BTC Apr 15 $51 calls @ $0.05, sold for $1.40
Author Archives: Kelly
Gold
Looks to be breaking out above $1250
$NUGT
STO 2 Mar 4 $65 calls @ $0.45 expire tomorrow
This might me pushing my luck a little, but went very small. Looking to sell 2 $50 puts to offset as stock is trading almost right in the middle of that range.
$GDX
Guy and Pete on fast money both recommended Gold miners ($NEM and $ABX) as their final trade, so watch for a higher open just from people reacting to that.
$VXX
BTC Mar 18 $40 calls @ $.04, sold for $1.40
$XLU
Getting hit hard this morning
$UVXY
STO Apr 1 $23 puts @ $0.50
#Gold $NUGT
Impressive that even on a big up day in the market, $DXY and UUP are higher, yet gold is barely down on the day. There is a pretty impressive bid and continues to make higher low’s.
$NUGT
STO Mar 4 $70 calls @ $1.00 followed Jeff
STO Mar 25 $28 puts @ $0.45
#OptionsExpiration
All of these expired worthless
$NUGT $33 puts
$NUGT $36 puts
$NUGT $45 puts
$NUGT$48 puts
$NUGT $50 puts
$NUGT $75 calls
$UVXY $85 calls
$UVXY $100 calls
$UVXY $110 calls
#Gold $NUGT
Gold and $NUGT really cratering now.
#Gold $/GC
Looks like Gold might finally be showing some signs of weakness. The last 3 days have shown that strength has been sold into. Hasn’t broken down yet, but keeps making lower highs.
$NUGT
The action in this thing is just crazy. Like trying to predict a tornado.
#Gold $NUGT
With Gold looking like it is on the next leg of a break out. I’m going to be reducing short calls today and adding more short puts. $GDX and $NUGT very strong right now. Reducing overall delta and just getting out of the way for the time being and will look for opportunities to re-enter trades at a later time.
Gold
On daily chart, coming close to completing a wedge/flag for the last 8 or 9 day’s. Lower high’s, higher lows. Something likely to happen soon.
$GDX
Strong as death again today. Attempting to pull it back down.
STO Mar 4 $18 puts @ $0.33
$UVXY
STO Apr 15 $23 puts @ $1.10
$NUGT
STO Mar 11 $30 puts @ $0.50
#Gold $GDX
Definitely diverging today. Gold is down $20 from 4pm on friday yet $GDX is actually up on the day.
$GDX
Rebounding even though Gold is weak, I suspect that the strength in $XME is flowing over to $GDX
$NUGT $UVXY
STO $NUGT Feb 26 $33 puts @ $0.30
STO $UVXY Mar 11 $30 puts @ $0.45
#Options Expiration
$NUGT $33 puts
$NUGT $35 puts
$NUGT $40 puts
$NUGT $55 calls
$NUGT $65 calls
$UVXY $66 calls
$UVXY $75 calls
$UVXY $80 calls
$UVXY $85 call
$UVXY $90 calls
$UVXY $95 calls
$UVXY $100 calls
$NUGT
Ramie posted some info this morning on the performance drag between $NUGT and $GDX during 2015. Here’s a recent example.
2/12 GDX closed at $18.84 $NUGT closed at $56.87
2/18 GDX closed at $18.90 $NUGT closed at $54.72
So in just a few days, GDX returned to basically the exact same level but NUGT was more than $2 lower.
$NUGT
Unless there is a pullback into the $40’s today, I’m going to need to roll a couple of positions. With the big up and down moves this thing has been making, I’m not liking that there aren’t near term higher strike prices available. So my plan is to split the roll, I’ll roll 1/2 of the calls up and out, and reverse roll the other half of the calls into puts. They can’t both be losers and over the next month or so, should help me slowly reduce total exposure.
