58 ading to a starter position
/VX VIX Futures
Shorted a March contract yesterday at 24.40…bought back in this morning at 23.90. Nice little 50 tick winner to start the day. Looking to re-load around 24.50.
🙂
/VX VIX futures…
Didn’t post since I really would feel bad if someone followed me and got hurt. Last Friday I ended with a short Feb position at 23.75. Bought it back in at 24 early Sunday evening for a .25 loss. Was happy with that! Set an alert for any spikes up over 25.50 or so…once that triggered in the middle of the night I sold another one at 25.45. Was never profitable all day so bought it back at 25.45 for a scratch late in the day. Still a great month for scalping the volatility swings. Looking out to the March contract now since the heavy rolling of the contracts will take place Thur/Fri this week.
UVXY puts
Taking some profits and looking out to March…
Bought to Close UVXY FEB 26 2016 30.0 Puts @ .30 (sold for 1.03)
And to give Mr. Market some incentive:
Sold UVXY MAR 18 2016 30.0 Puts @ 1.75 (starter)
UVXY puts
Rolled Feb 29 puts up to 33 for .55 credit. Fairly aggressive but short quite a few BeCS in Feb and Mar. Total credit on these now up to 1.66
UVXY BeCS
Adding one more…
Sold UVXY JUN 17 2016 80/90 Bear call spread @ 1.90
/VX VIX futures
Sold 23.30 and bought back at 23.15 for a quick 15 ticks…still holding another short position at 23.25 with buy to close order at 22.75.
UVXY BeCS
Added to Jun…
Sold UVXY JUN 17 2016 80/100 Bear call spreads @ 1.85
XIV Stock
Just trading around some of my lower priced shares. Sold a little at 19.30 that I had bought for 17.10. Still long at higher prices though…
/VX VIX futures
Early this morning I shorted one at 23.20 but didn’t like the price action so bought it back at 23.15. Made 50 bucks!!…of course then it promptly traded in a straight line down to 22.40. Ouch! Back in again at 23.00 looking for a half point or so.
NUGT BeCS
Adding to a starter position from a few weeks ago…I’ll add again if GDX gets to 17 or so.
Sold NUGT JUN 17 2016 50/60 Bear call spread @ 2.66
Volatility!
Not my favorite kind though…Lol see ya’ll on the other side.
/VX and another travel day…
Trying this on my phone…just messing around. Covered my vix future overnight at 23 for a scratch. Then re sold at 23.75 and covered at 23.70 to cover all commissions plus lunch. Just sold again at 24 before we launch.
Good luck everyone!
/VX futures #Eminis
SOLD FEB /VX Future @ 23.00…let’s see what happens. Looking to grab close to a point if possible on any rally.
Whew…back after a long week!
On the road last 6 days…catching up on all the action. Might actually be home for a day! LOL
/VX VIX futures
Sold at 24.00 on the little spike to 24.05 about an hour after the open. Bought it back in at 23.15 just now. LOL Better lucky than good since I just set the order early this morning and went to work. Great week for these little swings! Another .85 in the bank.
🙂
/VX VIX futures…
Another little scalp for fun…sold at 24 this afternoon and bought back at 23.50 just now. I’ll take me a little 50 tick winner before calling it a night. Up at 3am central tomorrow!
🙂 😦
BIB stock
Love flipping this thing when it sells off early. Nearly always get a chance to get out with a nice gain in a few hours.
Bought this morning in first few minutes at 48.50, 48.00, 47.50, 47.25, and 47.00
Just stopped out at 49.26…nice gain while running errands!
/VX Futures…I’m an idiot! LOL
Yesterday:
Taking a shot for a quick scalp…
SOLD FEB /VX @ 24.00
Looking to close it below 23.50 or so. I’d take 50 ticks…
Then last night I watched a doom and gloom video put out by one of John Carter’s people. Didn’t like the price action so closed it at even. Now it would be profitable by 115 ticks (10 bucks per tick)…learned (again) not too take the news or random opinions too seriously. Should just trust the chart which says shorting this any time in the 24-25 range is a pretty good bet.
