#SPXcampaign In Pre-market, bought to close May 6th 2025/2000 put spreads for .70. Sold for 3.10 on April 15th as a roll. Closed to avoid any risk into Friday and jobs report.
Author Archives: Jeff
SPX going down, VIX going…
SPX going down, VIX going up; but no panic yet. We got close on Friday but have not yet fired any Downside signals on the Bistro VIX Indicator. This is why I have sold two near-term put spreads today on the spikes down; I’m cautious, but expecting more to see a drift downward than a big flush. I’m hoping for a rally tomorrow which I will sell into.
More SPX puts
#SPXcampaign — White knuckling it through some more short-term spreads:
Sold to Open $SPX May 11th (Wednesday) 1980/1955 put spreads for 1.30.
‘nother NUGT
#ContangoETFs STO $NUGT June 10th 50 put for 2.10
BABA earnings trade
#Earnings Bought to Open $BABA 71/73/77 put on butterfly for 1.50. This is a BEARISH trade. Sees max profit at 73.00, no downside loss possible; max loss of 1.50 above 77.00. Here are BABA’s one-day moves in its short history (average is 5.6%)
Jan. 28, 2016 BO -3.76%
Oct. 27, 2015 BO 4.04%
Aug. 12, 2015 BO -5.12%
May 7, 2015 BO 7.50%
Jan. 29, 2015 BO -8.77%
Nov. 4, 2014 BO 4.19%
NUGT put
#ContangoETFs STO $NUGT June 17th 65 put for 5.70
TSLA earnings
#Earnings Below are the 1-day moves after the last 12 earnings reports for $TLSA. It has a fairly high average move of 9.5%, with unpredictable direction. Expected move is around $19-$20 (8.4%). Given this, the premium is disappointingly low for OTM strikes. Please share any idea you have for trading the today!
Feb. 10, 2016 AC 4.73%
Nov. 3, 2015 AC 11.17%
Aug. 5, 2015 AC -8.88%
May 6, 2015 AC 2.76%
Feb. 11, 2015 AC -4.66%
Nov. 5, 2014 AC 4.43%
July 31, 2014 AC 4.46%
May 7, 2014 AC -11.30%
Feb. 19, 2014 AC 8.43%
Nov. 5, 2013 AC -14.50%
Aug. 7, 2013 AC 14.34%
May 8, 2013 AC 24.39%
SPX same-week puts
#SPXcampaign Sold to Open $SPX May 6th 2010/1985 put spreads for 1.40, with SPX at 2051.
NUGT roll
#ContangoETFs #Rolling
BTC $NUGT May 13th 95 call for 14.70
STO $NUGT June 17th 155 call for 8.00
I’ll sell the other half of this roll when we get the next pop up. I now have more puts than calls so adding puts costs margin and adding calls credits me margin.
UVXY 80% profit
#VXXGame BTC $UVXY May 13th 30 calls for .22. Sold for 1.15 on 4/4.
SPX calls closed
#SPXcampaign Bought to close $SPX May 19th 2160/2185 call spreads for .20. Sold for 1.75 on April 18th.
NUGT puts
#ContangoETFs STO $NUGT May 6th 90 puts for 1.95 (expire this Friday).
SPX trades
#SPXcampaign
Sold to Open $SPX June 3rd 1910/1885 put spreads for 1.35
Bought to close $SPX May 13th 2145/2170 call spreads for .20. Sold for 1.35 last Thursday.
PCLN earnings
#Earnings $PCLN has some pretty juicy premium for a wide strangle or condor. Below are the three-day move after last 12 reports. Historically, upside has been the bigger risk. The 1560 call is going for 1.30 and is 16% OTM (above previous 15.4% move). And the 1200 put is going for 6.00, which is 10.4% OTM (below previous -9.6% move).
THREE-DAY MOVES
Wed 02/17/2016 BO 15.58%
Mon 11/09/2015 BO -9.56%
Wed 08/05/2015 BO 2.59%
Thu 05/07/2015 BO -4.69%
Thu 02/19/2015 BO 8.30%
Tue 11/04/2014 BO -8.40%
Mon 08/11/2014 BO 2.16%
Thu 05/08/2014 BO 0.36%
Thu 02/20/2014 AC 2.54%
Thu 11/07/2013 AC 4.91%
Thu 08/08/2013 AC 3.87%
Thu 05/09/2013 AC 3.78%
Another call spread added
#SPXcampaign Sold to Open $SPX May 19th 2140/2165 call spreads for 1.25
NUGT trades
#ContangoETFs #ReverseRoll What I’ve done today… I have to start closing my few remaining ITM calls due to margin pressure and I still believe upside risk greater than downside. I will build back slowly, sell more puts on down days. If any of my aggressive put positions become ITM I will be able to roll, possibly back into calls if the trend changes.
