Sold $COST 7/17 295 put @ 4.15. Cost basis 290.85 if assigned.

Bought to close $BA 7/17 130/120 bull put spread @ .40. Sold for 2.06 on 5/28.

-Bought to close profitable $REGN 6/19 470/520/650/700 iron condor @ 3.90 (sold for 8.05 on 5/20)
-Sold to open $REGN 7/17 520/680 strangle @ 11.80 with the stock at 598.76. Short puts/calls at 15 and 18 delta.

Sold $ZM 7/17 165/175/270/280 iron condor @ 3.35 with the stock at 218.82. Collecting about 1/3 the width of the strikes. Post-earnings. IV still relatively high with IV rank at 57. Short strikes at 18 (puts), 24 (calls).

Original trade was a diagonal call spread, long 8/21 10 calls and short 6/19 20 calls. With the stock at 17.95 and 19 days to expiration, I rolled the 6/19 20 calls out to 7/17 20 calls @ 1.05 credit. Debit on original trade was 6.00, so cost basis now reduced to 4.95.

Rolled $TSLA 6/19 650/630 bull put spread up to 780/760 for 2.80 credit (short puts 17∆). Paired as an iron condor with 950/970 bear call spread. Stock at 884.00. Total premium for position now 7.50.

Sold to open $LULU 6/19 320/330 bear call spread @ 3.05.

Sold $BA 7/17 130/120 bull put spread @ 2.06, with the stock between 152 and 153. Short puts at 21 delta.

Rolled short $MMM 9/18 115 puts up to 130 puts @ 1.50 credit with the stock at 159.17, new delta 16. This is the second rollup (from 100 to 115 to 130). Total premium collected now 5.12.

Rolled profitable short puts out to July:
6/19 100 puts to 7/17 100 puts @ 1.08 credit
6/19 101 puts to 7/17 105 puts @ 1.73 credit
Stock at 125.55

Sold to open $EWY 7/17 45/56 strangle @ 1.27 with the ETF at 51.23. Just about delta neutral (puts 18 and calls 19).

Sold $TSLA 6/19 630/650/950/970 iron condor @ 4.70 with the stock around 819. Leaning short with the short calls at 24 delta, short puts at 11 delta. Will look to roll the put spread side up it starts to run again.

Post-earnings, sold to open $BBY 7/17 65 puts @ 1.82. Delta 18. IV rank 42.

Sold to open $GILD 6/19 70/65 bull put spread @ 1.31 with the stock at 73.63.

From my iron condor, rolled $AMZN 6/19 2150/2130 bull put spread up to 2300/2280 for 2.10 credit. New short puts at 16 delta. Paired with 6/19 2600/2620 bear call spread. Total premium taken in now 8.10 against 20 point wide wings.

Putting on a short synthetic strangle in $REGN (short options with 50 point wide wings to reduce buying power requirement). Sold $REGN 6/19 470/520/650/700 iron condor @ 8.05 with the stock around 479. Short puts and calls at 18 and 15 delta. IV rank 43.
CORRECTION: Stock is at 579 not 479.

Sold $GLD 6/19 153/158/170/175 iron condor @ 1.49, leaning a bit short with short puts at 22 delta, short calls at 29 delta. IV rank 44.

Sold $EWW 6/19 28 puts @ .81. Delta 30. IV rank 47.

Sold $QQQ 6/19 205/210/240/245 iron condor @ 1.60 with QQQ at 227.43. Almost 1/3 of the width of the strikes. Just about delta neutral with put and call short strikes at 21 and 20. IV rank 31.

I didn’t expect to have an opportunity to close this so soon but I’ll take it. Bought to close $CINF 6/19 40 puts @ .51. Sold for 1.45 on 5/13. Captured 65% of the potential profit in 5 days.

Sold to open:
$WHR 6/19 101 puts @ 1.99 (17 delta)
$WHR 6/19 100 puts @ 1.89 (16 delta)
IV rank 42

Stock is trading like the bottom may be in. Sold to open $UAL 6/19 20 puts @ 1.59. Delta 26. IV rank 64.

Just put this initial trade on Friday and with the big move up I’m rolling $MMM 9/18 100 puts up to 115 puts for 1.42 credit. New strike at 14 delta. Total premium now 3.62.

Idea from TastyTrade.
Sold $BYND 6/19 100/110/175/185 iron condor @ 2.91

Sold $AMZN 6/19 2130/2150/2600/2620 iron condor @ 6.00. Short deltas 20 (puts) and 17 (calls).