Grrr!
/VX Futures
Taking a shot for a quick scalp…
SOLD FEB /VX @ 24.00
Looking to close it below 23.50 or so. I’d take 50 ticks…
UVXY call spreads
Full position now in both months…
Sold UVXY FEB 19 2016 60/70 Bear call spreads @ 1.10
Sold UVXY MAR 18 2016 65/75 Bear call spreads @ 1.25
BIB stock
Taking a little profit on the bounce. Most biotech earnings still a week or so away. I may miss an earnings run but still happy with this.
Sold BIB stock @ 50.60
Bought earlier this week and last week @ 49.25, 47.90, and 45.50
/VX VIX futures….
Still messing around with these a little.
Overnight fill:
Bought to close /VX @ 23.75 (sold for 24.25)
Earlier in the week picked up 35 ticks on another one so 85 ticks for the week is not bad. Trying to sell another one up in the 24.75-25.00 range. These seem to work pretty good especially against fairly aggressive sales of UVXY puts.
UVXY puts
Against a bunch of call spreads…
Sold UVXY FEB 19 2016 29.0 Puts @ 1.11
BIB XIV and UVXY
Unfortunately tied up with the real job all week so missing the excitement. Did manage to add a few positions earlier:
BIB – bought stock at 45.50
XIV – bought stock at 17.10
Added to UVXY bear call spreads also…Feb 60/70 and Mar 65/75 and Jun 70/80.
Good luck everyone!
OMM, SMM, and the Bistro
Just want to publicly thank Jeff for starting this site. I’m getting pretty much all the options type info here that I need. Because of this, I’m going to be able to cancel my OMM membership and make the move to SMM. Can still get Dan’s take on things and maybe pick up a few stock tips without the additional cost of both sites. Thanks again!
BIB stock
Starting a new position in #401k . Holding above yesterday’s low but I’m willing to add lower as a longer term hold. Other than that just sitting and watching!
KOLD follow up
Closed this thing last week. Ended up with an inverted strangle (220put/120call) that had brought in 80 dollars after all the rolls. I could’ve rolled the entire thing out another month for about a 10 dollar credit but decided to close it and take the loss. Luckily one spread but still a loss…bright side is it could’ve been a lot worse due to the extreme margin requirements at TDA and now a ton of buying power released to use elsewhere!
UVXY call spreads
Just a couple little quickies this morning…these keep working.
Bought to Close UVXY JAN 15 2016 55/70 Bear call spreads @ .14 (sold for 1.04)
Sold UVXY FEB 19 2016 60/70 Bear call spreads @ 1.05
Sold UVXY MAR 18 2016 65/75 Bear call spreads @ 1.10
Sold UVXY JUN 17 2016 70/80 Bear call spreads @ 1.10
UVXY SVXY
Just checking in…still out of town dealing with some issues with aging parents (we’ve all been there I’m sure) Nothing life or death but still needed my attention. I’ve been circling the wagons a little and reducing a few things. Biggest so far last week was selling UVXY puts and taking the proceeds to close some SVXY puts. I’ve been a little too heavily weighted in SVXY so this has helped quite a bit.
Mostly everything else in Eminis. Still short there as a little hedge so helping quite a bit.
Have a great week everyone! I may make it back towards the end of the week but not sure yet…
Good luck!
UVXY call spreads #IRA
Replacing some Jan’s that should expire next week in the #IRA …
Sold UVXY FEB 19 2016 45/55 Bear call spreads @ 1.20
/ES #Eminis
I’m short an emini with a basis of 2042.50 that’s covered by a 2020 put. This will probably get exercised this week so need to re-establish this hedge but at a much higher level. On the little bounce this morning:
SOLD /ES FEB 16 2040 CALL @ 22.75
Figuring if we get up to that level I’ll take the short position and cover it with a put to end up with a basis near 2090. By then SVXY should be rockin’…if not then I pocket a few shekels.
UVXY puts
Moving out a week and re-establishing my hedge for short UVXY calls (and call spreads) and short SVXY puts. Hopefully these get in trouble!
