Morning Hope everyone had a great weekend. #VXXGame, #ContangoETFs
Last Friday I was assigned my short Jan 20th 95 and 100 Calls leaving me with zero SVXY stock in quit a while. This morning I sold Feb 17th 90 Put @ 1.60 and Feb 10th Put @ 1.05 when $SVXY was around $110.0. I will roll to avoid assignment.
I have been selling puts against SVXY ala Iceman for a few years now learning from the Master while making all the stupid mistakes I can come up with. In keeping with that trend, I’ve come up with a new one. Those low strike Put entries have been great for obtaining long stock to be covered by calls. My general parameters for short Puts has been a three week holding period with premium being around 2% of the strike while taking the rare assignment. Over time it appears to me that covered calls have greater potential returns due to premiums coupled with gains when the assigned stock is sold. With the market at near record highs the low Put strikes with sufficient premium are more of a long term memory as I wait for the next split or a whooshing pull back.
I am managing a small account that has level 1 trading, covered calls only. Without the permission to sell Puts I’m challenged with doing income trades via covered calls against equities. So I want to explore the possibility of using SVXY for income trades in this account. In my personal account I have elected to put on a covered call that expires this Friday, Nov 18th to work through the entry and stop management mechanics before deploying this into the other account.
This morning :
Bought stock @ 75.41 and sold a Nov 18th 75.5 call for 2.30 when the stock pushed back above VWAP the second time. This yielded a basis of 73.25 and a potential gain of +/-2.8% for the week if assigned @ 75.50. I set a position stop at mark 70.00 with a limit to close at 70.10. If the position is closed it would result in a loss of around $340 or approximately 4.5% of the net debit to enter the trade. My entry was not well timed, being a few minutes early of the morning drop. Had I waited I might not have put the trade on but definitely would have picked a lower strike if I had. Will this prove to be a better method for an account that that cannot sell puts and does not involve the issues associated with individual equities earnings, and analysts opinions?
Comments appreciated especially if I have missed something.
Sold to open Nov 25th 50 Put @ 1.05. Put this on and went to try and vote. Huge lines here in NC. Wife had to get to work so we shall try again tomorrow. Filled while we were out. SPX down to the 200dma. I just might wait until after the election to do anything else.
$SVXY #ShortPuts – Sold SVXY Nov 4 2016 59.0 Puts @ 0.20 in two IRA accounts with the stock at 73.70.
These expire in a week
$SVXY #ShortPuts – Sold 1 SVXY MAR 17 2017 40.0 Put @ 2.15. Initial position.
I will add at higher premiums.
Sold $SVXY Mar 17 2017 35 puts @ 1.60
Sold $SVXY Jun 16 2017 30 puts @ 1.50
$SVXY #ShortPuts – Sold all these in an IRA that had all their SVXY called away a while ago –
Sold SVXY NOV 4 2016 60.0 Puts @ 0.20
Sold SVXY Nov 11 2016 55.0 Puts @ 0.40
Sold SVXY Nov 18 2016 50.0 Puts @ 0.40
Added a couple more positions on the spike
STO $SVXY Nov 4 $62.50 puts @ $0.35
STO $UVXY Nov 11 $30 calls @ $0.31
Sold $UVXY Nov 25 35 calls (highest strike) for .49
$SVXY #ShortPuts #ClassicVXXGame – Sold SVXY Jan 18 2018 25.0 Puts @ 2.65.
These are paired with short Calls at 145/150/155 sold last week
Sold to open Nov 18th 60 Puts @ $1.25. I had an order on and was filled which surprised me considering the $SVXY price at fill was 73.44. So I popped in to see what all the noise was about. Interesting to say the least. Well, back to playing with the dog.