$/GC $NUGT
Gold futures are down about $10 since the markets closed @ 4pm. If that holds up, should see some pull back in $NUGT in the morning. A lot can change between now and then, but would like to see it pull back $4 or $5 bucks for tomorrow’s Opex.
#Gold $NUGT
Watching market today to see how these react on a potentially down day. Gold stabilized above $1200 and I want to see if people rush back to gold again if the market shows weakness.
$NUGT
OK, this is a Fuzzball type of trade. My account will do best right now if $NUGT stay’s above $40 until at least friday, so to help encourage that:
STO Feb 19 $47 call @ $1.65
I’m on a business trip and very busy during the day so missed the opportunity this morning to sell additional calls at better prices. Did sell some but not great entry’s. Apparently $GS put out a note today telling people to sell #Gold, so just in case that continues to ripple through to the miners, I chased a bit and sold more calls than I normally would have with the stock down 20%. Might get some bounce with better prices, or might just keep going down.
STO Sept $80 call @ $11.40
STO June $75 call @ $7.50
STO Mar 4 $75 calls @ $0.85
STO Mar 11 $75 calls @ $1.45
STO Jun $80 call @ $7.00
#Gold $NUGT
Are pulling back but are well off the low’s and bouncing strongly. Gold is $20+ off it’s low and $NUGT is $5 off it’s low, still down $6, but well off the low’s.
$NUGT
I made some trades on Friday but was very busy and didn’t have time to talk about the what and why.
Given the strength in $NUGT, I sold some additional puts to give me more protection if $NUGT just keeps running, and gives be a bigger window for making money if we do get some pull backs short term. I’m thinking that the strength in $NUGT/$GDX on friday was short covering before the weekend and any further pullback in Gold will show itself in a pull back in $GDX/$NUGT. Longer term puts were sold such that if I do get put stock, that will happen in the $20’s or lower. Likely be able to close for a profit long before expiration. Gold will eventually either stabilize or pull back, both will reduce volatility/reduce options premiums (vol suck).
STO Feb 19 $50 puts @ $4.00 to pair up with my short $50 calls. I now have a profitable window from $55.20 down to $44.80 so with a short week and any sort of pull back, I’m likely to end up in that window. Below $46 and I roll the put down and out. Above $54 and I roll the call up and out.
STO Mar 11 $40 puts @ $3.30 against $70 calls, now profitable between $75 and $35
STO June $40 puts @ $9.90 against $70/$72 calls, stock put to me @ effectively $26
STO Jan’17 $53 puts @ $26 against $75 calls, stock put to me effectively below $20
If we get a pull back this week (improving put premium), I will be looking to sell Feb 26 puts against my $60 calls. I still have a few other call positions not covered with short puts while I monitor how this plays out.
Time will tell if this was a smart move or not.
Hope you all have a great weekend.
#OptionsExpiration
$NUGT $30 puts
$NUGT $45 puts
$NUGT $50 puts
$UVXY $66 Calls
$UVXY $75 Calls
$UVXY 85 Calls
#Gold $NUGT
Gold down today, yet $NUGT up 8%
$GDX
Catching a bid again today even though Gold is down somewhat.
$NUGT
STO Feb 12 $50 puts @ $0.80
Sold this morning when it looked like $NUGT was going to continue higher
$UVXY $VIX
$VIX above $30, $UVXY above $60. A lot of fear in the air.
$UVXY
STO Feb 19 $100 calls @ $0.50 Expire next friday
$XBI
Went positive on the day
$DIS
Strong on a weak day. Been working higher since the open.
$UVXY #Roll
Rolled Feb 12 $60 Calls to Feb 26 $85 calls for $.35 credit
$NUGT
STO Feb 12 $45 puts @ $0.85 expire tomorrow
$UVXY $VXX
STO $UVXY Mar 4 $105 Calls @ $2.37
STO $UVXY Mar 11 $105 Calls @ $3.81
STO $UVXY Mar 28 $95 Call @ $6.60
STO $VXX Apr 15 $45 calls @ $1.50
#Gold
Is definitely trading as safety trade now. Decoupled from inflation fears (none) or correlation to currency. People are moving to gold and bonds as places to hide.