BTC NUGT May 13th 45 put for .10. Sold for .95 on 4/15
BTC NUGT May 13th 55 puts for .20. Sold for 2.50 on 4/15
BTC NUGT June 17th 60 call for 59.60. Sold for 10.80 on 2/8
BTC NUGT May 13th 120 call for 12.50. Sold for 2.05 on 4/15
STO June 3rd 80 put for 5.20
STO June 17th 100 put for 15.50
STO June 17th 45 puts for 1.25 (thanks @Ramie)
SPX calls closed
#SPXcampaign Bought to close $SPX May 13th 2150/2175 call spreads for .20. Sold for 1.67 in mid-April. I have more call spreads than put spreads so closing these releases margin.
SPX calls sold
#SPXcampaign Sold to Open $SPX June 3rd 2150/2175 call spreads for 1.60.
Options Expiration 4/29/16
#OptionsExpiration
— Expiring w/max profit —
$FB 98, 100, 103 and 105 puts
$NUGT 50, 60, and 70 puts
$SPX 2135/2160 call spreads
–Expiring w/losses–
$AAPL 100/104/108 iron butterfly
$CMG 470/480/490 call butterfly (won with the put side)
$PYPL 42 long calls
— Assignments —
$DATA 49 covered call – stock called away
$SVXY 50 covered call – stock called away
SPX calls sold
#SPXcampaign Sold to Open $SPX May 27th 2135/2160 call spreads for 2.25 as a roll.
SPX puts stopped early
#SPXcampaign Bought to close $SPX May 19th 1975/1950 put spreads for 2.50. Sold for 1.30 on April 20th.
Bought to close $SPX May 27th 1950/1925 put spreads for 2.25. Sold for 1.25 yesterday.
Closed these two before the 3.00 stop level to avoid waking up Monday to a bloodbath. I had too many put spreads that would all hit their stops at about the same time. Leaving plenty of risk on, but lightening the load. Now I’ll consider a call spread on rally into close.
NFLX earnings closed
#Earnings Bought to close $NFLX Apr 29th 90 puts for .25 to avoid possible assignment. Sold for 1.00 on earnings day (4/18).
NUGT rolls
#ContangoETFs #ReverseRoll This first option was OTM on Monday, and was 23.00 this morning. So much for patience!
BTC NUGT Apr 29th 85 call for 30.65. Sold for 4.20 on 4/8
BTC NUGT May 6th 55 puts for .10. Sold for 2.00 on 4/12
BTC NUGT May 6th 70 put for .20. Sold for 2.65 on 4/20
BTC NUGT May 13th 50 puts for .15. Sold for 1.75 on 4/13
STO NUGT May 27th 70 puts for 2.40
STO NUGT June 10th 70 put for 4.00
VIX indicator
Although we thus far have fallen short of triggering a Downside signal, I’m removing the Upside Warning that’s been in effect since March 15th. It served its purpose, albeit a little late, as the market has remained strong since the Feb 11th low. If we don’t get a downside warning, keep call spreads at 2135 or higher. But if we continue lower, Downside signals are likely to be hit next week (if not today). The first signal is 17.21 (high today so far is 17.09)… if that’s not hit today, it will be adjusted to 18.75 and 19.03 for Monday. I will be looking at taking off at least one put spread today before their stops are hit to reduce downside risk going into weekend.
AMZN earnings closed for $1.33
#Earnings Yesterday I sold $AMZN Apr 29 540/520 put spreads for 1.40. At the open this morning, I closed the (4) short puts for .01, no commissions, so I paid $4 to free up the margin on a hairy day for the market. I then put in an order to sell the 520 puts for .01, and it just filled, but I was charged $1.33 in commission. Question… can you sell way OTM puts like this on expiration day and make a profit? I’ve done it last couple of weeks with NUGT in the last 15 minutes before the close (using options about .25-.75 OTM). If your margin can handle it, you can scalp a few hundred.
