#SPXcampaign $SPX It was nerve-wracking selling calls on Thursday, but this approach is what’s needed with a VIX that can’t get far away from 20.00 in either direction. I closed out my Apr 6th spreads (the calls much too early), and now looking to pick the intraday low to add another put spread.
BTC Apr 6th 2725/2750 call spreads for 1.35. Sold for 3.25 on Thursday.
BTC Apr 6th 2475/2450 put spreads for .55. Sold for 2.80 on March 23rd.
STO May 4th 2400/2375 put spreads for 1.70.
Be sure to periodically click Home/REFRESH to keep Bistro features updated.
Jobs Report is Friday at 8:30am ET.
Wednesday: BTC $BABA Apr 20 2.10 call for .35. Sold for 2.90 on Mar 15th.
Today:
BTC BABA Apr 13th 205 call for .20. Sold for 2.05 on Mar 6th.
STO BABA Apr 27th 200 call for 1.90
STO $FB Apr 27th 175 call for 1.60
STO $AAPL Apr 27th 180 call for 1.55
#Earnings #StrangleRoll
BTC $RH Mar 29th 91.5 calls for 4.30. Sold in 65/91.5 earnings strangle for 2.53 on Tuesday.
STO $RH Apr 20th 87.5/100 strangles for 4.535.
#SPXcampaign Sold $SPX Apr 27th 2460/2435 puts for 1.75.
This does not fit into my approach of selling at extremes, but it is the last hour of the week and I had not sold my standard second put spread. Since VIX has not dropped too much I am not assuming the big down days are over. I will sell some additional calls if we close higher. Or puts if we sell off into the close.
From Seeking Alpha:
The S&P 500 has moved more than 1% in 20 sessions over the last two months vs. a total of 10 such moves in the prior 12 months before that (via Michael Batnick).
With rising volatility, exotic ETFs are seeing increased volumes, most notably inverse leveraged technology products. Volumes for funds like the 3x short Nasdaq 100 is touching multi-year highs, with investors betting on both sides of the trade.
“One theory for SPY and VXX’s lack of heightened volume might be that the very big fish aren’t worried or are already hedged, and that the sort of mid-sized institutional crowd is playing this,” says Bloomberg’s Eric Balchunas. “It’s the quick buck trading group.”
ETFs: VXX, UVXY, XIV, TVIX, SVXY, VIXY, ZIV, VXZ, VIXM, VMAX, VMIN, VIIX, CVOL, XVZ, TVIZ, XXV, IVOP, VIIZ
#SPXcampaign Sold $SPX Apr 27th 2800/s825 call spreads for 1.50. Looks like it filled at the high tick of the day.
#Earnings Closed $RH Mar 29th 65 puts for .05. Is it possible to trade this one for earnings without getting shredded on the call side? Seems not. My 91.5 calls slightly ITM. Will roll or wait for tomorrow.
Sold the strangles yesterday for 2.53.
#SPXcampaign I was trying to stick to my rule of only selling at extremes. My suspicion was that the peak above positive for the morning was the extreme high for the day. For once, I was correct (so far).
Sold $SPX Apr 13th 2720/2745 call spreads for 3.15. Part of a #CondorRoll from puts stopped yesterday. Will try to sell put side on or near an “extreme” low.
#SPXcampaign I have never been so whipsawed in my trading career. I have been stopped out at extremes too many times to count. I am forced now to take a new approach:
1. Tone down the aggression.
2. Only sell at extremes. How do I define extremes? That’s not always easy, but I would say yesterday’s close and today’s close would qualify.
3. Try some cheap long spreads, purchase at extremes. The amount I’m getting eaten alive with short spreads makes me always wish I’d been long rather than short. Need to try it.
That will have to do until VIX gets back below 17.76 (at least), and not comfortable going back to aggressive strategies until it’s below 12.61.
Today:
Stopped $SPX Apr 27th 2770/2795 call spreads for 3.75. Sold yesterday for 1.60. This was well over 4.00 at the highs, which is my stop point, so at least I waited for some pullback.
