#shortputs SLV
Sold May 15, 11 put for 1.31 #tastytradefollow
Recent Updates Page 227
#rolling GUSH High stakes trading-rolled…
#rolling GUSH
High stakes trading-rolled my March 20, 1 put to April 17 for .05.
UVXY long puts
Bought 4/9 100 puts @ 25.00
SPX 1-dte monthlys
#SPX1dte Sold to Open $SPX March 19th 2125/2150-2575/2600 condors for 2.20. These are MONTHLY contracts that stop trading tonight, but settle at the open tomorrow. I will need to decide at the close today whether to close or allow to expire in the morning, risking a gap open that could breach my strikes. Because of the funky expiration on these, I have avoided them for this strategy, but with SPX flat at the moment and juicy premium available, it’s worth the risk this time.
IV: 109.60%, SPX: 2400, deltas: -.06, +.06. OTM: -10.4%, +7.3%
Fun facts for today:
1. The Dow took 103 years to reach 10,000. It has just dropped 10,000 in less than 30 days.
2. The VIX has put in a higher intraday high 5 days in a row, despite two of those days being strong UP days for the market.
SPCE SPY
#ShortPuts #CoveredCalls – Out all day but had a couple standing orders fill…
Bought to Close SPCE MAR 20 2020 14.0 Calls @ .05 (sold for 1.95)
And for better or worse starting a covered call selling program on the SPY if I get stock (looks like it)
Sold SPY MAR 20 2020 225.0 Put @ 4.00
Sold SPY MAR 20 2020 220.0 Put @ 4.00
#PreferredShares A lot of preferred…
#PreferredShares
A lot of preferred shares are down with the market and pushing yield higher.
Some of the perpetual shares from big names are up to 8% yield.
Do you have any opinion on getting preferred shares at a discount?
Market Shutdown Guide for Options
Market Shutdown Guide for Options
Lots of conjecture around the market shutting down, what happens to open option positions. Tos directed me to this guide (remove the quote marks and copy/paste the link):
“https://www.theocc.com/components/docs/about/publications/unscheduled-market-closings-guide.pdf”
It used to be that the option owner would have to provide execution instructions, but now OCC executes every option that is ITM at expiration. I’ve had an issue with collars, where at the last minute the protective put drops ITM, gets assigned—taking my long stock away, and I’m left with naked short calls. So on my collar positions I’ve been trying to spread the short calls with something, anything, cheap to protect against that scenario on a surprise shutdown with ITM puts ready to expire.
It’s also important to be aware of how spreads will be affected on market shutdown if the stock price is between the spread strikes at shutdown (with looming expiration), it could cause execution/assignment of one leg leaving a potential dangerous situation.
So the way I read this is that on a shutdown, the options that expire during the shutdown will be assigned based on the last regular traded price of the stock before shut down. So….let’s say you have a AMZN Call Credit Spread, short 1800 long 1810, and the last traded price of the stock is 1805…..you WILL end up short 100 shares of AMZN at 1800, the 1810 will expire. This is quite dangerous with no ability to manage.
SPXpire
#SPX1dte Expiring: $SPX March 18th 2220/2240-2740/2760 condors, sold yesterday for 1.95.
SPY
Bought a bit more SPDR S&P 500 ETF @ 230.00 to add to my small position.
225 is the next target.
HAL Buy Write
Bought 100 HAL / Sold 1 HAL 03/20/2020 6.00 Covered Call @ 5.0 debit
#AccidentalHighYield
FITB Buy Write
Bought 100 FITB / Sold 1 FITB 03/20/2020 13.00 Covered Call @ 12.0 debit
#AccidentalHighYield
Circuit breaker HIT again!
Crazy times. I don’t really see why this should end, however. The entire world is coming to a halt. Some businesses are closing entirely, unable to weather even a month being closed. Layoffs are piling up. Our country will rack up another $2T in debt probably before the end of this month. This is an unprecedented event… I feel the indexes could easily be cut in half, meaning 1500 by the time we get to May or June. But this is only my personal speculation… I just base it on what I think SHOULD happen when most of the world is shut down.
The VIX is up today but not as dramatically as VXX and UVXY. Futures backwardation is quite dramatic.