Sold UVXY JAN 15 2016 28.0 Puts @ 1.04
UVXY puts…again :)
Bought to Close UVXY JAN 8 2016 29.5 Puts @ .45 (sold for .96 yesterday afternoon)
NUGT calls
Missed these earlier…held off the last couple days to see if it was really gonna bounce with a gold rally. Doesn’t look like it today.
Sold NUGT JUN 17 2016 50.0 Call @ 3.30
Sold NUGT JUN 17 2016 55.0 Call @ 2.80
UVXY puts
Back in…still mainly a hedge for a long SVXY position so don’t mind rolling them a few times.
Sold UVXY JAN 8 2016 29.5 Puts @ .96
$DUST straddle
Continuing to book one side and roll the other for a credit until this thing recovers. Not much left in these so rolling at the 45 day mark for Feb.
Rolled DUST Jan 22 puts to Feb 22 @ .80 credit (accumulated premium now up to 5.35)
Still sitting on the Jan 22 calls that were sold for 1.30. Once I’m out of those will be looking to sell 21 or 22 calls for Feb to reset the straddle.
UVXY puts
Staying aggressive hedging my SVXY puts…playing with a little house money after closing a decent size similar position yesterday.
Sold UVXY JAN 8 2016 29.0 Puts @ 1.15
NFLX
Had to thank GG for this one. He was harping on NFLX being weak last Thursday so I had to try to protect my naked puts a little. Worked out OK…
Bought Jan monthly 110/105 put spreads @ .93 on Thursday.
Today…closed them for 2.58 for a gain of 1.65 and bought 105/100 put spreads @ 1.70. This leaves the 105/100 put spreads for a nickel debit. My kind of protection there!
Also Thursday rolled down this weeks short calls to 115 and 112 for nice credit.
So after all that it’s pretty much a wash on the losses on the short puts…so far so good.
UVXY puts
Bought to Close UVXY JAN 8 2016 26.0 Puts @ .20 (sold for 1.20 up to 1.40 on Thursday)
UVXY puts
$UVXY – Putting the hedge back on a strike lower next week. Margin free against Jan monthly 35/50 45/60 55/70 55/75 bear call spreads. Half position so far…Jeff is right…these are pretty easy to roll down especially if VIX stays above 15 or so. Plenty of SVXY will be doing great if these get too far in the money.
Sold UVXY JAN 8 2016 26.0 Puts @ 1.20
Sold UVXY JAN 8 2016 26.0 Puts @ 1.30
Sold UVXY JAN 8 2016 26.0 Puts @ 1.35
Sold UVXY JAN 8 2016 26.0 Puts @ 1.40
GG says:
$DGAZ running again on weekly EIA 10:30 release back in 12.52 now out at 13.05 10 min 4% scalpie
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Now I grew up in a small town in a little school but I still can’t make that math work…4 percent? What am I missing?
SVXY UVXY…trimming the hedges
Taking off a very profitable weekly hedge. Went against the grain a little but paid nicely. Will re-load on any strength.
Bought to Close UVXY DEC 31 2015 27.0 Puts @ .15 (sold for 1.40)
Bought to Close SVXY DEC 31 2015 52.0 Calls @ .15 (sold for 1.40)
NUGT puts anyone?
I’m a little scared to go to the put side but the Feb 15’s are bringing about 75 cents. Awful tempting since they’d be margin free.
Whaddya think?
Talk about KOLD….wow
Just landed in Vail and talk about cold! About 10 below when we touched down. Burning the nat gas out here!!
Not doing much this week…everything looks great and theta doing it’s thing.
Snow
Looks like the snow is picking up here at “The Bistro”. Should I call for de-icing?
/ES #Eminis
Sold a 2020 call earlier this week for 11.50. Could’ve rolled it but instead I’m going to take the short position (if /ES stays above 2020 tomorrow). Now, turned around and sold a Jan 8 2020 put against the short position. Received 13.50 for the put sale added to the 11.50 call sale earlier, total premium is now 25.00. Short position is only slightly underwater but giving me a nice hedge for my long SVXY. A pullback below 2020 will cover the short position and bank 25 points of gains…
If we continue up I’ll continue selling weekly puts to raise my cost basis in the short position.