$UVXY #ShortCalls – Sold UVXY Dec 2 2016 35.0 Calls @ 0.44. Highest available strike
Expecting good Christmas sales
STO
$AMZN 1/20/2017 720/770 BUPS @ 15.50
$AMZN 12/16/2016 720/770 BUPS @ 13.85
$AMZN 11/18 730/740 BUPS @ 1.40
$AMZN 11/18 760/770 BUPS @ 3.25
$SPX 11/23 1955/1980 BUPS @ 1.25
$UVXY 12/2 35 call @ .39
Rolled
$CMG 10/28 370 put to 11/11 360 put for 2.20 credit
$UVXY @ShortCalls – on the opening
Sold UVXY Nov 11 2016 35.0 Calls @ 0.12
Sold UVXY Nov 18 2016 33.0 Calls @ 0.23
STO DEC 2 $35 calls @ $0.41
$SVXY #ShortCalls #Rollup – this is likely the only roll I will have to do in SVXY today
Bought to close SVXY Oct 28 2016 64 Calls @ $12.54 – originally sold @ 13.10
Sold SVXY Dec 16 2016 68 Calls @ $12.66
$SVXY #ShortPuts #OptionLadder – Sold SVXY Nov 4 2016 62.5 Puts @ 0.20
$UVXY #ShortCalls – after the bell
Sold UVXY Nov 4 2016 21.0 Calls @ 0.13
Sold UVXY Nov 4 2016 21.5 Calls @ 0.12
Sold UVXY Nov 11 2016 27.0 Calls @ 0.22
Sold UVXY Nov 18 2016 31.0 Calls @ 0.26
Sold UVXY Nov 18 2016 32.0 Calls @ 0.23
$SVXY #ShortPuts – after the bell
Sold SVXY Nov 4 2016 65.0 Puts @ 0.30
Sold SVXY Nov 4 2016 64.5 Puts @ 0.25
Sold SVXY Nov 4 2016 64.0 Puts @ 0.25
Sold SVXY Nov 4 2016 63.5 Puts @ 0.20
Sold SVXY Nov 4 2016 63.0 Puts @ 0.20
After the bell got a fill. Again, only small position.
STO $SVXY Nov 11 $60 puts @ $0.55
$UVXY #ShortCalls – Sold UVXY (Weekly) Dec 2 2016 35 Calls @ 0.39. Highest available strike
$UVXY #ShortCalls – Sold NOV 18 2016 30.0 Calls @ 0.26
$UVXY #CoveredCalls – Sold UVXY Nov 11 2016 26.0 Calls @ 0.23
Sold to open Nov 18th 65 Put @ 1.25.
Looks like the spike is subsiding already, added a couple more small trades.
STO $UVXY Nov 11 $22 calls @ $0.30
STO $UVXY Nov 18 $22 calls @ $o.50
$SVXY #ShortPuts #OptionLadder – since I’m overloaded with short calls I’m selling puts with no additional margin requirements.
Sold SVXY Nov 4 2016 65.0 Puts @ 0.20
Sold SVXY Nov 4 2016 64.5 Puts @ 0.20
STO Nov 18 $VXX $43 calls @ $0.35
STO Nov 18 $UVXY $25 calls @ $0.35
Made a couple of small trades on the small spike this morning, just in case it is very short lived, as has been the trend lately. Will add positions if this turns out to be a bigger spike.
$SVXY #ShortCalls #Leaps –Sold 1 SVXY Jan 19 2018 155.0 Call @ 5.20 adding to my position – Highest available strike price
BTC UVXY Oct28’16 20 CALL @ 0.05, sold for 0.85 on 10/07/16
$SVXY #CoveredCalls #OptionLadder – sold these when the stock got to 80.50
Sold SVXY NOV 4 2016 81.5 Calls @ 1.95
Sold SVXY NOV 11 2016 85 Calls @ 2.05
Sold SVXY NOV 18 2016 90 Calls @ 1.05
Sold to open Nov 18th 85 Call against my long stock. I will take assignment here. Waiting on a pull back to sell to open a Nov 18th 60 Put.
Looks like new all time lows again today for $UVXY
Hello! I am looking for some advice on UVXY. I own 400 shares of UVXY – got assigned several months ago. I have been writing calls against this to reduce my loss on this. Given that volatility continues to be low, does it make sense to hold these and keep writing calls or should I dispose it, collect whatever I can and move on. I know some of you trade this instrument and would love to hear your thoughts.