UVXY closed
This market is relentless. Welcome to the first Bear Market since 2009!
BTC $UVXY March 27th 50/60-130/140 condors for 3.825. Sold yesterday for 3.65.
I’m not sure how I got this to be only a small loss when UVXY has risen over 30% since when I sold it yesterday. But we could hit 130 today so I no longer like this trade. Lucky that I was able to exit so easily but the difference between the two call strikes was only 3.13, while the put side deflated from yesterday dramatically.
I am looking for advice.I…
I am looking for advice.I bought UVXY at $25 and sold call expiring Friday for $36, now I want to capture more of this windfall. I thought of buying higher call making a spread to free the stock. Problem is prices are too high for purchase. I thought of rolling out and up short call to Sept but the long calls are quite expensive – $30.
UVXY
Above 100
WOW.
Just WOW
OKE Covered Call
Bought 100 OKE / Sold 1 OKE Mar 27 2020 27 Call @ Net Debit at $16.51.
Stock down 22% today.
#AccidentalHighYield
APRN
One of the few stocks that’s up right now. STO Mar20 6 put for .53
SLB
STO SLB 17 April 17.5 call @.85….selling below my basis so keeping it on a tight leash
BA Covered Call
Bought 100 BA / Sold 1 BA 04/17/2020 85.00 Calls @ Net Debit at $68.39 with the stock @ 99.63.
This is 10 points better than this exact trade yesterday.
Fun stat for the day
The Dow has moved up or down over 4% for seven days straight, beating the previous record of six days that occurred in November 1929.
SPX-1dte
#SPX1dte Sold $SPX Mar 18th 2220/2240-2740/2760 condors for 1.95, IV: 94%, SPX 2523, deltas -.05, +.07. OTM: -11.2%, +7.8%.
TQQQ
In my IRA STO March 27, 40 puts at 6.00
April 3, 35 puts at 4.82
April 9, 30 puts at 3.60
ROKU
#CoveredCalls – Bought to Close ROKU MAR 20 2020 95.0 Call @ .05 (sold for 2.60)
Take that virus!!
ROKU
I was assigned early on my 110/150 strangle that will expire on Friday so I sold the May 110 call at 1.35
UVXY condor
#VXXgame Sold $UVXY March 27th 50/60-130/140 condors for 3.65.
GPS Covered Call
Bought 100 GPS / Sold 1 GPS 03/27/2020 9.00 Call @ 7.00 Debit
#AccidentalHighYield
SPCE
#CoveredCAlls – I’ll be getting a little more stock this week so covering it early with spreads…
Sold SPCE MAR 27 2020 13.5/24.0 Bear Call Spreads @ 1.15
BA
STO Mar20 (3 DTE) 100 put in an IRA for 9.00 with the stock at 108. I could have waited for a couple minutes and gotten a better fill. But I chased it a bit.
LABU ROKU SOXL
#CoveredCalls – These are all below my bases* in the stocks but that’s ok. It would be a good thing if they get threatened…
Sold LABU MAR 27 2020 19.0 Call @ 1.01
Sold ROKU MAR 27 2020 70.0 Call @ 2.64
SOXL: Rolled down yesterday and today.
Rolled SOXL APR 17 2020 130.0 Call to APR 17 2020 100.0 Call @ 6.20 credit (19.65 total now)
- Looking at the noun basis on Wiktionary.com, it indicates that the plural is either bases or baseis. It looks like the rare baseis comes from the Greek, but the common bases just refers back to basis and that does not explain the plural etymology.
🙂 🙂 🙂
TPR Covered Call
Bought 100 TPR / Sold 1 TPR 03/27/2020 11.00 Covered Call @ 10.00 Debit.
#AccidentalHighYield
New VIX highs
Highest VIX close since 1987.
Largest move down in SPX since 1987 (on percentage basis).
Largest point move in SPX ever.
UNM Covered Call
Bought 100 UNM / Sold 1 UNM 03/20/2020 17.50 Covered Call @ 12.45 Debit.
#AccidentalHighYield
BA Covered Call
Bought 100 BA / Sold to Open 1 Contract BA Apr 17 2020 85 Call Net Debit at $78.39 with the stock at 130.24.