#Gold $GDX
Interesting divergence where Gold is actually hanging in pretty tough around the $1190 area but the miners have really started to pull back. We’ll see what today brings.
#Market
Whole market today (indexes, volatility, gold, etc…) just feels like it is a flag flopping around aimlessly in the breeze.
#FANG
$FB, $GOOGL, $NFLX all bouncing nicely even with weak market
$UVXY
STO Feb 26 $110 Calls @ $1.10
$UVXY
This afternoon when I was away from my computer, I got this fill.
STO $UVXY Feb 26 $100 calls @ $1.50
$NUGT #DelayedRoll
Opened much higher again today, pulled back for a few minutes then resumed going higher. Over the weekend, I made the decision that if it continued to rise on Monday, that I would close positions and step out of the way and look for the right time to re-enter. In keeping with that plan, I closed out my ITM short $NUGT calls and will just wait for the fever to break. Prepare for today to be the top since I closed my positions. Just crazy momentum in that trade right now.
$UVXY
Had a couple of GTC orders fill near the open.
STO Jun $100 call @ $11.00
STO Jun $110 call @ $10.00
STO Mar 11 $90 call @ $3.50
STO Feb 19 $80 calls @ $1.19
#OptionsExpiration
Had a good number of total contracts expiring this week. If it hadn’t been for $NUGT, this would have been a very profitable week.
$UVXY $55 Calls
$UVXY $66 Calls
$UVXY $74 Calls
$UVXY $80 Calls
$UVXY $85 Calls
$GDX
What a beast this week. Dollar is up nicely today. Gold is flat to down a little. $XME is basically flat (given the overall market a definite out performer). Yet $GDX is strong as death.
#Market
Someone must have turned on a buy program at 2pm eastern. S&P just went positive on the day.
#Dollar
Just getting killed today. Outside of 3rd standard deviation. Definitely people having to quickly unwind long dollar trades. Looks like it isn’t about to stop until everyone goes to bed. Took another leg down just after lunch. I’m guessing margin clerks started making phone calls.
$UVXY $NUGT
Added additional $UVXY Mar 11 $80 call @ $3.50
Followed Ramie STO Feb 26 $NUGT $37 calls @ $1.30
$UVXY
Once market started to bounce, made 1 more trade.
STO Feb 5 $55 calls @ $0.55
$UVXY $VXX
Nibbled a little bit.
STO $UVXY Feb 12 $60 calls @ $1.00
STO $UVXY Mar 4 $95 call @ $2.00
STO $UVXY Mar 11 $80 call @ $3.00
STO $UVXY Mar 18 $110 calls @ $2.50
STO $VXX Mar 4 $33 calls @ $1.00
$UUP $DXY $NUGT
Wow, dollar getting killed. $NUGT on the move.
#OptionsExpiration
$UVXY $60 calls
$UVXY $80 calls
$UVXY $81 calls
$UVXY $82 calls
$UVXY $85 calls
Had a very large number of contracts expire today, so as @Iceman mentioned, as these weekly’s expire my account just gets more an more prep’d to be aggressive on the next volatility spike. This market doesn’t seem to make us wait long for the next one.
$SVXY continues to suck the tail pipe, but $UVXY is kicking it. Bunch more expiring next week.
$NUGT
Made 1 more trade on the gold spike after the Fed release.
STO Feb 19 $35 calls @ $0.75
$NUGT
Added a couple of $NUGT positions this morning.
STO Feb 12 $35 calls @ .45
STO Mar 4 $35 calls @ $1.35
$UVXY
Besides having numerous short calls that will expire worthless today, I have a good number of contracts that will expire next week. With today’s drop in $UVXY, I can now close out all of next weeks short calls for a total of $60. I might just do that this afternoon and just close them down. They are spread from $80 up to $95, so little chance of getting hit even if volatility spikes back up. If volatility does spike up, that money is available to be put to work in new positions instead of tied up waiting for them to expire.