SPX puts stopped
#SPXcampaign Bought to close $SPX May 11th (Wednesday) 2050/2025 puts spreads for 7.60. Sold for 3.50 on April 21st as a roll. Will look to sell an IC as a roll.
Check out PCLN, up on…
Check out PCLN, up on a crappy day, boosted from EXPE earnings and surge. Also, the CEO is leaving after having a relationship with an employee. So there’s that. http://www.usatoday.com/story/money/2016/04/28/priceline-ceo-resigns-after–work-relationship/83639054/
NUGT reverse rolling
#ContangoETFs #ReverseRoll
BTC NUGT May 13th 105 call for 13.00. Sold for 3.50 on 4/11.
BTC NUGT June 17th 105 call for 22.20. Sold for 5.50 on 4/7.
STO NUGT May 27th 80 put for 4.40
STO NUGT June 17th 70 put for 5.35 and 72 put for 5.50
STO NUGT June 3rd 90 put for 9.50
SPX calls closed
#SPXcampaign Bought to close $SPX May 6th 2140/2165 call spreads for .20. Sold for 1.25 on Apr 18th.
NUGT is the new KOLD
#ContangoETFs Now that KOLD has relaxed it has been solidly replaced by NUGT as the ETF that won’t quit. I have slowed the call selling but still get hammered on these moves up (even though I’m short more puts than calls). If market weakness persists, this could keep flying.
UVXY calls sold during this spike
#VXXGame
STO UVXY May 20th 23 call for 1.00
STO UVXY May 27th 28 call for .65
STO UVXY June 17th 30 calls for 1.28
STO UVXY Sept 30 call for 3.20
We just hit the lowest…
We just hit the lowest TICK reading since August 2014 (on TC2000).
SPX puts sold
#SPXcampaign Sold to Open $SPX May 27th 1950/1925 put spreads for 1.25, with SPX at 2085.
AMZN earnings
#Earnings Sold to Open $AMZN Apr 29th 540/520 put spreads for 1.40. Short strike is 11% OTM, outside its biggest down move over last 12 earnings.
Icahn speaks, AAPL dumps
http://www.cnbc.com/2016/04/28/icahn-we-no-longer-have-a-position-in-apple.html
#VXXGame, second day in a…
#VXXGame, second day in a row of all-time lows in UVXY and VXX.
SPX call spreads sold
#SPXcampaign Keep missing the put spread fills on the down moves. Need to be more aggressive since every dip is bought.
Sold to Open $SPX May 13th 2145/2170 call spreads for 1.35 (as a partial roll to earlier stopped spreads)
Sold to Open $SPX May 27th 2165/2190 call spreads for 1.50 (standard weekly spread)
SPX calls closed
#SPXcampaign In pre-market, bought to close Apr 29th 2125/2150 call spreads for .40. Sold for 1.35 on March 28th. Put on the close order yesterday as an attempt to exit before Fed… didn’t fill during the day. I wish I’d remembered to take the order off when I saw futures were down before bed (or at least lowered to .20). But, I’ll take the winner anyway.
NUGT calls
#ContangoETFs Highest strikes
STO NUGT May 20th 130 call for 2.80
STO NUGT May 27th 130 call for 4.10
Fed action trades
#Earnings #ContangoETFs #VXXGame Not as much as I was trying to get, but made these trades after the announcement…
STO $FB Apr 29th puts for .85. Adding to puts previous sold at 103 and 100.
BTC $FB June 17th 130 call for .28. Sold for 1.23 in Feb.
STO $NUGT May 20th 60 put for 2.60
BTC $UVXY Jan 2017 80 call for 1.50. Sold for 15.47 (avg price) last August.
BTC $UVXY June 15 put for 3.10. Sold in March for 1.40. Missed fills on some calls I tried to sell.
Also missed a fill on SPX put spread.
CMG earnings butterfly
#Earnings Sold to close $CMG 400/410/420 put butterfly for 2.50. Far short of max profit but enough to be a winner from the 1.70 cost of putting this and the bullish one on yesterday (placed at expected move both above and below). First time I tried that, will have to consider more often on these stocks that typically move. Wish I had bought more than one so I could keep some for possible lower prices into Friday, but 420 seems like a decent support level.
New all-time lows
#VXXGame New lows in UVXY (first time since April 19th) and new low in VXX, breaking its previous all-time low on August 5th, 2015.
Ready for Fed?