Thanks @parrothead11 for the idea
TQQQ i had an order…
TQQQ
i had an order in for 2$ on a Bull Call Spread 40/45 expiration Jan15’21, never thought it would be filled but has in the panic sell of at the end of day. The Risk Reward ratio was too tempting
Panic close
#LongLEAPs Started again: BTO $TQQQ Jan 2021 90 calls for 2.50. Filled instantly.
TRADES TODAY:
SDGR STO 3/20/20 30.0 PUT @1.65
STNE STO 3/20/20 23.0 PUTS @.80 Will take the stock on these two.
AAL STO 3/20/20 17.0 CALLS @.70 Thank you @Iceman. Hope all is well with you.
Closing all VXX-game
#VXXGame. Since most of my options are expiring this Friday, I’m closing the whole batch of shorts AND longs. All shorts are now closed, and half the longs. I am riding the rest higher as long as it keeps going up.
[code]BA put[/code] I was just…
BA put
I was just looking at 4/17/20 BA 85 puts for $5.38, about 6% return for a month. BA would need to fall another 38% to threaten $85. Does anyone have any thoughts?
DUK
An “are you kidding me” trade. STO Mar20 75 put for 1.80, immediate fill. 27 delta with 4 days to expiration, 78 IV, 110 IVR. 78 IV for a yute? AYFKM?
SMH
#LongPuts – Bought a bunch of these during the rally the other day. Mainly to help partially protect my SOXL position. Booking them here and I’ll use the gain to decrease the SOXL basis by another 12 dollars.
Sold to Close SMH JUN 19 2020 60.0 Puts @ .92 (bought for .35)
AAL update
In case anybody is interested…won’t affect me since I’m out on medical leave but…
Company offering pilots long term unpaid leave (voluntary furlough) or short term leave paid at half pay or if age 63 or 64 permanent leave to age 65 retirement at half pay per month.
Also parking a bunch of old airframes that were scheduled to go anyway. All hiring cancelled indefinitely. Let’s hope this is enough but it’s shaping up to be bigger than 9-11 as far as the hit goes. Crazy times in a crazy business…
#shortputs SPY Sold April 17,…
#shortputs SPY
Sold April 17, 175 put for 2.33.
SPY
#ShortPuts – Expiring today…
Sold SPY MAR 16 2020 235.0 Put @ 2.05
VIX Is 75.30? big OMG
VIX
Is 75.30? big OMG
NVDA
#CoveredCalls – Rolling out and down slightly. A little below my basis so watching it closely if it rallies.
Rolled NVDA MAR 20 2020 255.0 Call to MAR 27 2020 235.0 Call @ 7.50 credit (10.90 total now)
#shortputs HTZ Sold a July…
#shortputs HTZ
Sold a July 17, 5 put for 1.40 with stock at 7.
SPX 1-dte stopped
#SPX1dte Bought to close $SPX March 16th 2380/2400-2930/2950 condors for 6.00. Sold Friday for 1.60.
Slap my hand for selling on a Friday again. Honestly, the last minute surge on Friday sucked me in. I was quite certain we would open down today, but I felt -11%+ OTM would be safe. It may still be safe, but since it almost touched my short strike, stopping is the prudent choice.
I hope I’m not wasting…
I hope I’m not wasting everyone’s time with this. I must be missing something. Does it make sense to buy straight puts on VXX or UVXY? I see Fuzzy selling bear call spreads on UVXY to protect himself. Thank you for your thoughts.
TOS charts frozen
Anyone else?
Markets
Great reading — https://www.zerohedge.com/markets/aftermath-surveying-wreckage-last-weeks-market-nado
Some highlights:
UVXY
#BearCallSpreads – One last fill to get to a full position. Highest premium received so far.
Sold UVXY JAN 15 2021 45.0/55.0 Bear Call Spread @ 3.31
SPX 1 dte
#SPX1dte Sold to Open $SPX Mar 16th 2380/2400-2930/2950 condors for 1.60. IV: 67%, SPX (close) 2710, deltas: -.06, +.04. OTM: -11.4% and +8.1%.
Expiring: March 13th 2175/2200-2750/2775 condors, sold yesterday for 2.50.
