“Traders who continue to play the short-vol game with SVXY must read this.”
https://seekingalpha.com/article/4144576-xiv-dies-warning-svxy
Recent Updates Page 344
CMI #FallingKnife Sold $CMI Sep…
CMI #FallingKnife
Sold $CMI Sep 21 115 put @ 1.40. Lowest strike in Sep.
CMG put
Sold $CMG Sep 21 200 put @ 5.60 with the stock at 265.37. Delta is 13. Strike is 25% lower than current price and at a level the stock hasn’t been in almost 6 1/2 years (Oct 2010).
SPX roll sold
#SPXcampaign Sold $SPX Feb 21st 2425/2450/2750/2775 #CondorRoll for 4.35, as a roll from the Feb 9th put spreads stopped earlier.
DUST Calls
Sold $DUST Jun 15th 40 call for 2.00
SPX trades
#SPXcampaign Bought to close $SPX Feb 9th 2625/2600 put spreads for 4.25. Sold in a #CondorRoll for 4.25 on Monday. Will look to roll later today. Couldn’t risk a precipitous drop into tomorrow’s close.
TSLA
Long term quest to become a model s owner one day. BTC 9 feb 370 call 0.10 STO for 3.15. STO 16 feb 355 call for 2.49. #syntheticstock
FANG
FB, BABA, GOOGL, NFLX, AMZN, following market.
AAPL not caring, although still a crappy daily chart.
TSLA trade closed
#Earnings Closed $TSLA Feb 9th 310 puts for .55. In #ShortStrangles for 3.15, out for .65.
VXX stock sold
#VXXGame Sold long $VXX stock for 49.82. Assigned via 42 puts on Oct 13th.
SPX calls sold
#SPXcampaign Sold $SPX Feb 12th 2700/2725 call spreads for 4.10.
Working on stopping out of tomorrow’s 2625/2600 put spreads. Probably on this bounce.
CAH put
BTC March 16, 50 put at .10 cents, sold at 1.20 on 1 contract.
SPX calls closed
#SPXcampaign Closed on GTC order: $SPX 2790/2815 call spreads for .30. Sold for 3.55 on Monday.
Market’s looking pretty weak.
#shortputs #pietrades TRTN PFE TRTN…
#shortputs #pietrades TRTN PFE
TRTN Rolled Feb. 16 35 put to March 16 for 1.30. TRTN is at 32.50, rolled Feb. 16 40 put to March 16 for .88
PFE was originally a Tradewise covered call, couldn’t get filled on a recommended roll, fortunately was called away before the damn broke. Getting back in sold Feb. 16, 34.50 put for .36, too early, PFE is at 34.67.
$SVXY
Morning all. I have been assigned most of my $SVXY shares at a basis of 100 +/- with 200 more to come.
I followed Fuxxball this morning and added long a few Jan 2020 30 strikes at 3.20. A little early for the morning though but need to get onto the other job. Can’t get a fill on my Feb 16th 2910/2930 BeCS to close at .05. I can wait. I don’t think the $SPX is getting up there again any time soon. I can only wish. Looking to open a new Feb 28th spread down around 2390 at some point. All the best.
TSLA call closed
#Earnings Closed $TSLA Feb 9th 372.5 call for .10. Order in to close put for the same. #ShortStrangles sold yesterday for 3.15. I would normally let these expire but not in the volatile market.
SVXY
BTC January 2019, 265 call @ .01, sold at 6.70
This is my only winner against a lot of puts that are under water. I am not sure what my average cost will be when I am assigned all of my puts.
UAL put
BTC March 16, 50 put @ .10 cents, sold at 1.65 on 1 contract. The road back is one contact at a time.
BMY Rolled Feb 9 63…
TWTR
Boom
Good morning
I got a bunch more assignments this morning on SVXY, and more to come.
DUST calls
#ContangoETFs Thanks to @ramie77 for the head’s up that DUST is back in call-selling range.
Sold $DUST Apr 20th 35 call for 1.65
Sold $DUST Jun 15th 35 call for 2.75
SPY
TSLA
#Earnings – Following @Jeff with the strangle. I’d like to see this stock pull back so I’m selling the put side a little more aggressively. Also going out another week…
Sold TSLA FEB 16 2018 310.0/395.0 Strangle @ 4.15
Earnings FISV
#earnings
$FISV STO 2/16 125 put at 1.09
TSLA earnings
Sold $TSLA Feb 9th 310/372.5 strangles for 3.15. Biggest UP move: 11.2%, Biggest DOWN move: -8.9%, Average move: 5.4%. My strikes are -9.9% and +8.3% OTM.