#ReverseRoll – plan was to sell a condor as a roll, I was filled on put side, then never filled on call side. And then, I had to stop out. Great illustration of how difficult this strategy is in this market.
Sold Apr 4th 2560/2535 put spreads for 1.95. Stopped later for 5.35.
Stopped Apr 13th 2550/2525 put spreads for 5.95. Sold yesterday in a #CondorRoll for 6.30, when a CALL spread was stopped.
Stopped Apr 27th 2550/2525 put spreads for 2.50. Sold yesterday for 1.75. At least I got out on this one at a bounce.
#VXXGame Sold a couple against my far-OTM long hedges:
Sold $UVXY May 18th 25 call for 2.60
Sold $UVXY Jun 15th 30 call for 2.50
This product is much less crazy since they reduced the leverage.
This is most whipsawing I can remember seeing in years.
#Earnings Selling $RH March 29th 65/91.5 strangles for about 2.40. Selling legs separately (1.40/1.35 for puts, 1.20 or lower for calls).
This has long been a big mover, so proceed cautiously. Over last 12 quarters, Biggest UP move: 44.8%, Biggest DOWN move: -25.7%, Average move: 12.6%. My strikes are +19.6% and -15.0% OTM.
#SPXcampaign
Stopped: $SPX Apr 6th 2700/2725 call spreads for 6.00. Sold for 3.10 on Friday.
#CondorRoll: Sold Apr 13th 2525/2550/2745/2770 condors for 6.30.
#SPXcampaign Sold $SPX Apr 27th 2770/2795 call spreads for 1.60. Playing things at the standard distance OTM (.10-.15 delta) while the market is wily.
#SPXcampaign Based on the way this market has been acting, lows that create a bounce this big result in a multi-day rally. While I’m not saying the coast is clear for new all-time highs, we should remain buoyant to bullish at least for a few days. So I’m selling puts rather than calls on an up day (however, the weakness since the initial pop is making this less certain). If we reach back toward 2700 I’ll be playing it more neutrally until the Downside Warning gets canceled, which is not until VIX closed below 12.61.
Sold to Open Apr 27th 2425/2400 put spreads for 1.75. Already up above 2.00 since we’ve sold off from the highs. If you wish to follow, I suggest going with the 2400/2375.
Be sure to periodically click “HOME/Refresh” to keep Bistro features updated.
#SPXcampaign. Cleared out most put spreads for expected lower levels Monday. I only rolled one as I’d like to sell based on Monday’s open.
Stopped $SPX Apr 19th 2540/2515 put spreads for 5.40. Sold for yesterday for 2.85.
#CondorRoll: Sold Apr 6th 2700/2725 call spreads for 3.10, and Apr 6th 2475/2450 put spreads for 2.80.
Stopped Apr 19th 2475/2450 put spreads for 3.10. Sold yesterday for 1.80.
Closed Mar 26th 2680/2705 for .30. Sold this morning for 3.10.
Stopped March 26th 2575/2550 put spreads for 6.05. Sold yesterday for 1.75.
Bought to Open March 29th 2475/2450 LONG put spreads for 2.15. Will take profits with any big gap or move down Monday.
Bought to close March 23rd 2585 puts for .35. Sold in a #Condor Roll on Monday. Thought I didn’t need to worry about this one.
#VXXGame: Sold $UVXY Jan 2019 65 call for 3.75… thanks @optioniceman and @ramie77 for the idea
#Earnings BTC $FDX Mar 23rd 240 puts for 6.50. Sold in a strangle for 1.75 on Tuesday. Missed my chance to close for cheap on Wednesday. #Rolling: Sold Apr 20th 235 puts for 6.75. Also sold a Apr 20th 255 call for 1.15. Will add more calls on strength.
#OptionsExpiration
$SPX 2790/2815 call spreads
$VRTX (formerly covered) 177.5 call
$FB since July
$AAPL since mid Feb
and probably just about every other stock.
#VIXIndicator Just a heads up that closes like this on a Friday don’t make for great Mondays. This will make 2 uglies in a row after yesterday… similar to that fateful weekend in August 2015.