Sold $AAPL 6/19 335 calls @ 2.12. Wrote against long stock so the calls are covered.

Bought to close $CODX diagonal call spread (long 8/21 9 calls + short 5/15 15 calls) @ 5.83 for a quick .50 profit with the stock running. Thanks for the great idea @smasty.

But I just can’t quit you, CODX. Reinitiated another diagonal call: bought 8/21 10 calls + sold 6/19 20 calls @ 6.00 debit. Earnings tomorrow (5/14) after the bell.

Bought to close $XLE 6/19 jade lizard (28 puts + 36.21/37.21 bear call spread) for .87. Sold for 2.10 on 4/20.

Corrected: Originally posted .66 as the closing price but that was just the call spread. Total to close .87 so 59% of possible profit.

Stock showing strength again so I’m giving a quick hook to this trade, keeping the loss to a minimum (.38). Bought to close $PTON 6/19 45/50 bear call spread @ 1.80. Sold earlier today for 1.42.

Sold $PTON 6/19 45/50 bear call spread @ 1.42. Post-earnings, looking like it may have hit its high on the gap up. Short leash–if the stock moves back toward the morning high I’ll cut bait.

Bought to close $AMZN 5/15 2130/2150/2480/2500 iron condor @ 1.96. Sold for 6.00 on 5/1.

Bought to close $TLT 6/19 170/175 bear call spread @ .70. Sold for 1.50 on 4/27.

Slowly. Sold $DIS 6/19 90 puts @ 2.08. Delta 21.

Via short puts. Sold $SBUX 6/19 60 puts @ 1.90 with the stock at 71.61. Delta 19. Cost basis if assigned 58.10.

Sold $UVXY 6/19 60/70 bear call spread @ 1.61

Sold $AMZN 5/15 2130/2150/2480/2500 iron condor @ 6.00 with the stock around 2300. Short strikes are at 18 delta. Credit received 30% of the width of the strikes.

Sold $AAPL 6/19 275/265 bull put spread @ 2.61

Bought to close $TQQQ 5/15 65 puts @ 3.60
Original sale: 4/17 65 puts for 2.40 on 2/25
Rolled out to 5/15 65 puts for 1.70 credit on 3/31
Overall profit per contract: .50
Feeling lucky to get out for a profit considering how deep in the money these were in March.

Sold $TLT 6/19 170/175 bear call spread @ 1.50

Sold $XLU 48/53/58/63 iron condor @ 1.48. IV rank 56.

Sold $SMH 6/19 100/110/150/160 iron condor @ 2.49. Short put/call strikes at 16 and 19 delta.

Bought to close $JPM 5/15 75/110 strangle @ .77. Sold for 1.75 on 4/20.

Bought to close $XOP 5/15 35 puts @ .70. Sold for 2.30 on 4/8.

And another idea borrowed from TastyTrade.
Sold $XLE 6/19 jade lizard (sold 28 puts + 36.21/37.21 bear call spread) for 2.10 credit. No upside risk (1.10 capped profit above 37.21) and downside breakeven of 25.90.

Borrowing an idea from TastyTrade.
Sold $JPM 5/15 75/110 strangle @ 1.75. Put and call deltas at 10 and 13.

Sold $UVXY 5/15 60/70 bear call spread @ 1.55

Bought to close $XOP 5/15 53 calls @ .24. Sold for 1.12 on 4/9. They were paired as a short strangle with 5/15 35 puts which I am still short.

Sold $ZM 5/15 120/110 bull put spread @ 2.00

Sold $XOP 5/15 53 calls @ 1.12 (22 delta) to create a short strangle with my 35 puts. Total premium taken now 3.42.

Sold $NVDA 5/15 250/240 bull put spread @ 3.00

Sold $XOP 5/15 35 puts @ 2.30

Sold $UVXY 5/1 70/80 bear call spread @ 1.39

Sold $QQQ 5/15 175/180/220/225 iron condor @ 1.77

Sold $ROKU 5/15 80/75 bull put spread @ 1.46

Sold $AAPL 4/17 230/220 bull put spread @ 2.33

Rolled $TQQQ 4/17 65 puts out to 5/15 65 puts @ 1.70 credit. Still a ways to go but getting closer and buying some time and a little more credit.

Sold $GLD May 15 138/143/163/168 iron condor for 1.66

Sold $AAPL 4/17 220/210 bull put spread @ 1.83. Short puts at 22 delta.