SVXY
#LongCalls – I’ve got some risk in this ticker so what’s a little bit more. If we get a decent recovery this should help considerably getting back to even sooner. With put skew right now this seems like a decent shot. Leaving it uncovered for now…
Bought to Open SVXY JAN 17 2020 40.0 Calls @ 2.60
REGN
#SyntheticStock – I may regret this but making an aggressive roll down for earnings. This should turn it around…
Rolled REGN FEB 9 2018 407.5 Calls to REGN FEB 9 2018 345.0 Calls @ 4.03 credit (6.73 total now)
Rolled REGN FEB 9 2018 400.0 Calls to REGN FEB 9 2018 345.0 Calls @ 4.35 credit (5.95 total now)
Earnings before the open tomorrow with expected move of 13.40
AAOI
#SyntheticStock – Another week done. One more sale prior to earnings the following week…
Bought to Close AAOI FEB 9 2018 35.0 Calls @ .05 (sold for .60)
Bought to Close AAOI FEB 9 2018 35.5 Calls @ .05 (sold for 1.05)
Sold AAOI FEB 16 2018 33.0 Calls @ .55
SPX calls closed
#SPXcampaign
Closed on GTC order: $SPX Feb 9th 2785/2810 call spreads for .20. Sold in a #CondorRoll for 4.25 on Monday.
UVXY calls added
#VXXGame Sold $UVXY Mar 16th 22 call for 4.40, adding.
Sold Apr 20th 26 call for 5.30
DUST calls
Sold at the highest strike (35, a level above the Dec peak):
$DUST Mar 2 35 calls @ .40
$DUST Mar 9 35 calls @ .60
$DUST Mar 23 35 calls @ 1.00
$DUST Apr 20 35 call @ 1.60
PG
BTO Diag Apr 87.50 Sto Mar 16 90. .57
Unusual Option Activity today
SPX calls closed
#SPXcampaign Closed $SPX Feb 16th 2810/2835 call spreads for .90. Sold for 10.00 on Friday.
XBI
#Fuzzy – STO XBI Feb9’18 93 calls for 0.52
CMCSA
BTC Feb 9 63 .03 Close #Hedge Sold 1-24 $ .46
Still backward but getting close,…
Still backward but getting close, maybe another week or 2.
www.vixcentral.com
Had to drop the Vxx…
Had to drop the Vxx prefix on my handle.
Taking some UVXY profits
Trimming back by closing a couple of positions I put on yesterday (with UVXY over 25) for a good profit as volatility came in.
Bought to close:
$UVXY Apr 20 45 call @ 2.90 Sold for 8.00
$UVXY Mar 23 45 call @ 2.00 Sold for 6.00
Short Puts MZOR
#shortputs
STO 2/16/65 puts @ 2.60
#vxxgame SVXY VIX ZIV Here…
#vxxgame SVXY VIX ZIV
Here is about 20 minutes on what happened and why, nothing that hasn’t been stated here in the last couple of days
https://www.tastytrade.com/tt/shows/trade-managers/episodes/svxy-xiv-and-ziv-implications-02-06-2018?utm_content=buffere772b&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
DIS
#syntheticstock Still plugging away..BTC 9 feb 115 call .05 sto for 0.60..STO 16 feb 110 call for 0.65
Core is Jan 2020 100/100/95..need 0.16 per week to cover worse case.
BMY
STO DFeb 9 63 .15 #Hedge
SVXY fuzzy
STO 2020, 10 calls
BTC 2020,10 puts
STC 2020, 5 puts
BTC February 16, 20 calls, all for a debit of 4.80, bought yesterday for a debit of 3.703
I was thinking that I have more than enough exposure to this ETF so closed it out for a profit. I am only looking at Fuzzy trades from now on to eternity.
SVXY trades
#VXXGame Sold $SVXY Feb 16th 100 long put for 86.80. Sold in the 120/100 put spread for 2.15 on Jan 23rd.
Also, yesterday closed my final 2 calls:
Closed June 150 call for .05. Sold for 14.95 on 12/20.