#SPXcampaign Closed $SPX Mar 23rd 2550/2575 call spreads for 1.75. Sold for 9.00 earlier today.
under symbol $DBX for about 7 minutes now. Already up 44%!
#SPXcampaign Although these have not worked out for me this week, need to get my fix. Since I feel we will likely go lower, I…
sold $SPX March 23rd 2650/2675 call spreads for 9.00 when SPX was at 2652. If these expire worthless it will make up for the 2 call spreads that beat me this week.
#SPXcampaign The whipsaw I suffered in the morning yesterday was a buzzkill, because I’ve been correct about direction just horrible at my intraday timing. Here are remaining trades from yesterday and some this morning..
Sold $SPX April 19th 2540/2515 put spreads for 2.85, #Rolling with 1.5x position size.
Sold $SPX March 26th 2575/2550 put spreads for 1.75, expires Monday
Stopped Apr 6th 2550/2525 put spreads for 2.90. Sold for 1.95 on Mar 7th.
#ReverseRoll Sold March 26th 2680/2705 call spreads for 3.10.
Closed on GTC orders:
March 29th 2760/2785 call spreads for .30. Sold for 3.45 on Monday.
April 13th 2850/2875 call spreads for .20. Sold for 1.70 last Friday.
#ITMroll
Sold April 13th 2775/2750 put spreads for 22.25. This is an #ITM roll from the March 29th 2790/2765 spreads I’m currently trying to close. Probably be paying close to 24.00.
#SPXcampaign I love getting short at the lows! Always a joy.
BTC $SPX March 26th 2700/2725 call spreads for 8.50. Sold for 4.30 this morning. I’ll figure how to roll toward the end of the day.
#SPXcampaign Sold to Open $SPX Apr 19th (monthlys) 2475/2450 put spreads for 1.80.
#ReverseRoll Sold March 26th 2700/2725 call spreads for 4.30, as a roll from Apr 20th puts stopped earlier. One of my very short term reverse rolls to make up premium quickly, or possibly explode in my face. Keeps things interesting.
#Earnings #Assignment #IronButterfly #CoveredCalls
Sold $VRTX stock (100 shares) for 167.50.
Originally 160/167.5/175 iron butterflys (3) sold for 5.60 on Jan 31st. Closed most before expiration but forgot about one put, so assigned stock at 167.50. Sold today for the same price. With all premium selling and covered calls since then, total profit on the trade is $1,543.
#VIXIndicator — we just crossed an intraday signal above 22.25 on the $VIX. A close above this level will mean a Downside Warning.
#SPXcampaign I’ve a feeling we’re going lower.
Stopped: $SPX Apr 19th 2580/2555 put spreads for 3.25. Sold for 1.75 on Monday.
#ReverseRoll Sold March 28th 2735/2760 call spreads for 3.35
Stopped: SPX Apr 20th 2595/2570 put spreads for 3.85. Sold for 2.00 as a 1.5x roll on Mar 14th.
No roll yet.
Closed SPX Apr 13th 2870/2895 call spreads for .25. Sold for 1.80 on Mar 14th.
#Dividends Looking to help my sister with her IRA… she wants decent dividend stocks on which I can also sell #CoveredCalls. Already bought her some $AAPL.
Any other recommendations out there. I’m not too in-touch with the #YieldHogs.
#SPXcampaign I wanted to wait for Fed announcement, but this break above 2720 is too much pressure. The deeper dive I was expecting never came through, and it is expiration day. Can’t risk it any longer.
BTC $SPX March 21st 2710/2735 call spreads for 13.50. Sold for 10.20 on Monday.
How is spring working out for you so far?
I’ll keep the flowers up for the week so our East Coast members have some solace from what’s outside their windows. Stay safe and stay warm!
