#VXXGame BTC $UVXY June 17th 17 put for 3.01. Sold for 4.55 on 5/20. Got some more to unload but I doubt we’ll be seeing higher prices today.
Author Archives: Jeff
SPX call spread heaven
#SPXcampaign — This is the time and environment that you can mint money in SPX call spreads. When we bounced off the February lows, many faces were ripped off (still hurts) as we flew higher… but once we got back to 2100, they have been easy to sell above 2130 and easy to take profits or allow to expire. Whenever the market decides to make new highs, we will have plenty of room to roll higher. It is rare for a market to scream higher when it is notching new highs… the pace is much more controlled.
Bought to close $SPX June 24th 2145/2170 call spreads for .20. Sold for 1.35 on May 23rd. This was sold when SPX was down around 2050. It took some heat when we hit the highs of 2016 (2120)… that heat can be tough, and your account will draw down, but stick to your rules and roll higher and longer when you need to. My stop for this was 2125, which was never hit. This week has been my most profitable in months because of the many call spreads that plummeted in value.
SPX put roll
#SPXcampaign Sold to open $SPX June 30th (end-of-month) 1970/1945 put spreads for 2.10. Sold 1.5x number of contracts as a roll from put spread stopped at the bottom yesterday. Hopefully I sold this at the bottom today, which would keep the universe in balance. I chose this expiration (expires on a Thursday night) because I already have a call spread for that date.
SPX calls sold
#SPXcampaign Sold to Open $SPX July 8th 2160/2185 call spreads for 1.30, with SPX at 2077.
SPX puts stopped
#SPXcampaign Had another stop hit, but looks like I unfortunately exited at the bottom, without getting a fill on the roll. Now I will have to wait to sell a roll, perhaps in the calls if we go much higher before we go lower.
BTC $SPX June 24th 1985/1960 puts spreads for 3.00. Sold for 1.30 on June 2nd.
also, to balance margin:
BTC $SPX June 24th 2160/2185 call spreads for .20. Sold for 1.55 on May 25th.
SKEW high
The SKEW reading is reaching its highest levels since early January… a bearish signal.
FB covered put rolls
#Rolling #ShortStock #CoveredPuts I’m looking to get out of my short stock with FB below 110 in the coming days. I am therefore rolling 2 puts I have at 113 to give myself exit points below 110.
BTC FB June 24th 113 put for 1.98 / STO FB July 22nd 108 put for 2.02
BTC FB July 1st 113 put for 2.50 / STO FB Dec 90 put for 2.68
#Earnings are projected to be last week of July. I’d like to be out of this position by then, although I’m okay with keeping the Dec 90 put longer.
SPX puts sold
#SPXcampaign Sold to Open $SPX July 14th 1860/1835 put spreads for 1.50, with SPX at 2053.
SPX condor roll
#SPXcampaign Sold to Open $SPX July 14th 1825/1850/2160/2185 iron condors for 2.40. This is a roll from put spread stopped at last night’s close.
TLT longs
#LongCalls Sold to close my final $TLT June 17th 32 calls for 4.05 (yesterday) and 5.05 (today). Bought for 1.48 in april and May.
UVXY puts coming in
#VXXGame I have been rolling underwater UVXY puts for weeks… in the end I would up really heavy on June 17th expiration, being short 18,17,15,14,13, and 12 puts expiring tomorrow. Imagine my luck that this is the week of the volatility pop!
BTC $UVXY June 17th 15 put for .40. Sold for 1.30 in March. Will scale out of more today and tomorrow, rolling anything that remains underwater.
SPX puts stopped
#SPXcampaign So I can sleep better, I closed the last borderline put spread… bought to close $SPX July 8th 1975/1950 puts spread for 2.95. Sold on June 9th for 1.30. I will sell a roll tomorrow or Friday.
NUGT call
#ContangoETFs Sold to Open NUGT July 29th 160 call for 9.50. Highest available strike.