Closed Jan 2019 205 call for .05. Sold for 8.05 on Oct 20th.
SPX Campaign / Short Puts FB NTNX / Closed Early SVXY Calls
#spxcampaign
$SPX STO 2/7 2745/2720 BECS @ 5.00
#shortputs
$FB STO 3/16 165/175 BUPS @ 1.75
Rolled
$NTNX BTC 2/16 37.50 put STO 3/16 35 put @ .30 debit
Closed Early
$SVXY BTC 3/16 140 call at .02
CBOE Fuzzy
BTO 115 calls, 2020
STO 115 puts, 2020
BTO 110 puts, 2020
STO February 16, 125 calls for a total debit of 15.60
SPX trades
#SPXcampaign Sold to close $SPX Feb 9th 2760/2740 put spreads for 15.05. Bought for 3.80 last Friday.
Bought to open SPX Feb 16th 2600/2580 put spreads for 1.80. In case we get tother text of lows.
I have several SHORT spreads on either side of current SPX level.
SPX
Feb 06 STO Feb 23 Short 2550 puts @ 48.90
Feb 07 BTC Feb 23 Short 2550 @ 10.50
Gain @ 79%
STO Feb 23 SPX 2600 Short side, against my existing Long side, at 13.40..
#shortputs #margin SVXY TDA is…
#shortputs #margin SVXY
TDA is requiring a a full $1200 margin for my Feb. 9, slightly out of the money 12 put. For a comparison, I have a deep in the money Feb. 16 40 put on TRTN (was looking good just a few days ago), trading at 32 and continuing down, margin is $1458
#pietrades AAPL, rolled this week…
AAPL, rolled this week 165 CC to next week for 1 credit. Market makers still be greedy on the spreads. cost basis now 161.
GM rolled this week 42.5 put t next week for 0.25 credit. Cost basis now 40 and pennies, I forgot a calculation last week and too lazy to do it now.
SVXY is going to become a #pietrade as soon as I am assigned some shares. Weeklies trying to get 1 per week but far enough OTM that will not have to cover and will wait until we are back in contango. See discussion below.
Good luck everyone, I am done for the week, going skiing in Maine tomorrow morning.
Hopefully start the SVXY recovery Monday morning!!
#shortputs SVXY Sold Feb. 9,…
#shortputs SVXY
Sold Feb. 9, 12 put for .48
More on ETN’s
https://www.cnbc.com/2018/02/06/wall-street-turned-these-esoteric-etns-into-a-winning-bet-for-the-masses.html?__source=twitter%7Cmain
WYNN Going Up Pre-Market
$WYNN UP 13 points PM on Steve Wynns resignation.
Good Morning
Good Morning
Good morning
We are still in backwardation on the VIX so there will not be much of a recovery on the SVXY.
SVXY
The assignments are happening.
Assigned on February 16, 70 and 75 puts. I woud prefer to get all of them assigned so I can sell covered calls.
WYNN
Could lead to a potential falling knife / synthetic opportunity…
https://www.cnbc.com/2018/02/06/steve-wynn-is-out-as-ceo-of-wynn-resorts.html
Could repercussions affect SVXY’s existence?
https://www.cnbc.com/2018/02/06/wall-streets-effort-to-turn-volatility-into-an-asset-class-is-partly-to-blame-for-this-market-chaos.html?__source=twitter%7Cmain
SVXY
Thanks for all the postings down below. Looks like plenty of patience is going to be required to work our way back. As long as the thing is open and trading we’ll eventually get there.
In my “SVXY only” account I’m short 7 puts that will be at an average cost basis of 97.70 including put premium received. I’m fine with these getting exercised ASAP so call selling can begin.
In other account everything was hedged as either synthetic stock or put spreads. Nothing major and will resume selling calls on these as well.
Looking back I was well aware this thing could go to zero but didn’t think I’d ever see it. Still haven’t decided how I’ll trade it in the future if at all. Having nice success with synthetic stock so plan on doing a lot more of those types of trades.
Good luck everyone!
XIV
Some bad news….50 share lots @ 103.65, 100.50, and 95.50 yesterday. Not much you can say…treat it as a little drawdown and work on getting it back.
EWW
#SyntheticStock – Rolled weekly to maintain positive delta. If the delta approaches zero again I’ll consider booking the winner.