$UVXY
BTC Jan22 $60 calls @ $.25, sold this morning for $1.00
Got 75% of max profit in a few hours so took these back off the table so in case oil does something crazy tomorrow, I won’t have to worry about these.
#Market
Still bootstrapped to Oil. As soon as oil weakened, the market rolled over.
$SVXY
During yesterday’s chaos, I forgot this trade.
BTC June $80 calls @ $.05
$UVXY
STO Jan 22 $60 calls @ $1.00 Expires tomorrow. Wouldn’t normally trade this close but market seems more stable today and even in the rout yesterday with S&P down 65, $UVXY never got to $60. If there was more than 1 more day to go, I would not have done this, but with expiration tomorrow, seemed like an acceptable R/R
$XBI
$XBI went positive on the day. S&P 18 points off LOD. Maybe the margin clerks are done and can get a bit of relief into the close.
$UVXY
STO 1 Jan 29 $95.5 call @ $1.52
Treading extremely carefully as market feels like it has further to go. Staying very short term with my trades right now. It’s likely that I won’t make any more sales until Friday. Have quite a few contracts expiring this week so want to see those very close to expiration before I put on any more trades.
$UVXY
Made a couple more tiny nibbles
STO Feb 5 $80 Call @ $3.50
STO Feb 12 $85 Call @ $4.00
$UVXY
Still playing carefully. Market still feels very tenuous. Made a couple small trades once market seemed to firm up and start trading back higher, so certainly didn’t get the best prices, didn’t try. Filling in a couple rungs on the call ladders.
STO Jan 22 $65 calls @ $0.74
STO Jan 29 $82 calls @ $1.25
$GDX
No love for the Gold Miners right now. Market goes down, they go down. Market goes up, they go down.
#OptionsExpiration
$NUGT $31 calls
$UVXY $70 calls
$UVXY $95 calls
Closed out my higher Strike $UVXY calls and my $UVXY puts earlier in the week.
Have great weekend everyone.
$GDX as Gold Proxy
It is often talked about by traders and others on TV that when they think Gold is going to increase, they will tell people to buy $GDX as the way to do it. The idea being that the gold miners have a lot of leverage to increases in gold prices and hence will outperform gold. What we are seeing before our eyes is why that doesn’t work. Regardless of gold increasing in price, the stocks of the gold miners, are just that, STOCKS. When the market is selling off, they are selling off everything. Gold actually had a pretty good day today, up about $15, yet $GDX was down. It gapped up on the open, likely because the gold futures were up nicely, but then $GDX just sold off all day long.
If you overlay the $GDX on top of $GLD (or /GC) you will see a dramatic under performance of the $GDX vs Gold itself. I looked out over the past 9 months, 1 year and 3 years.
Lesson, if you think Gold is going to go up because of what is happening to the currencies, or you want to use it as protection during the high volatility we are in, buy $GLD (or $IAU) and forget about playing it through the miners.
$UVXY
Nibbled a bit at the open. Will now just sit back and see if we bounce or weaken further.
STO Jun $85 call @ $14.00
STO Jan 29 $85 call @ $2.00
$UVXY
BTC Jan 22 $25 puts @ $0.03, sold for $0.40
$GDX #Divergence
Gold actually had a pretty good day today, but GDX went nowhere. The over all selling frenzy that took over the market seems to have affected the gold minors as well even though gold was going up. That sets up for $GDX to possibly make some sort of a catch up move tomorrow.
$UVXY
STO Jan 29 $85 Calls @ $1.50
STO Feb 5 $85 Call @ $2.50
STO Feb 19 $85 Call @ $4.00
STO Feb 26 $85 Call @ $5.00
Options Bistro 