SPX puts closed
#SPXcampaign In pre-market, Bought to close $SPX June 16th 2025/2000 put spreads for .60. Sold for 1.75 on June 2nd. Closing early to avoid downside risk in light of Fed, VIX warning, and Friday AM settlement.
SPXM iron condor
#SPXcampaign Sold to Open $SPXM July 17th 2000/2020/2100/2120 condors for 2.40. This is the roll from the June 15th put spread stopped earlier. Fairly tight range for a volatile week, so I will need to be adept if Janet or anything else gives us more big moves.
SPX puts stopped
#SPXcampaign Bought to close $SPX June 15th 2060/2035 put spreads for 3.10. Sold last week for 1.70. One of those frustrating ones, with plenty of chances to close for breakeven or small profit, but it got away from me. Holding off on the roll until I see where SPX goes today.
SPX puts stopped
#SPXcampaign #CondorRoll Another 3-dollar stop hit, rolling into a condor.
Bought to close $SPX July 1st 1990/1965 put spreads for 3.00.
Sold to Open $SPX July 6th (Wednesday) 1825/1850/2160/2185 iron condor for 2.30, 1.5x position size.
SPX puts spreads stopped
I am stopping out on three put spreads, details to follow. Not sure about rolls yet.
TLT long calls
#LongCalls Sold to close $TLT June 17th 132 calls for 3.30. Bought for 1.48 (avg price) in April and May. Closed half my position; will leave half in case we get more upside this week, but won’t let us drop much.
Stock market or Brexit controlling the VIX?
It could be that the VIX and market volatility in the coming days will not be controlled as much by the market moves as it will be by the polling on the Brexit vote. It has been running neck and neck and may continue to do so into June 23rd’s vote.
It is widely believed that the UK’s exit from the EU would cause economic pain and market volatility. The “Leave It” campaign has been gaining in the polls which is possibly the reason for what we’ve seen Friday and today.
This would help explain the explosion we’ve seen in the VIX price which is not matched in its extreme by the indices. SPX is down less than .5%, while VIX has been up over 16% two days in a row. The last time the VIX was up over 16% was on Jan 7th, when SPX dropped 2.37%.
FB covered put
#ShortStock #CoveredPuts STO $FB July 8th 108 put for 1.20
UVXY still going up
Even with the bounce we’ve gotten on the SPX, VIX and UVXY barely retraced down at all.
Followed @Iceman on these just as the Warning was firing earlier.
STO UVXY June 17th 19 calls for .19
STO UVXY June 24th 22 call for .56
SPX puts sold
#SPXcampaign Sold to Open $SPX July 14th 1910/1885 put spreads for 1.40, with SPX at 2089. This order was in before the Warning fired.
Downside WARNING fired
#VIXIndicator The Bistro VIX indicator has fired a downside warning. This means there is a high probability of a correction in the coming days or weeks. The VIX has increased 25% within 2 days, hitting 18.30, which is 25% above Thursday’s close. That was the first signal. Then we crossed 18.75, which is 50% above the most recent VIX low (12.50 from April 20th). That was the second signal, and two signals equal a WARNING.
Be leery of the downside, careful with any rolls. Historically, a bigger correction usually occurs after two signals fire; it could be this week, or it could occur weeks from now. To negate this warning, we would need new highs on the S&P (above most recent high of 2120.55, set last week), or the VIX closing three consecutive days below the 78.6% Fib retracement, or 14.32 (based on VIX intraday high of 21.01).
SPX calls sold
#SPXcampaign Sold to Open $SPX July 14th 2175/2200 call spreads for 1.80. Trying something slightly different, selling calls at the bell on a Monday, even with market down. Premium seems to drain quickly from calls as the week progresses, so I think what I get here will be better than what I can get with SPX at 2100 later in the week. We shall see. But in any case, comfortably above all-time highs.
Bistro VIX Indicator for Monday 6/13 (always available in the right-hand column >>> )
Friday’s move in the VIX was the biggest one-day change since January 7th, but fell short of firing a warning signal.