#OptionsExpiration for 10/21
Expirations:
$AMZN 10/21/2016 860.00 calls (covered)
$APA 10/21/2016 62.50 calls (covered)
$CYBR 10/21/2016 55.00 calls (covered)
$DUST 10/21/2016 60.00 calls
$DUST 10/21/2016 32.0 puts
$DUST 10/21/2016 34.50 puts
$DUST 10/21/2016 35.50 puts
$FIT 10/21/2016 15.00 calls (covered)
$MBLY 10/21/2016 44.00 calls (covered)
$SVXY 10/21/2016 60.00 puts
$SWN 10/21/2016 14.00 calls (covered)
$TWTR 10/21/2016 19.00 calls (covered)
$UVXY 10/21/2016 27.00 calls
$UVXY 10/21/2016 55.00 calls
$WFM 10/21/2016 27.00 calls
$WHR 10/21/2016 150.00 puts
$X 10/21/2016 20.00 calls (covered)
Assignments:
$DVN 10/21/2016 40.00 calls–long stock getting called away
$WYNN 10/21/2016 100 puts–short stock getting called away
Have a great weekend everyone.
$SVXY #ShortCalls #AfterTheClose – Sold SVXY Oct 28 2016 80.0 Calls @ 0.85 adding to my position
BTC UVXY Nov04’16 25 CALL @ 0.10, sold for 1.55 on 9/27/16.
Rolled NUGT 21oct16 18 puts to NUGT 28oct16 16 puts (doubled position) for 0.30 credit
#VXXGame
#ContangoETFs
I have to leave for a meeting so need to post these a few minutes early.
$KRA $30 Puts
$SVXY $40 Puts
$SVXY $55 Puts
$SVXY $57 Puts
$SVXY $60 Puts
$UVXY $22 Calls
$UVXY $24 Calls
$UVXY $26 Calls
$UVXY $30 Calls
$UVXY $35 Calls
$UVXY $50 Calls
$VXX $46 Calls
A bunch of open contracts rolling off today.
Have a great weekend everyone.
STO $FB 11/11 124/129 BUPS @ 1.50
STO $FANG 11/18 95 puts @ 1.60 (replace today’s expiring)
STO $SVXY 1/19/2018 150 call @ 4.50 (Thanks Iceman)
STO $SVXY 1/19/2018 145 call @ 5.40 (Thanks Iceman)
$SVXY #ShortCalls #Leaps – so … the market is never going down again and Volatility will stay low forever, right??
Sold 1 SVXY Jan 19 2018 145.0 Call @ 5.20
Sold 1 SVXY Jan 19 2018 150.0 Call @ 4.50
Sold 1 SVXY Jan 19 2018 155.0 Call @ 4.20 – Highest available strike price
About 50 % return on margin with the stock at it’s current price of 78.
$SVXY #ShortCalls #Weeklys – Sold SVXY Nov 4 2016 81.5 Calls @ 1.10 adding to my position
$SVXY #ShortCalls #Weeklys – Sold SVXY Oct 28 2016 80.0 Calls @ 0.75 adding to my small position
sold last of my holdings at $77.85, set just below upper BB.
I am wondering what could go wrong with this idea:
sell a BeCS Nov 18 80/95 for $3.75. My thesis is the market is going to react strongly up and down after the election. This is like a gigantic earnings trade. I expect to buy back at considerably less. I would enter now with a small starter position expecting the premium to run-up until a day or two before election. Am I going to be playing red/black, or does it sound like a winner?
BTC October 28. 55 puts @0.05
$SVXY #CoveredCalls #Rollup #OptionLadder – I split my position for today at 75 into two new positions so I can cover both weeks where I have no exposure.
Bought to close SVXY Oct 21 2016 75.0 Calls @ 1.57
Sold SVXY Nov 25 2016 80.0 Calls @ 2.77 for a 1.20 credit
and
Bought to close SVXY Oct 21 2016 75.0 Calls @ 1.42
Sold SVXY Dec 2 2016 80.5 Calls @ 4.41 for a 2.99 credit
Today’s strike 75 calls were originally sold at 4.44 on another rollup
I’m really surprised at how low the $VIX and $VXX instruments are given how weak the market has been acting and how bad the charts of the indexes look. Still a pretty healthy contango in the $VIX futures curve driving $UVXY lower and $SVXY grinding higher. $SPX is below yesterday’s low, yet $UVXY is well below yesterday’s high.