DIS short puts
Sold $DIS 4/17 90 puts @ 7.00
TQQQ closed
#LongLEAPs Sold to close $TQQQ Jan 2021 90 calls for 4.00. Bought yesterday for 3.65 (avg price). I believe I will get a better entry.
SPY
#ShortPuts – Let’s see if we can get to the Dec 2018 low on Monday…
Sold SPY MAR 16 2020 235.0 Put @ 3.00
A TRADE:
OXY STO 2/20/20 15.0 CALLS @.61
SPY
#ShortPuts – Sold this yesterday afternoon for a one day trade. Closing it before Trump’s statement…
Bought to Close SPY MAR 13 2020 245.0 Put @ .40 (sold for 3.00)
SLB again
#LongPuts – On second thought I’m only holding these long puts to protect in the event of a CH. 11 filing so booking profits and buying a bunch more cheapies that would get the position out at close to even if SLB disappears.
Rolled 10 SLB JUN 19 2020 17.5 Long Puts to 20 AUG 20 2020 5.0 Puts @ 1.96 credit (bought for .36)
I’ll apply all the long put profits to the basis in the stock…
SLB
#LongPuts – Bought a bunch of these a few weeks ago to protect some short puts with all the turmoil in the oil patch. Taking a little profit out but keeping plenty of protection.
Rolled SLB JUN 19 2020 17.5 Long Puts to JUN 19 2020 15.0 Puts @ 1.35 credit (bought for .36)
TRADES:
WORK STO 3/20/20 20.0 CALLS @.60
WFC STO 3/20/20 25.0 PUTS @.93 Trying to buy the stock a little cheaper, or keep the premium.
T
#ShortPuts – Haven’t been in this one in awhile. Selling week before earnings at an 8.3% divvy yield and a 10 year low.
Sold T APR 17 2020 26.0 Puts @ .97
TRADES:
CODX STO 3/20/20 17.5 CALLS @.70 and the 16.0 CALLS @.95
SPCE STO 3/20/20 16.0 CALLS @1.05
RAD STO 3/20/20 13.0 CALLS @.50
STNE STO 3/20/20 34.0 CALLS @.85
Econ Calendar for week of 3/16/19
#FOMC meeting and Press conference on Wednesday
Link to calendar: https://research.investors.com/economic-calendar/
UVXY short stock
#VXXgame Bought to close $UVXY short stock for 64.00. Assigned via 15 calls on Tuesday.
On this UP day I’m making moves to get shorter on the market. I do not believe anything’s going to get better before it gets worse.
UVXY 4/3
Sold $UVXY 4/3 75/85 bear call spread @ 2.22
UVXY 3/27
Sold $UVXY 3/27 80/90 bear call spread @ 1.77
SPCE
#CoveredCalls – Got a partial earlier in the week. Finally got the rest…
Bought to Close SPCE MAR 13 2020 17.0 Calls @ .05 (sold for 4.00)
Sold SPCE MAR 20 2020 14.0 Calls @ 1.95
NVDA SOXL
#CoveredCalls – Happily assigned stock a week early allowing some extra calls to be sold. SOXL is kinda scary being a leveraged could go much lower if things get crazy next week. I may end up selling it and replacing with some long term put spreads.
Sold NVDA MAR 20 2020 255.0 Call @ 3.40
Sold SOXL MAR 20 2020 140.0 Call @ 5.50
JDST
Assigned overnight on my JDST #coveredcalls @9.5. Small win, but nice to be on the + side. Basis was ~$8.79.
#fallingknife Couldn’t resist selling MSFT…
#fallingknife
Couldn’t resist selling MSFT Apr 3 105 puts for 1.35….will be much higher in the morning it looks like.
Support?
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.
VIX close, 4th highest since 1987
The VIX closed higher 3 times in Oct/Nov 2008 (highest close 80.86)
It closed higher 7 times in Oct/Nov 1987 (highest close 150.19)
SPX 1-dte
#SPX1dte Sold to Open $SPX March 13th 2175/2200-2750/2775 condors for 2.50. IV: 101.18%, SPX 2544, deltas -.05, +.07. (has shifted back to 06/06 since it filled). Width: 550.
Today’s drop in SPX was about 8%. These strikes are -13.0% and +8.3% OTM, and I got the highest premium I’ve ever gotten.