SVXY calls
Taking these off the table since they’re not technically covered…they’re just a short put offset.
Bought to Close SVXY JAN 15 2016 60.0 Calls @ .70 (sold for 1.35)
UVXY puts
#ShortPuts – It’s worked the last couple weeks…margin free against short calls.
Sold UVXY DEC 31 2015 27.0 Puts @ 1.27
/ES Eminis
#ShortCalls – SOLD DEC 15 (Wk4) 2020 CALL @ 11.50
This would get me short at 2031.50 or I could roll it. Needing a little more downside protection.
SVXY calls
#ShortCalls – It’s worked the last couple weeks…margin free against short puts.
Sold SVXY DEC 24 2015 51.0 Calls @ .95
UVXY puts
#ShortPuts – It’s worked the last couple weeks…margin free against short calls.
Sold UVXY DEC 24 2015 28.0 Puts @ .90
/NG Nat gas futures
Up 8 cents at the open…if that holds we might see KOLD down 20 in the morning.
/VX VIX futures
Bringing this to the top from my reply below…just thinking out loud tonight.
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Funny you should mention VIX futures…I think I’m going to quit shorting UVXY naked calls and concentrate on the futures. I believe a person could short a few contracts each time it spikes above 25 and do pretty good much more safely without the constant UVXY spike worry.
A VIX future trades at a value of 50 dollars per tick with each tick being .05 This makes them worth 1000 dollars per point. Instead of sitting year round with big short UVXY exposure just wait until the 2 or 3 times a year we get a spike in the VIX futures 20-25 range and short a few. Imagine shorting 5 of those in late August and catching about 10 points of the move. Seems a lot safer without the constant black swan risk.
Of course your account would have to be able to withstand the daily mark to market of the futures if you short to early plus margin of about 6000 per contract.
UVXY puts
Just gotta take the gains on this in such a short time since it was a decent size position.
Bought to Close UVXY DEC 24 2015 27.0 Puts @ .43 (sold for .82 this morning)
UVXY puts
Just a starter for now hoping to add more. Seems like decent premium even with UVXY up a little. These are margin free and replacing a bunch of 27’s from this week.
Sold UVXY DEC 24 2015 27.0 Puts @ .82
DUST
GDX just getting killed…could see a 12 handle soon. Taking the other side of NUGT now. Just adding one to a current position. Will add more if GDX bounces around 13.
Sold 1 DUST JAN 15 2016 22.0 Call @ 1.60
Out all afternoon and missed…
Out all afternoon and missed the excitement. Liking what I’m seeing now though. I knew Iceman could work his magic on KOLD for us! Turned into a very good day….
NUGT short calls
Reducing a small amount of my exposure as well. Mainly in the positions that are more delta dependent vs theta type positions.
Bought to Close NUGT JAN 20 2017 60.0 Call @ 6.50 (sold for 24.90)
Bought to Close NUGT JAN 20 2017 75.0 Call @ 5.30 (sold for 7.50)
OMM, KOLD and the GG
After reading the latest missive from GG I just couldn’t help myself. I’m sure he’s a good trader but bragging about a winner and making fun of (his perception) of another person’s possible misfortune is pretty sad. Here’s his post followed by my response…
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$KOLD finally sold my shares on this parabolic move at 218 and change this inverse levered ETF ( see earlier post on CC attempt sale) ; now that’s extended ; check out chart BTW $BOIL hit yet another ATL as is down well over 90% in year ; funny how so many traders here argued very aggressively that naked put sales when ETF was 100 -125 would make money in the end ; now that ETF is down 90% since they’re no where to be found ; now I know these trades were likely all closed out for huge loses in many cases yet not single post I saw on the related losses ; bottom line = selling naked options on commodities experiencing multi-year downtrends can end a trader up in the poor house no matter how much contra option selling a trader attempts ; not to mention outsized tie-up of capital which is losing money on these ETFS many of which aren’t marginable ; don’t get me started selling naked options on illiquid securities like $KOLD ; traders should just avoid these types of trades like plague ; this is the 2nd year in year many of these same traders made this costly mistake on thesis don’t worry winter is coming Nat gas will go up when it gets cold ; arrogant to assume IMO that wasn’t already priced in market IMO. BTW Nat gas hit seasonal low last winter ( Jan/Feb)when Northeast was experiencing record and sustained cold. El NINO pattern warmer than expected long term continues to crush this commodity as it makes daily multi-year lows with IMO zero signs /technicals in charts that bottom is near ; look at charts of $CHK and $SWN the two Natty gas big boyz YUCK!!!!!!!
