First day all week I actually get a lunch break so a few trades mostly to adjust margin and take off risk.
BTO WDC Jan 20 90 calls at 14.10. Now long the 2020 straddle at 90 and short the 90 straddle at 37 DTE, basically a bi directional calendar. My plan is to sell the weekly ATM straddle once the 37 days is close to the end. The recovery is already profitable ($4410) but if I can keep bringing in weekly premium extra gravy. This is from an earnings gone wrong. Originally sold the 90 puts, it dropped from 107 to as low as 77. After multiple rolls ended up with a 15+ point credit then spread it off to lower the margin. Now have 109 weeks left to sell straddles/strangles semi-covered.
GILD rolled the 9 DTE 72.5 put to 23 DTE at 76 for 1.3. Sold for 1.46. Another problem child. Now have 300 shares, 8 contracts of Jan 19 put leaps at 77.5. Almost break even, few more weeks of sales will take a small profit and move on.
SWKS BTC the 107 call for 0.18. Sold for 0.95. Still have 102 and 104 puts and Jan 107 call as a semi strangle. Break even only 2 points to the upside. Leaving this one naked as it seems to be finding a bottom.
Almost a buy signal on VXX at end of day. Maybe we have some vol. in the coming days, maybe not but will post the reversal when it happens.
Rolled 11 DTE calls (covered) out to 28 DTE for 0.35 credit. Just holding through dividend then will let them be called out. Still have the LEAPs puts I will keep writing puts against. Definite skew to put side on this one now so will probably work out without the calls to write straddles on.
snowing virtually here and in real life outside 🙂
Everyone have a good weekend!
For you falling knife traders, looks like SWKS finally put in a bottom the last 2 days.
SWKS rolled 22 DTE 107 call to 104 at 36DTE for 0.75 credit.
Rolled the 104 22 DTE put to 36 DTE 104 put for 0.4 credit.
Now have straddle at 36 DTE at 104 and strangle at 102/107 29 DTE.
May have to invert if it keeps dropping but more likely pick up some leaps just to release some margin. Can get $ 7 credit for the ATM straddle now 29-36 DTE, would be quick to cover the leaps.
Wont decide until after my bike ride.
Rolled a bunch of small SVXY positions, 100 puts this week to 15 DTE for credits of 1.85, 1.89, 1.88. Sold for 4.2, 4.05, 4.15 on last vol bump.
Rolled TQQQ 120 puts from tomorrow to 15 DTE for 1.49 credit. Sold for 1.35.
Even on a big down week with WDC, SWKS and still adjusting GILD made $3482, just have to love theta decay! Down on the computer screen but net worth still climbs.
1 week DTE for you other Stars Wars fans out there! And there should be skiing in the mid atlantic next week, finally cold enough 🙂
Nothing else for me until next Thurs. Lots of expirations next week. Hope everyone has a good close to the week and a fun weekend!