Monday’s signal levels in the VIX that would fire a Downside Warning are 18.30 (25% above 2-day closing low), and 18.75 (50% above Apr 20 low).
Options Expiration 6/10/16
— Expiring —
DUST 22 call
SPX 2135/2160 call spreads
SPX 2090/2070 put spreads
Have great weekend!
Never use auto-STOPS on spreads
#SPXcampaign Here’s a good example of why you should avoid automated stops on spreads, especially SPX spreads. This is a screen shot from my broker I just took. It’s the spread I sold this morning, 2090/2070. Bid is .15 and ask ia 10.45, so Mid is 5.30! If I had put a 3.00 auto-stop on it, it would have survived the whole day until a few minutes ago. Of course, the bid/ask can get wacky when it’s about to expire in 30 minutes (and also first thing in the morning, and after hours), but this kind of anomaly can happen at any time and slam you out of your spread with a horrible fill.
SPX puts sold
#SPXcampaign Sold to Open $SPX June 15th 2060/2035 put spreads for 1.70, with SPX at 2093. Expires Wednesday at the close. Thirty points down in three days could easily happen, so if we drop further today and/or don’t bounce Monday I will roll this.
SPX puts
Getting close to having a roll out on today’s spread. This spread will move up in price VERY fast if we keep dropping. Be careful.
VIX soaring
Pretty big VIX increase on the day, going through 2D Bollinger bands. Looks like biggest 1-day percentage increase of the year; but still short of the 25% needed to fire the Bistro VIX Indicator… 17.60 is that level.
If only I had bought the VIX future two days ago when I posted it!
VXX game day
#VXXGame Finally some action to offset my puts that have been underwater and ITM for weeks…
Following @Iceman…
STO UVXY July 1st 25 calls for .43
STO UVXY July 8th 22 calls for .60
STO UVXY July 22nd 22 calls for 1.00
Same day put spread
#SPXcampaign Sold to Open $SPX June 10th 2090/2070 put spreads for 1.35, with SPX at 2098
SPX calls stopped
#SPXcampaign Bought to close $SPX June 16th 2135/2160 call spreads for 2.40. Sold as part of an iron condor for 3.30 on May 25th.
SPX got within 20 points, so need to stick to my rules and close this. Escaping with profit (assuming 1940/1915 puts will expire), so good for now, although I will likely replace it if we push back toward 2120.
More SPX puts sold
#SPXcampaign Sold to Open $SPX July 1st 1990/1965 put spreads for 1.30, with SPX at 2109.
SPX puts sold
#SPXcampaign Sold to Open $SPX July 8th 1975/1950 put spreads for 1.30, with SPX at 2109.
Maybe it’s time to buy the VIX
http://seekingalpha.com/article/3980632-best-buy-market-right-now-august-vix-futures-contract-video?app=1&auth_param=bf3bv:1blfkoo:53c73d9b1d8b5363747e28713c6eefb2&uprof=37&utoken=5b32faa14fc320dfd5f3f44880808118
Zzzzzzzz…
First post of the day? Wow, this is a boring market. I’m pretty short the market with a bunch of call spreads. Nothing much to do but wait for some pullback or roll things higher and farther.
SPX puts sold
#SPXcampaign Sold to Open $SPX July 8th 1980/1955 put spreads for 1.30, with SPX at 2112.
NUGT put closed
#ContangoETFs BTC NUGT June 17th 100 put for 10.00. Sold for 15.50 on May 2nd
SPX call roll
#SPXcampaign #Rolling
BTC $SPX June 16th 2130/2155 call spreads for 5.50 (sold for 1.40 on May 20th)
STO $SPX June 30th (monthly) 2160/2185 spreads for 3.90 (1.5x position size)
New highs, new lows
New 2016 highs today for $SPX and $RUT.
Fourth day straight of all-time lows for $VXX and $UVXY.