I believe Yellen will be dovish and reaction will be positive for markets… but regardless, volatility at announcement time (2pm ET) means premium can jump all over the place.
PYPL spec earnings play
#Earnings Total speculative play, Bought $PYPL Apr 29th 42 calls for .45. It has only reported twice, went down 5% first time and up 10% second time. This is just a shot at it continuing bullish trend and popping up in the morning.
FB earnings
#Earnings Here is the entire history of Facebook earnings (15 reports). Biggest UP move: 29.6%, Biggest DOWN move: -11.69%, Average move: 8.2%.
Jan. 27, 2016 AC 15.52%
Nov. 4, 2015 AC 4.63%
July 29, 2015 AC -1.83%
April 22, 2015 AC -2.62%
Jan. 28, 2015 AC 2.30%
Oct. 28, 2014 AC -6.07%
July 23, 2014 AC 5.17%
April 23, 2014 AC -0.79%
Jan. 29, 2014 AC 14.10%
Oct. 30, 2013 AC 2.42%
July 24, 2013 AC 29.61%
May 1, 2013 AC 5.61%
Jan. 30, 2013 AC -0.83%
Oct. 23, 2012 AC 19.12%
July 26, 2012 AC -11.69%
After hours stock
Filled on order to buy $AAPL stock for 99.00
AAPL iron butterfly
#Earnings Your typical ATM play, with 3 days to work if AAPL bounces around until Friday.
Sold to Open 100/104/108 iron butterflies for 3.22… risking .78 to make 3.22.
CMG butterflies
#Earnings A fairly cheap play, low probability, placing butterflies on both sides at the expected move of about 30 points. Something fun to watch the rest of the week…
Sold to Open $CMG Apr 22 470/480/490 call butterfly for .80
Sold to Open $CMG Apr 22 400/410/420 put butterfly for .90
Anyone trading AAPL?
Considering a butterfly around 105, or maybe some puts. Anyone else?
SPX calls stopped
#SPXcampaign Bought to close $SPX May 27th 2125/2150 call spreads for 6.00. Sold for 4.50 on March 29th. Not a bad loss, but the call side continues to be toxic. I am reserving any and all calls for above 2150. I will look for roll options to replace this loss.
SPX puts closed
#SPXcampaign In pre-market, bought to close $SPX Apr 29th 2025/2000 put spreads for .25. Sold for 1.30 last Tuesday.
closed NOW
#Earnings STC $NOW stock for 74.01. Assigned at 60.00 in February
BTC $NOW May 20th 60 call for 14.00. Sold for 2.05 in February.
Last remnant of earnings trade, no reason to hold longer. Overall all a loser since I sold several shares while under water.
SPX puts sold
#SPXcampaign Sold to Open $SPX May 27th 1940//1915 put spreads for 1.30, with SPX at 2083.
Options Expiration 4/22/16
— Expiring w/max profit —
$FB 109 covered put
$FB 110 covered put (closed for .04 before close)
$NUGT 70 & 81 puts
$NUGT 82 calls
–Expiring w/losses —
$SPX 2090/2100/2110 iron butterfly (see post below)
$GOOGL 820/840/860 call butterfly
$JNJ 108/110/112 iron butterfly
Have a great weekend!
SPY & SPX iron butterflies
BTC $SPY 210 puts for 1.00, filled right at the bell, to avoid assignment. Sold at 209/210/211 iron butterfly on Wednesday for .79, so .21 loss.
For $SPX 2090/2100/2110 IB, allowing to be exercised. Based on close price of about 2091.60, loss would be 1.40, so less than max loss of 2.00. Sold on Wednesday for 8.00.
Fun at expiration
#ContangoETFs Last week and today I’ve tried something fun in the last five minutes, making a couple hundred or so each week. Sold NUGT 81 puts and 82 calls for .15 and .20 cents from 3:55p to 4p. A little at a time, working the small swings in the stock. Mainly, taking advantage of people likely closing long options before the close to avoid assignment. A bit on the edge, but if I accidentally get assigned I can always buy or sell the stock after the bell to balance out to zero.
SPX puts sold
#SPXcampaign Sold to Open $SPX May 19th 1960/1935 put spreads for 1.35, with SPX at 2083.