FB may not end the day down 5%, but this is interesting
It does not happen often, but it's happening to Facebook right now. S&P 500 stocks with a market cap of $50+ billion dropping 5% or more on back-to-back days. Here's every instance, and what happened on the third day. Via @OddStats. $FB $GOOGL $NFLX $GE https://t.co/b1MeoGLGt1 pic.twitter.com/oCiRZDe2ti
— StockTwits (@StockTwits) March 20, 2018
#VXXGame Added a couple positions on the assumption volatility will remain a bit elevated.
Sold $UVXY April 20th 14 put for 1.05
Sold $VXX Apr 13th 38.5 puts for 1.10
We were all early selling puts on this one. Looking like a decent buying opportunity… I can’t imagine their current troubles will greatly effect profits, but they are taking a bigger toll than I expected.
#CoveredCallCampaign Closed on GTC order: $FB April 6th 190 call for .18. Sold for 1.85 on March 5th.
#Earnings Selling $FDX March 23rd 240/270 #ShortStrangles. Legging in… so far filled on some 270 calls at .50. Order in for 240 puts at 1.20. This strangle leans bullish based on historical performance on earnings.
Biggest UP move: 11.8%, Biggest DOWN move: -4.5%, Average move: 3.8%. My strikes are about +6.7% and -5.1% OTM.
#OffTopic When I lived in Los Angeles I never noticed, but now that I live in a place that has winter, this is a special day. Refresh your browser for relief from the gloom.
#VXXGame These are hedged with higher-striked long calls
Sold $UVXY May 18th 20 calls for 2.50
Sold $UVXY June 30 call for 1.75
Sold $UVXY Sept 30 call for 3.30
#SPXcampaign Stopped: $SPX Apr 13th 2600/2575 put spreads for 3.05. Sold for 1.60 on Mar 14th.
#CondorRoll Sold March 23rd 2560/2585/2775/2800 iron condors for 2.1166, with 1.5x position size. Expires this Friday (hopefully).
Did we reach a low?
#SPXcampaign Sold to Open $SPX Apr 19th (monthlys) 2825/2850 call spreads for 1.65.
This is a position I originally sold ITM and have been rolling. At the beginning of last week I thought I might get out for zero. Not so much. This time I’m rolling into an inverse condor, with expectation that calls will expire an puts will need to be rolled again.
BTC $SPX March 23rd 2790/2765 put spreads for 23.35. Sold for 22.00 on March 2nd.
STO March 29th 2790/2765 put spreads for 20.25
STO March 29th 2760/2785 put spreads for 3.45
#SPXcampaign Betting that we have another warning today:
Sold $SPX Mar 21st 2710/2735 call spreads for 10.50
Goldman: Tesla shares to drop more than 30 percent in the next 6 months on weak Model 3 deliveries https://t.co/q1PaFtPar7
— OptionsBistro.com (@OptionsBistro) March 19, 2018
https://platform.twitter.com/widgets.js
$TSLA
#SPXcampaign Earlier, after we breached 2730, BTC $SPX Mar 21st 2725/2700 put spreads for 6.85, and just now covered the 2790 calls for .15. Sold the #CondorRoll for 8.00 last week.
#VIXIndicator we have gone above the trigger of 19.75. If we close above it, it will be a new assertion of the Downside Warning.
#CoveredCalls #C0veredCallCampaign
BTC $AAPL Mar 29th 187.5 call for .14. Sold for 1.50 on Feb 28th.
STO $SQ Apr 20th 60 call for 1.40.
#SPXcampaign Sold to Open $SPX April 19th (monthlys) 2580/2555 put spreads for 1.70.
Be sure to periodically click “Home/REFRESH” to keep Bistro features updated.
FED announcements Wednesday afternoon.
#SPXcampaign. Forgot to post earlier: Sold to Open $SPX Apr 13th 2850/2875 call spreads for 1.70
Does anyone know how late in the day you can buy/sell stock after hours?
#OptionsExpiration #Earnings #ShortStrangles #SPXcampaign #VXXGame #LongCalls #IronButterfly
— Expiring w/max profit —
$DG 84 puts
$OLED 140 calls
$TIF 109 calls
— Expiring w/max loss —
$SPX 2840/2860 long call spreads, purchased for 1.00 avg price.