Sold $AAPL 4/17 220/210 bull put spread @ 1.78

With the markets off another 4+% I found it interesting that the VIX was down. I remember so many days in the last few months when the opposite was true (markets up/VIX up) and it signaled caution (probably should have sold everything then right? LOL). Today, it could be a function of it having been so high previously, but what is high? We’ve never been through anything like this before. Still it’s interesting that on a day like today, you would have expected another spike in the VIX but it was actually down over 8% (albeit even quite a bit lower earlier in the day). It could be the down action is more orderly without as much panic, and could that signal we’re near some kind of low or bottom?

I also looked at how backwardation has been the last 2 weeks. Of course we’ve been deep in it for some time but the % backwardation has been trending down:

3/9 18.37%
3/10 16.86%
3/11 16.77%
3/12 21.40%
3/13 17.83%
3/16 18.55%
3/17 10.75%
3/18 14.97%
3/19 11.05%
3/20 8.15%

A flattening for sure, but the real important curve flattening is with new Covid-19 cases/deaths. We’re in the thick of the explosion in new cases now mostly because of the increased testing. But I remain optimistic that these extreme measures will pay off very soon in a deceleration of new cases (that would be a negative second derivative for all you calculus experts). Combine that with unprecedented speed through the normal FDA red tape to get medications to severely ill patients and we could be looking at slowing growth in cases on the front end and a reduction of fatality % on the back end. I believe we will absolutely beat this thing even though it seems overwhelming to think about. The panic and fear will hopefully abate here (I’m talking about just out there, not necessarily in the financial markets). I wish people would watch less TV and sensationalized websites/social media. It’s feeding the panic for viewers and clicks. I’m in the media business so I understand they make a lot of money during times like this but man it feels like it’s such a disservice to people to go over the top with fear tactics for ratings. Look what’s happening in Washington DC. Did you ever think that there would be so much love between Democrats and Republicans? I hardly recognize these people. For the most part everyone is working together and that’s as it should be and unimaginable even 2 months ago. And I think that has been a great thing for the country to see. But…(and it will never happen because of the nature of the beast) I also wish the media would be more responsible in their reporting and be sensitive to the fact that so many people blindly listen to what is reported and behave and act accordingly. I can’t tell you how many texts and other messages I get with the craziest things someone just “heard about”, or someone texted them a meme saying something insane. People are passing these things along without doing the simplest due diligence and it’s spreading incredible anxiety and that has made this crisis 10 times worse in my opinion.

What we’re going through is bad and difficult for sure, but it is being exacerbated by panic and fear. Let’s try to appreciate the things we do have right now and one day (hopefully sooner than we think) we’ll look back on this time in our lives and say “Can you believe what we went through?”

Peace, serenity and love to you all, my Bistro family.

Bought 4/3 70 puts @ 12.99

You may have heard about this but this drug, but there are more and more articles about its effectiveness against Covid-19. China and South Korea are using it now with great results. Combined with an antibiotic, it is reducing the sick time for those infected from a couple of weeks to a few days. It can be mass produced. Promising.

https://www.google.com/amp/s/nypost.com/2020/03/19/old-malaria-drug-hydroxychloroquine-may-help-cure-coronavirus-study/amp/

Bought 4/9 100 puts @ 25.00

Sold $DIS 4/17 90 puts @ 7.00

Sold $UVXY 4/3 75/85 bear call spread @ 2.22

Sold $UVXY 3/27 80/90 bear call spread @ 1.77

There certainly doesn’t seem to be any on the daily chart–moving averages, areas of prior support, pivot points, etc. Looking at the weekly chart, the low from the Q4 2018 mini-bear was 2,351.10 on Christmas Eve. If you think looking at that low is relevant 15 months later, that’s only around 166 points lower than where are are now. Another day like the down days we’ve had the last couple of weeks and we’re there.

Currently 4.70. Today’s low was 3.68.

With $TLT now around its lows of the day, sold 3/20 180/185 bear call spread @ 1.20. Obviously it will be on a tight leash.

Sold $TLT 3/20 170.50/175.50 bear call spread @ 1.28. Meant to sell the 170/175 but I’ll leave it.

Rolled the following:
$NVDA 3/13 280 put out to 4/17 and down 20 points to the 260 strike for 1.09 credit
$NVDA 3/20 270 put out to 4/9 and down 10 points to the 260 strike for 2.10 credit
New strikes are now back out of the money, if only slightly, with the stock hovering just over 260