Tasty Trade discuss Karen
They say they’ll address it more fully when they know more, but here they respond to a caller’s question about Karen (starts about 17:45 in)
https://www.tastytrade.com/tt/shows/talkin-with-tom-and-tony
SPX calls sold
#SPXcampaign Sold to Open $SPX July 8th 2175/2200 call spreads for 1.65, with SPX at 2108.
Options Expiration 6/3/16
#optionsexpiration
Only 2 expiring today:
NUGT 90 put (was going for 20.00 on Tuesday)
AVGO 150/145 put spreads
Tasty Trade response
Tastytrade has taken down the video of Karen’s last interview and put up this notice.
Like many, we are concerned about the SEC investigation into the accounting and reporting practices of Karen Bruton and her firm Hope Advisors. Ms. Bruton is not an employee of tastytrade and last appeared and was interviewed on the network 2 years ago, as a guest. In light of the investigation, we have removed all past videos airing Ms. Bruton for the time being. We at tastytrade believe in full and transparent disclosure by money managers and will continue to advocate on behalf of the retail trading community.
Jack Follick
SPX calls sold
#SPXcampaign Sold to Open $SPX July 1st 2165-2190 call spreads for 1.50, with SPX at 2101.
NUGT strangle-roll
#ContangoETFs Trying to stay ahead of positions becoming ITM:
BTC NUGT June 17th 97 call for 10.60. Sold for 3.80 last Friday.
STO NUGT Sept 180 call for 9.20
STO NUGT Sept 35 put for 1.80
Every day this week, flush…
Every day this week, flush down and rally back. Job numbers don’t matter, it’s just the consolidation we’re stuck in. Perfect for #SPXcampaign.
SPX puts sold
#SPXcampaign Sold to Open $SPX June 24th 1985/1960 put spreads for 1.30, with SPX at 2092
NUGT call
#ContangoETFs STO NUGT July 1st 120 call for 5.25. Dipping a toe, my first sale for this expiry.
NUGT finally moves off its…
NUGT finally moves off its butt! No jobs? Buy gold!
AVGO never disappoints!
Peeling off the NUGT
#ContangoETFs Peeling off positions with profit as they relieve margin…
BTC NUGT June 10th 120 call for .15. Sold for 2.90 on 5/23
BTC NUGT June 10th 117 calls for .15. Sold for 1.10 on 5/24
(Tuesday) BTC June 17th 145 call for .30. Sold for 6.20 on 5/4
AVGO earnings
#Earnings Sold to Open $AVGO June 3rd 150/145 put spreads for 1.65. THIS IS A BULLISH TRADE. AVGO always moves up on earnings; moved down significantly only once in its 7-year history.
In its last 12 reports, Biggest UP move: 14.7% , Biggest DOWN move: -0.2% , Average move: 6.9% . This trade is 2.5% OTM.
SPX puts sold
#SPXcampaign Sold to Open $SPX June 16th 2025/2000 put spreads for 1.75. Extra spread since my normal ones for this expiry were already closed for profits.
Karen the SuperTrader maybe not so Super
Looks like Karen had been using In-The-Money Calendars on E-minis to avoid showing losses for about 19 months. You can read section 58 onwards in the SEC filing for an explanation of the trading scheme. Quite sad if it’s true.
http://www.tennessean.com/story/news/2016/05/31/feds-brentwood-firm-schemed-gain-millions-ill-gotten-fees/85211006/
FB covered puts
#ShortStock #CoveredPuts
STO $FB June 24th 113 put for .90. Continuing to sell at least one put each week, 3rd expiry out.
SPX calls sold
#SPXcampaign Sold to Open $SPX July 1st 2170/2195 call spreads for 1.50. Got both sides of a condor today.
NUGT call
#ContangoETFs Sold another NUGT June 24th 98 call for 4.70, adding to the one I sold for 3.10 this morning.
SPX puts sold
#SPXcampaign Sold to Open $SPX June 24th 1975/1950 put spreads for 1.50. I was supposed to sell the June 24th expiry last week, but with virtually no down days I only sold calls. So making up for it now.