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@GreenGhost $KOLD $BOIL – I’m still here…LOL Not in the poor house yet. You’re right…this KOLD is a thorn in my side but talk about a learning experience in damage control! Luckily stayed very very small. By the way…great trade going long on it!
How’s this sound? Not saying it’s great but desperate times call for desperate measures. Looking back the original trade was a BeCS that moved bad against me so made the mistake of closing the long protection and taking the big profit on it figuring I could work the short side with puts and rolls.
As it continued moving against me I sold ITM puts and continued rolling them keeping them slightly ITM all the way up while rolling the short ITM calls up and out to Jan. Eventually the width of the inverted strangle was equal to the total premium I had received (61 dollars total). At that point I started buying ATM calls totaling 100 deltas since the ITM calls were now at 100 delta. I eventually switched to stock since it’s a little easier to get in and out of.
So at this point this thing could go to the moon and my position will remain the same…long stock covering calls with 61 bucks premium in my pocket. I’ve got a little cushion on the stock to the upside as well so I can hang onto it until it starts dropping and still unload it for additional gains.
Downside is the buying power it’s tying up which isn’t the end of the world. Even if I have to hold this thing for 2 years while rolling the short calls up every month I’m still looking at 25 percent annualized on margin or even better if this thing pulls back sooner. Can probably still juice the returns even more by selling really safe puts each month…not to mention what I’ve added to the bottom line shorting BOIL calls all the way down…(I don’t ever short BOIL puts!)
So there ya go…things aren’t always as they seem. I know @Iceman is still in it and @JeffCP is in a similar position as me…even though he resigned his OMM membership we’ve been able to stay in touch on a few trades.
I know, I know, just going long would’ve been smarter and better. Guess I’m an idiot at times!…LOL Trying to make a little lemonade out of this lemon.
KOLD inverted strangle update
Rolled Dec 175 puts up to Dec 200 for a credit. Also short the 120 calls in Jan for an inverted strangle. Assuming the 200 puts expire I’ll be left with short DITM Jan 120 calls with the whole position bringing in a total credit of 52 dollars giving me a breakeven on the Jan 120 calls of 172.
At that point I’ll have to decide where to sell the new puts…basically the more bullish I am on KOLD (bearish on nat gas) the higher the strike I’ll sell the puts at with hopefully being no further inverted than the toal premium received. Ideally early next week nat gas rallies and KOLD tanks and I never even have to sell them…LOL
/ES #Eminis
$Eminis – Really strange…had a standing order to cover a short at 1993.25. Got hit on that sudden spike down. Turned around 4 minutes later and sold it again for 2009.75. Trying to cover again down around 1995. Some sort of strange news I guess really moving this thing!
Eminis
#Eminis – Bought to close DEC 15 (Wk2) 2050 CALL @1.40 (sold for 10.00 yesterday)
and on a little bounce this morning:
SOLD JAN 16 2050 CALL @ 30.75
This would get me short at 2080.75 Still short a couple contracts as a hedge and rolled those from Dec to Mar this morning. Today is the big quarterly roll day for the Eminis…Was short 3 contracts but covered one at 2058 breakeven earlier this week…grrr!
SVXY call scalp
Bought to Close SVXY DEC 11 2015 54.0 Calls @ .05
Sold these for a dollar yesterday with house money after closing short 57’s and 60’s.
Options Bistro 