MU STO 59.5 put at 1.06 for next week.
Last trade until next week.
One more note on #pietrades. I have moved 60-80% of my portfolio to true #pietrades. 20-35% is one time opportunities and usually a #pietrade type scalp or earnings play or a #fuzzy, and 5% true speculative. I am trying to create and income replacement machine and seems to be working. Just need to avoid big losses like SVXY.
When the market gives you a gift early, take it an don’t ask questions so rolling/closing early and set up new trades.
Ok, so after #pietrades for 15 months straight here is what I have figured out works the best. Need a little bit of timing and a directional bias. Personally use the 4 hour chart as that seems to correlate well with the next week.
Higher premiums = easier to manage.
I am moving towards more ETFs as it gets rid of some of the single stock risk.
My current bull pen has contracted dramatically. Here is what I am trading and only about 3-6 on an every week basis, others are more weekly scalps.
True weeklies: AAPL, EOG, EXPE, IBB, XBI, LABU, FAS, TQQQ, TNA, UPRO, WDC, AMAT, SMH. Even with these I will try to time and do not trade every one every week.
All the others I trade are set up like #pietrades but they may only run a week or 2 depending on movement. LABU is on hold until a pull back. Up 25% in 3 weeks and I am not going to chase it but great premiums and will re-enter when we have even a little pull back. It was in the 80s 3 weeks ago, hit 112 today.
BTC LABU 96 and 92.5 puts for 0.1, 0.15 and 0.15 across 3 accounts.
EOG STO the next week 115 put for 1.1. Plan to trade this true #pietrade week to week. Has stabolized now that oil is in a range again.
WDC STO next week 78.5 put for 1.13 same as above but its range is now 78-87.5 or so.
FAS STO next week 66 p for 1.18 and will roll week to week.
STO TQQQ next week 61 p for 1.05 same.
Old trades still on
AMAT 51 CC rolled to 49 next week for 0.69 credit. Cost basis 51.54. Few more weeks and should be able to cover the earnings drop.
AMAT 50.5 cc rolled to next week 49 for 0.64 credit. Cost basis now 48.42 so will probably let is close and start over or use a different ticker.
Total income $3147 for the week so not a bad weekly pay check for a vacation week. Now go sit on my hands at the beach, actually can’t sit still that long. Will surf, SUP, kiteboard, windsurf, bike, depending on weather 🙂
Have a great week!
SRPT, if anyone was long that is a lottery ticket, up 44% today as their muscular dystrophy drug shows promise. I think this is what is pulling LABU up. Only 1.4% of LABU that I can find but a big move like that will pull it along.
LABU 92.5 puts rolled to next week 93, 96 for varying credits of 1.5, 1.03, 1.00.
AMAT 50.5 CC rolled to next week for 0.5 credit. Cost basis now 49.06.
AMAT 51 CC rolled to next week for 0.46. Cost basis 52.23, this is the batch that went against us on the earnings trade. Another 4-6 weeks to scratch it.
#supercharger SOXL 36 DTE 125/130 vertical was sold last week for 4.65. Will roll or close as the time value decays.
Looking at a BIB #supercharger but want to wait for at least a little pull back.
That’s all for this week, have a good weekend. Sitting on my hands until next Thurs but on vacation and staying around here so if there are opportunities may trade before then. Vacation starts with Imagine Dragons concert on Sat. in Hershey PA!
Have a great week 🙂
Hoping for a pull back after FOMC so I can roll some highly profitable trades down a few strikes for next week. Inflation running 2.7% on the raw numbers so that may mean an extra hike this year.
2 sided market would be nice and rate hikes should do it.
Light day, rolled most of everything early in the week.
GM assigned yesterday at 37.5 CC. Cost basis was 37.72 but will take the small loss just to get out. $321 loss but was down 4 k at one point. Won’t #pietrade this again for a while.
AMAT pulled back a little so rolled the 50.5 cc to next week for 0.65 and dropped cost basis to 48.91. Have 1 other account still working back to even with cost basis of 52.39.
Everything else expires next week so will sit on my hands and let theta decay do it’s thing.
Have a great weekend!
Someone finally took my GM stock for the dividend. Total loss of $321 after 22 or so weeks of rolling. Could have been worse, at one point was down almost 4k.
Rolling works but names with higher premiums work better. For those following #pietrades GM is off the list. Plenty of better opportunities out there.