$SVXY #ShortCalls – Sold SVXY Nov 4 2016 81.5 Calls @ 1.00 – after hours fill at 4:15 as the stock spikes to 77.19
$SVXY #CoveredCalls – Sold SVXY Nov 11 2016 85.0 Calls @ 1.20.
Also Sold SVXY Oct 28 2016 80.0 Calls @ 0.55
$SVXY #ShortCalls #Rollup – trying to get ahead of the typical Friday Rally in SVXY by rolling today.
Bought to close SVXY Oct 21 2016 72.0 Calls @ 4.08 with the stock at 76.01
Sold SVXY Nov 11 2016 76.0 Calls @ 4.55.
Pushed the strike price up 4 points plus received a 0.47 Credit. The time premium was gone from the existing position.
STO Nov 11 $27 calls @ $0.50. Will add if premium improves.
$SVXY #CoveredCalls – Sold SVXY NOV 4 2016 81.5 Calls @ 0.90. Adding to my position.
Rolled my Oct 21st 75 Calls originally sold for 3.30 up and out to Nov 4th 80 strike for a 0.39 debit. This set the sell premium for the 80 call at 1.26. I’ll take assignment there. There was only 0.60 of time premium left on the 75 calls so I figured this was reasonable risk reduction rather than waiting until Friday . I may be early. I’ll know in 2 days.
$SVXY #CoveredCalls – Sold SVXY NOV 4 2016 81.5 Calls @ 0.80
The strike is well above the YTD high of 79.69 and only 12 more trading days until expiration
Sold $SVXY Nov 4th 75 Calls @ 2.15. Filled right at the 4:15 cut off. I’m waiting for my text alert to get the SVXY price at fill.
This morning I BTC October 21, 60 puts @.25, they were sold @1.20
Since we are only about 10 points away from the strike price I decided to cover them and wait for this market to break out of the trading range we have been in since July. It seems like the bears have the upper hand today.
#OptionsExpiration #Weeklys #Oct14 Only one
$SVXY Oct 14th 80 Call covered
Have a great weekend all.
$SVXY $45 puts
$SVXY $75 calls
$UVXY $22 calls
$UVXY $26 calls
$UVXY $30 calls
$UVXY $40 calls
$VXX $45 calls
Have a great weekend everyone.
#OptionsExpiration #Weeklys #Oct14 – An unusually quiet week. No Assignments this week and 3 sets of SVXY Calls expired (that’s unusual).
The October monthly expiration next week is a big one.
— Expirations —
DUST (Weekly) Oct 14 2016 61 Calls
MYL (Weekly) Oct 14 2016 45 Calls (Covered)
NUGT (Weekly) Oct 14 2016 10 Puts
NUGT (Weekly) Oct 14 2016 11 Puts
NUGT (Weekly) Oct 14 2016 14 Calls (Covered)
SVXY (Weekly) Oct 14 2016 74 Calls (Covered)
SVXY (Weekly) Oct 14 2016 76 Calls (Covered)
SVXY (Weekly) Oct 14 2016 85 Calls (Covered)
UVXY (Weekly) Oct 14 2016 21 Calls
UVXY (Weekly) Oct 14 2016 21.5 Calls
UVXY (Weekly) Oct 14 2016 22 Calls
UVXY (Weekly) Oct 14 2016 22.5 Calls
UVXY (Weekly) Oct 14 2016 23 Calls
UVXY (Weekly) Oct 14 2016 23.5 Calls
UVXY (Weekly) Oct 14 2016 24 Calls
UVXY (Weekly) Oct 14 2016 24.5 Calls
UVXY (Weekly) Oct 14 2016 25 Calls
UVXY (Weekly) Oct 14 2016 25.5 Calls
UVXY (Weekly) Oct 14 2016 26 Calls
UVXY (Weekly) Oct 14 2016 26.5 Calls
UVXY (Weekly) Oct 14 2016 40 Calls
UVXY (Weekly) Oct 14 2016 45 Calls
Got a fill earlier today: BTC SVXY Oct21’16 55 PUT @ 0.10, sold for 2.90 on 9/12/16.
