With the stock at 225.32, a better representation of the Iceman #FallingKnife strategy might be selling the 170 puts, midprice around 1.30 right now. The 170 would take you back to Dec 2016 as the last time the stock was at that level. In this case I’m going higher for more premium–190 puts, a strike last seen in Feb of this year. Delta is 14.
Sold $COO May 18 190 put @ 3.00.
#CoveredCalls – Pounded this thing all the way down. It’s now back above the 20ma and looking like it could continue. Getting out of the way but keeping it just short of next earnings. Saving the high IV for another roll if needed.
Rolled REGN DEC 29 2017 385.0 Call to REGN JAN 19 2018 400.0 Call @ .53 debit
#SyntheticStock #IRA – Trying to be careful here but it’s very possible this thing could be at 300 in a week after my sale. 🙂 Dan over at OMM just put on a Jan monthly 200/220 BeCS so I’m using his short strike but bringing it in a couple weeks. This particular trade only needs 42 cents a week to insure breakeven.
Bought to Close NVDA DEC 15 2017 197.5 Calls @ .14 (sold for 1.50)
Sold NVDA JAN 5 2018 200.0 Calls @ 1.57
First day all week I actually get a lunch break so a few trades mostly to adjust margin and take off risk.
BTO WDC Jan 20 90 calls at 14.10. Now long the 2020 straddle at 90 and short the 90 straddle at 37 DTE, basically a bi directional calendar. My plan is to sell the weekly ATM straddle once the 37 days is close to the end. The recovery is already profitable ($4410) but if I can keep bringing in weekly premium extra gravy. This is from an earnings gone wrong. Originally sold the 90 puts, it dropped from 107 to as low as 77. After multiple rolls ended up with a 15+ point credit then spread it off to lower the margin. Now have 109 weeks left to sell straddles/strangles semi-covered.
GILD rolled the 9 DTE 72.5 put to 23 DTE at 76 for 1.3. Sold for 1.46. Another problem child. Now have 300 shares, 8 contracts of Jan 19 put leaps at 77.5. Almost break even, few more weeks of sales will take a small profit and move on.
SWKS BTC the 107 call for 0.18. Sold for 0.95. Still have 102 and 104 puts and Jan 107 call as a semi strangle. Break even only 2 points to the upside. Leaving this one naked as it seems to be finding a bottom.
#SyntheticShort – This was another one that got run over to the downside. Learning my lesson here…LOL With it starting to bounce a little I’m booking it for a small profit and looking to reset on the next run higher.
Sold to Close NUGT 42 synthetic short and 47 disaster calls
Bought to Close NUGT 20 puts
These were all in the same expiration since I had rolled the short puts out and down after the initial imoplosion (right after setting the trade of course!)
All said and done made 50 cents on a 10 lot but learned a whole lot more! Now I’m a cheerleader….gold to 1500!
#SkewedIronCondor This is kind of like a #BrokenWingButterfly. I’m working off the assumption that this has topped out for the near future. Jan exp: 49/50/50/55 for 1.73 cr, no downside risk, upside break even is 51.73. Lots of time for defense on this if it heads back up.