SPX puts sold
#SPXcampaign Sold to Open $SPX July 1st 1950/1925 put spreads for 1.25.
First put spread I have sold in over a week. Missed a fill on a new call spread at the top today.
NUGT roll
#ContangoETFs #ReverseRoll Kind of a roll even though I’m closing the put for breakeven, but I’m pressured more on the put side so this roll releases substantial margin…
BTC NUGT June 17th 70 put for 8.75. Sold in April for 8.83 (avg price)
STO NUGT June 24th 98 call for 3.10
Options Expiration 5/27/16
— Expiring —
NUGT 130 & 170 calls
PANW 155/160 call spreads
SPX 1980/1955 put spreads
UVXY 28 call
–Assignment–
PANW 140 and 135 puts, taking the stock.
NUGT roll
#ContangoETFs BTC NUGT May 27th 80 put for 10.00
STO NUGT June 24th 50 puts (x2) for 2.60
Didn’t sell calls at this low level. Will add some next week.
UVXY roll
#VXXGame BTC UVXY May 27th 13.5 put for 2.20
STO UVXY June 24 12 put for 2.25
NUGT strangle roll
#ContangoETFs BTC $NUGT May 27th 83 put for 7.00. Sold for 4.10 on 5/13.
STO NUGT June 17th 62/97 strangle for 7.80.
Also still short the May 27th 80 put. Will wait until later to see what happens.
A good morning to you,…
A good morning to you, and new All-time lows for both UVXY and VXX! #VXXGame
NUGT trades
#ContangoETFs I have traded too many of these to post in last couple days. Had to escape a couple of ITM May 27th puts with losses yesterday morning. Today I closed numerous puts and calls with nice profits. Closed my last ill-fated ITM call, Jan 2017 75 call for 31.00 (sold for 7.70 on Feb 4th). That leaves me with a couple ITM puts but nothing too drastic.
After things calm down and the margin police quit eyeing me, I will start selling more OTM strangles.
SPX closed puts
#SPXcampaign Bought to close June 16th 1895/1870 put spreads for .20. Sold for 1.30 on May 17th.
PANW earnings
#Earnings Sold to Open $PANW May 27th 130/135/155/165 condor for 1.95. Recent moves after earnings: Biggest UP move: 10.6%, Biggest DOWN move: -10.8%, Average move: 5.9%. These short strikes are 6.9% OTM. Risking 3.05 to make 1.95, inside the stock’s average move.
SPX roll out
#SPXcampaign #Rolling #CondorRoll
STOPPED, $SPX June 1st 2105/2130 call spreads for 3.20.
Sold to Open $SPX June 16th 1915/1940/2135/2160 iron condors for 3.30.
Sucks to have to roll it but can’t risk more crushing upside.
AAPL stock
#AfterHours #LongStock Sold to close $AAPL stock for 99.00, breakeven from my purchase after hours on earnings day. That was second half of my position. For the first half, I sold it at 93.50 and also sold a July 95 call, now naked. I will rock and roll with this position as the stock wavers.
Impressed with its recovery. I have only a small position but I know many people that are long this stock, so happy for them. However, I don’t trust it much above 100 in the near-term. If you are long, I would at least put a trailing stop on it and not be long if it gets below 96 again.
SPX calls rolled
#SPXcampaign Bought to close $SPX June 10th 2110/2135 call spreads for 6.55. Sold for 1.20 last Thursday as a roll. Rolled to…
Sold to Open $SPX July 1st (Wednesday weekly) 2150/2175 call spreads for 3.95 (1.5x position size).
As I posted earlier, put rolls have worked beautifully, EXCEPT the ones I rolled to condors. Now the call sides are getting destroyed. No worries, though, I can roll those, too.
SPX calls sold
#SPXcampaign Sold to Open $SPX June 24th 2160/2185 call spreads for 1.55, with SPX at 2090.