$UVXY #ShortCalls #OptionLadder – sold all these today for next week –
Sold UVXY Oct 21 2016 27.0 Calls @ 0.14
Sold UVXY Oct 21 2016 27.5 Calls @ 0.13
Sold UVXY Oct 21 2016 28.0 Calls @ 0.12
$SVXY #ShortCalls #Rollup
Bought to close SVXY OCT 14 2016 70.0 Calls @ 1.11 – originally sold at 5.20
Sold SVXY OCT 21 2016 72.0 Calls @ 1.61
Add just 1 week to my holding period to get a 2 point higher strike price plus a 0.50 credit.
When $SVXY broke back below $72, I sold my stock. Not liking the way things are trading. My covered call trade was still profitable by about $300 all in.
#MARKET
Making new highs on the day. Thus far $UVXY has been hanging tough about $17. Come on Vol Suck, daddy needs to sell a $SVXY $75 call for next week. 🙂
$SVXY #ShortPuts – these trades are tougher to get off than UVXY calls. Not nearly as liquid
SVXY OCT 21 2016 55.0 Puts @ 0.30
SVXY OCT 21 2016 54.0 Puts @ 0.30
SVXY OCT 28 2016 50.0 Puts @ 0.35
SVXY NOV 18 2016 40.0 Puts @ 0.45
$UVXY #ShortCalls – missed one. Sold UVXY NOV 4 2016 35.0 Calls @ 0.61
$UVXY #ShortCalls/#CoveredCalls – sold most of these when $UVXY pushed above 19 this morning.
Many but not all are at the #TopOfTheChain
UVXY OCT 14 2016 22.0 Calls @ 0.24 – expires tomorrow
UVXY OCT 21 2016 31.0 Calls @ 0.23 – expires next Friday
UVXY OCT 21 2016 32.0 Calls @ 0.18
UVXY OCT 21 2016 33.0 Calls @ 0.18
UVXY OCT 21 2016 34.0 Calls @ 0.18
UVXY OCT 28 2016 40.0 Calls @ 0.22
1 UVXY NOV 11 2016 25.5 Call @ 1.63
UVXY DEC 16 2016 55.0 Calls @ 1.32
UVXY JAN 20 2017 60.0 Calls @ 1.79
UVXY MAR 17 2017 60.0 Calls @ 3.15
UVXY JAN 19 2018 60.0 Calls @ 7.30
Nibbling
STO $VXX Nov 4 $50 calls @ $0.50
STO $VXX Nov 11 $55 calls @ $0.52
STO $UVXY Nov 4 $30 calls @ $0.70
Adding one…
Sold SVXY JAN 20 2017 45.0 Put @ 2.60
I’m following all of you as well Jan 18 UVXY STO 60 Call.
Following all of you. STO January 2018, 60 call @7.20 on 1 contract.
#VXXGame Followed @Ramie, STO UVXY Jan 2018 60 call for 7.10.
#VXXGame adding to positions
Sold $UVXY Jan 19 2018 60 call @ 7.00
Sold $UVXY Dec 16 2016 55 calls @ 1.30
STO $SPX 11/11 1965/1990 BUPS @ 1.35
STO $UVXY 10/21 19 calls @ .38
STO $LOCK 11/18/ $17 straddle
BTO $FB 11/18 130 call
Closed Early
$SPX 11/4 2260/2235 BECS @ 81% profit
$SPX 10/21 2250/2225 BECS @ 92% profit
$NFLX 10/21 95 call @ 10.35 STO @ 8
Rolled
$NUGT 10/21 18 put to 10/28 19 put for 1.01 added profit (But gold must go UP) or roll we must
Taking some risk off prior to FOMC release. Bought to close Oct 21st 60 Puts @ .35. Originally sold for 1.30.
Options Bistro 