$UVXY 91 long calls… purchased for 0.158 avg price… served me well as hedges against short calls
$SQ long 60 calls, bought for 0.964, avg price
— #Assignment —
$SQ 50 long calls, bought for 0.858, avg price. Taking stock (200 shares, cost basis 50.86) and adding it to #CoveredCallCampaign
$AVGO 255 long put – I exited one 265 short put for 9.10. Then, volatility at the close denied my fill on closing more, PLUS, we dropped below my long strike. So, this likely means one spread expired ITM, so a 10.00 debit (against 7.60 sale), but I will likely be assigned short shares based on the ITM long 255 put. Because I feel this may bounce on Monday, I’m buying shares after hours so the assignment will cancel out my position and I’ll be flat. This would amount to about a 2.50 loss overall on the trade.
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#VXXGame I can only vaguely understand the complexity here. It demonstrates the importance of keeping risk under constant control in these products that we, nor anyone, fully understands.
https://seekingalpha.com/article/4156919-xiv-svxy-really-happened?auth_param=bf3bv:1dancef:1bc06847ed8b4762c0399a6fda4e3282&uprof=37
#Earnings BTC $DG March 16th 94 calls for .40 and .30 near the open. Got 1 left, now slightly ITM.
$TIF flirting with my put side, 96.5/109 strangle.
$AVGO looking decent. A 265 pin would be max profit. Closed (1) 265 call for .50.
#CoveredCalls #CoveredCallCampaign #StrangleRoll
Stopped: Bought to close $BABA Apr 6th 197.5 covered call for 5.90. Sold for 1.70 on March 2nd.
StrangleRoll: Sold BABA April 20th 190/210 strangle for 7.50.
A fairly aggressive roll, but when I own the stock it boosts my confidence 🙂
#Earnings Hasn’t been a huge mover, but can surprise and also has been in the news. So I’m taking a favorable R:R trade:
Sold to Open $AVGO 255/265/275 #IronButterfly for 7.60. Max risk, 2.40. Last quarter its one day move was zero. It opened up then traded down all day to end dead flat. Let’s do that again!
#Earnings BTC (1) $DG March 16th 94 call for .50. Sold 84/94 #ShortStrangles for 1.60 yesterday. Scaling out of the threatened side.
#Earnings Sold to Open $TIF March 16th 96.5/109 #ShortStrangles for 1.05. Biggest UP move: 10.5%, Biggest DOWN move: -8.7%, Average move: 3.9%. Mt strikes are +6.3% and -5.9% OTM. Slightly bullish lean. Other than the two biggest moves, TIF has not been a big mover on earnings.
#Earnings For your consideration, some of our favorites today:
$ADBE, $AVGO, $ULTA, $TIF
#SPXcampaign I’m taking off the Upside Warning for now as the current condition is hard to pin down. We could still be in the larger correction and preparing to test the lows. It seems the tariff issue could be a huge a catalyst now, what with Boeing leading the Dow down today. I think any announced relaxation or elimination of the plan could drive us higher. But if not, sideways to down seems the trend.
Sold to Open $SPX Apr 13th 2600/2575 put spreads for 1.60.
Sold to Open Apr 13th 2870/2895 call spreads for 1.80.
Stopped April 13th 2650/2625 put spreads for 2.85.
#Rolling Sold $SPX April 20th 2595/2570 put spreads for 2.00, 1.5x position size.
#SPXcampaign With a third day of weakness I have no choice but to switch from bullish to neutral/bearish positioning. The VIX action had been pretty anemic until the significant pop in the last 10 minutes.
Closed $SPX March 16th 2765/2740 put spreads for 8.75. Sold Monday for 4.00.
#CondorRoll: Sold March 21st 2700/2725/2790/2815 condors for 8.00.
Sold April 13th 2600/2575 put spreads for 1.60.
#Earnings Sold to Open $DG March 16th 84/94 #ShortStrangles for 1.60. Biggest UP move: 10.7%, Biggest DOWN move: -17.6%, Average move: 5.6%. My strikes are +/-5.6% OTM.