Rolled Feb 50 to Mar 51 @ .10 credit
SVXY
#ShortCalls – Some good news…
Bought to Close SVXY FEB 9 2018 124.0 Calls @ .01 (sold for .80)
Bought to Close SVXY JAN 18 2019 260.0 Calls @ .01 (part of a strangle sold for 6.45 I’ll apply to a 45 strike put basis)
SVXY catching some action in after hours
Up over 1.00 (9%) in what doesn’t look to be connected to VX futures movement (UVXY and VXX are also both up pretty substantially).
SPX calls sold
#SPXcampaign Right after the bell, filled on this:
Sold $SPX Feb 23rd 2775/2800 call spreads for 5.70.
BABA covered call
#CoveredCalls #CoveredCallCampaign #LongStock
Sold $BABA Mar 2nd 202.5 call for 1.75. I was assigned 200 shares on Friday.
UPS #FallingKnife Adding to my…
UPS #FallingKnife
Adding to my July position but dropping down a strike.
Sold $UPS Jul 20 95 put @ 1.60
UVXY is getting crushed
Down over 25%
DISH #FallingKnife Sold $DISH Sep…
DISH #FallingKnife
Sold $DISH Sep 21 32.50 puts @ 1.40 with the stock at 43.56. Delta 15.
BMY
#Fuzzy – BTO BMY Mar23’18 60/60/58 Fuzzy for 2.08. Leaving unhedged for now.
SVXY school
Obviously a bunch of us just got schooled in VXX products, especially SVXY.
Some things I have learned.
1. it can really go to zero and be closed down. Even if cash secured you can still be wiped out so spreads probably make more sense.
2. Most of the time it is going to infinity but can also race to zero. In looking at the news now that I have time, they had a huge margin liquidation (probably a hedge fund having to close) and that is why we closed at 70.81 but gapped down as low as 10. Had they not had to do that we probably would have opened around 70.
3. as soon as we see backwardization probably worth closing anything on the put side. I could have been out yesterday with only minor losses. Now looking at 80% haircut once assigned.
4. The option liquidity dries up and bid-ask spreads become ridiculous with a volatility spike
5. I can work with a big loss, cannot do anything with bankruptcy/liquidation. Things that appear liquid may not be all the time.
6. Somedays better to be lucky than good. Glad they are closing XIV and not SVXY. Hope no one here was in XIV but probably not since must of us are option traders.
7. You can lose money a lot faster than you can make it, even if you know what your are doing.
Now going forward.
1. Once liquidity returns will be selling OTM delta 16 or lower calls to try to reel back in some cash.
2. Once I have recovered enough of my original investment will collar that thing so no wipe out type losses.
3. Stay small, have a lot of different eggs in the basket(s) so no big loss. Have to admit I was getting over confident with the VXX trades. My mostly stock accounts have already recovered.
4. Fortunately not all my expirations are the same day so I can stagger some of the losses and may get to roll some once the options are trading well again.
Hope everyone finds a way out profitably, it will take a while but once back to contango we should be back in the right direction at least.
I will only play these trades now with “house money”.
SPX call spread
#SPXcampaign so at the lows about an hour ago I was preparing to take profits on the Feb 7th 2670/2695 call spread I sold earlier for 11.65. It was down around 6.00. Then I realized I had actually PURCHASED the spread. So I’m now long and liking this rally. Hopefully can close today with small profit.
SVXY calculations
#VXXGame Ok, here’s my thinking. I am short 6 naked options between 75 and 120. I also have two spreads, 30, and 40 points wide. All expire by September.
I have calculated two scenarios:
1. I take assignment on the naked options, and allow the spreads to expire and take the loss.
That would result in a $60,000 cash outlay and 600 shares of stock. So $100 per share.
2. Take assignment of the 6 naked, SELL the longs from the spreads when stock is at 15.00, and also take assignment from the 2 remaining shorts.
That would result in a $63,000 cash outlay for 800 shares, or 78.75 per share.
So #2 is preferred, PROVIDED $SVXY survives and gets its way back at least to 78.75.
Thoughts, anyone?
SVXY Fuzzy
BTO 2020, 10 calls @ 6.60
STO 2020 10 puts @ 4.30
BTO 2020 5 puts @ 1.38
STO Feb. 16, 20 calls @ .18
I hope they stay in Business.
XIV…back from the dead?
Hmmmm….
Options Bistro 