After hours GOOGL trade
#Earnings #AfterHours
Last night bought $GOOGL stock for 730. Sold half a few minutes later for 740. Stopped myself out on the rest at 734.00. The profit is double what I lost on the bullish butterfly I bought yesterday, so all’s good.
out KOLD
#ContangoETFs Only a strangle left in August after closing these two this morning:
BTC $KOLD May 20th 270 call for .90. Sold for 9.00
BTC $KOLD May 20th 275 call for .70. Sold for 7.00
Although good profits on these two, I ended up losing overall on KOLD, as I got pressured on margin and had to close at unfortunate highs. I will trade this more conservatively in the future when it pops up again.
FB Covered Puts
#Earnings #CoveredPuts #shortstock
Against my short stock position, STO $FB Apr 29th 103 puts for 1.50
After hours stock turnaround
#Earnings BTO $GOOGL stock for 730.00. Sold half for 740.00. Holding other half for more gains… will close tonight if it reaches 760, otherwise hold for tomorrow. Stop at 720.00, which would be breakeven.
SPX calls stopped
#SPXcampaign Six minutes after close, bought to close $SPX May 19th 2125/2150 call spreads for 6.00. Sold for 3.50 on March 16th as a roll. This is one of three spreads I have at 2125. Stopping since we breached my 20-pt stop at 2105. Will wait the others out… I believe the upside momentum will slow a lot now that we are near the November high of 2116.
GOOGL trade, another bust!
GOOGL trade, another bust!
GOOGL earnings
#Earnings I haven’t traded $GOOGL on the last few earnings because premium is often light at far OTM strikes. Looking at its history, it is more bullish than bearish on past earnings. I am trying for the Apr 22nd 800/820/840 call butterfly. This would profit most at 820, a 5.4% up move (40 points), which is the expected move based on IV. Looks to be going for 3.75-4.00. Bidding 3.25 for now and will adjust if not filled.
Anyone else trading this?
SPX puts sold
#SPXcampaign Sold to Open $SPX May 13th 2050/2025 put spreads for 3.50. Aggressive trade as a roll from stopped call spreads.
#Earnings NOW and DATA doing…
#Earnings NOW and DATA doing the reverse of what happened in February. NOW earnings last night; DATA not until May 5th. I have covered calls, NOW way down at 60, DATA at 49.
Ah, yes, 2100 iron fly…
Ah, yes, 2100 iron fly coming in… come to papa!
#VXXGame
The only interesting thing I can say about today is that VIX, VXX, and UVXY are down, but have moved straight across since the early morning drop. Days like these often lead to a very sharp, steady plummet in UVXY, but not today. VIX reached new lows today, surpassing October’s low, but also has been straight across since morning. All of they while SPX has drawn a perfect 45 degree line UP since about 11am ET.
What does it mean? I don’t know what anything means in this market lately.
UA earnings
#Earnings This could be a viable trade if you’re willing to take stock… selling 40 puts for .50, or any other bullish play. That would be a 9.1% down. UA’s biggest recent down move was 7.3%, and it often pops up big, like 22% up last quarter. Chart looks pretty bullish, with a daily squeeze, and entering a weekly squeeze.
NFLX earnings
#Earnings Bought to close $NFLX Apr 22nd 90 puts for .10. Sold for .60 on Monday. Still holding 90 puts expiring Apr 29th, GTC order in to close for .10.
SPX puts closed
#SPXcampaign Bought to close $SPX May 13th 1890/1865 put spreads for .20. Sold for 1.40 on April 11th.
Today $VIX hit its lowest…
Today $VIX hit its lowest level since mid-August (right before the storm)
SPX iron butterfly
#IronButterfly Too Mort’s idea, but trying with options expiring TONIGHT:
Sold to open $SPX Apr 20th 2090/2100/2110 iron butterfly for 5.50.
Breakevens at today’s close are 2094.50 and 2105.50.
Buy (1) 2090 put
Sell (1) 2100 put
Sell (1) 2100 call
Buy (1) 2110 call
Also trying for same spread expiring this Friday for 8.00. And in smaller accounts, trying for 209/210/211 $SPY spread for .80
Thanks, Mort!
SPX puts sold
#SPXcampaign Sold to Open May 19th 1975/1950 put spreads for 1.25.
JNJ earnings
#Earnings This trade looks to be a bust. It will cost 2.00 to close the ITM call spread; after the 1.50 credit we took in, that’s a 50-cent loss (ignore the puts, they will expire worthless). It may be possible to close it for less than 2.00 if there is any pullback, so keep an eye on it for the rest of the week. Sorry this one didn’t work out!