Here are the last 12 earnings; you can see other than one big up move and one big down, it’s not a big mover.
Dec. 7, 2017 BO 2.77%
Aug. 31, 2017 BO -5.43%
June 1, 2017 BO 6.54%
March 16, 2017 BO 0.53%
Dec. 1, 2016 BO -4.96%
Aug. 25, 2016 BO -17.62%
May 26, 2016 BO 4.61%
March 10, 2016 BO 10.66%
Dec. 3, 2015 BO 4.23%
Aug. 27, 2015 BO -3.18%
June 2, 2015 BO 2.98%
March 12, 2015 BO 3.96%
#VIXIndicator I don’t know about you, but after what we’ve been through since January, these two little up days on the VIX look like child’s play. I’m sure questioning this “Upside Warning,” but not sensing a lot of fear, despite two weak days.
#SPXcampaign Closed $SPX March 14th 2775/2750 put spreads for 10.40. Couldn’t risk a further gap down overnight.
#Earnings #ShortStrangles Rolling these to avoid early assignment:
Closed $OLED March 16th 135/140 strangles for 9.00 (closed only puts, will let calls expire). Sold for 12.85 on Feb 23rd.
Sold to Open OLED April 20th 130/140 strangles for 11.80. I got 5 points wider with a 2.80 credit.
Original trade: sold 130 puts for 2.18. Closed for 10.40.
Total credit in trade: 7.43
#SPXcampaign #OptionsExpiration
$SPX March 12th 2760/2735 put spreads expired. Sold for 4.85 on Friday.
#CoveredCalls #CoveredCallCampaign
Sold to Open $AAPL April 13th 190 call for 1.30.
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(no affiliation with Options Bistro)
#ContangoETFs BTC $KOLD April 20th 55 call for .10. Sold for 1.40 on Feb 9th.
#SPXcampaign Made these trades before the dip, so not ideal timing, but my $SPX position is now 100% bullish. I would be more comfortable with a lower VIX, so I’m still cautious.
Stopped: closed $SPX Apr 6th 2870/2895 call spreads for 3.50. Sold Friday for 1.75.
#ReverseRoll Sold March 16th 2765/2740 put spreads for 4.00
#VIXIndicator After reviewing the data over the weekend, I’ve made an official tweak to the Indicator, which means that the downside warning would have been canceled last Wednesday, and the Upside Warning is now in effect from Friday’s close. This morning’s bullish action was the final element I needed to confirm this change.
#SPXcampaign Sold $SPX Apr 13th 2650/2625 put spreads for 1.60.
Be sure to periodically click “Home/REFRESH” to keep Bistro features updated
#VIXIndicator. Based on this week’s action I’m going to cancel the Downside Warning. I believe we may also have entered an Upside Warning and I started trading it that way today. This is only a small tweak in the VIX Indicator, since this particular circumstance has only happened once before this week.
#SPXcampaign Closed on GTC orders:
$SPX March 16th 2650/2625 put spreads for .30. Sold for 3.10 on March 7th.
$SPX March 28th 2525/2500 put spreads for .20. Sold as a 1.5x roll for 2.20 on March 1st.
#VXXGame
Sold to close final $VXX long March 9th 40 put for 1.61. Bought for 1.44 on Feb 20th.
BTC $UVXY Apr 20th 26 calls for .44. Sold for 2.00 and 5.30 in early Feb.
BTC UVXY March 16th 16 call for .32. Sold for 1.95 on Feb 27th.
BTC UVXY Jan 2019 70 call for 1.20. Sold in early Feb for 6.50 (avg price) -still holding more.
Bought the following highest strikes, adding to my positions, for protection against future short calls:
April 20th 59 calls for .09
May 18th 40 call for .30
June 15th 60 call for .25
#ContangoETFs
BTC $DRIP April 20th 25 call for .15. Sold for 1.70 on Feb 9th.
#OptionsExpiration
— Expiring —
COST 180/197.5 strangles, sold for 1.55 on Wednesday.
