#VIXindicator The Upside Warning was canceled today when $VIX spiked 25% above Friday’s close. It went into effect on June 5th, when the close was 4,273.79. The subsequent high of 4,458.48 was on Friday, a 4.3% increase.
Recent Updates Page 89
SNOW SPY TLT
#ShortPuts #CoveredCalls #SyntheticCoveredCalls – A few.
SNOW: Adding at the expected move and below all the major moving averages and the week before earnings and near recent lows. (the perfect storm) 🙂 🙂
Sold SNOW AUG 18 2023 145.0 Put @ 3.10
SPY: Adding.
Sold SPY AUG 04 2023 425.0 Put @ 2.45
Sold SPY AUG 11 2023 425.0 Put @ 3.15
TLT: Another round.
Bought to Close TLT JUL 07 2023 104.5 Calls @ .01 (sold for .53 and .54)
Sold TLT JUL 21 2023 102.0 Calls @ .60
TQQQ,
BTC January 2025, 40 puts at 10.50, sold at 11.71, I should have covered yesterday at 9.50 but I got greedy. Any way, It frees up a lot of margin and I am still long the calls.
SPX 1-dte
#SPX1dte Sold to Open $SPX July 6th 4390/4410-4490/4510 condors for .90, deltas -.08 +.06, SPX at 4450, IV 12.2%.
Expiring: 4400/4380 put spreads, sold this morning, and call side of condors sold Monday (4495/4515)
AI
Early roll – AI #Calls (Covered) – Jul-14 37.5 // Jul-28 40 @0.09 debit.
SPX same day
#SPX1dte Sold to Open $SPX July 5th 4400/4380 put spreads for .75. Delta -.07, IV 18.25%
Adding to my already existing 4375/4395-4495/4515 condors, sold Monday morning for 1.25. Futures are at the low end of their overnight range, so making a bet on a drift higher into today’s close. This does however, double my risk on downside. Expected move is only 18.67 at 30 minutes before the open (usually between 20-25 at this time in last couple months).
Bearish Spreads for a short week:
Sold 1 JPM 07/07/2023 152.5/148 Bear Call Spread at $0.25 Credit
Sold 1 TROW 119/113 Diagonal Bear Call Spread at $0.90 Credit
For Next Week:
Sold 1 VNO 25/20 Diagonal Bear Call Spread at $0.31 Credit. Stock closed at 18.65
Sold 1 CE 07/21/2023 135/120 Bear Call Spread at $1.45 Credit. Stock closed at 116.92
Sold 1 LNC 07/21/2023 32.5/27.5 Bear Call Spread at $0.30 Credit. Stock closed at 26.07
Happy Fourth of July
Markets
MSTR
Risk Off – have been rolling this for a while.
BTC MSTR Jul-07-2023 260/270#bups @0.20
NVDA
Roll Jul-07-2023 385/395 #bups // Jul-14-2023 390/400 @1.15 credit.
AI U Call
#coveredcalls
$AI STO 7/3 38 call at $1
$U STO 7/3 44.50 call at $.68
SPX next day
#SPX1dte Sold to Open $SPX July 5th 4375/4395-4495/4515 condors for 1.25, deltas -.07 +.07, SPX at 4448, IV 10.1%.
Jumping in early on this one, at risk of the three hours remaining today spoiling my fun.
SPX same (half) day
#SPX1dte Sold to Open $SPX Jul 5th 4395/4415-4475/4495 condors for .80, deltas -.06 +.07
New Spreads
DLR 125/115 Diagonal Bear Call Spread at$0.75 Credit. Stock $113.87
MDT 93/89 Diagonal Bear Call Spread at$0.36 Credit. Stock $88.10
AI
OptionsExpiration
BOIL 3.5 (pre-split) Covered Calls
LABU 4/5.5 Bull Put Spreads
PNC 110/118 Bull Put Spread
PNC 115/119 Bull Put Spread
PNC 120 Diagonal Put
SOXL 15/20 Bull Put Spreads
SOXL 17.5/20.5 Bull Put Spreads
SOXL 21 Diagonal Puts
SOXL 31/26.5 Bear Call Spreads
SOXL 28/26 Bear Call Spreads
UVXY 4.0 (pre-split) Covered Calls
VXX 26/27/28/29/30/31 Diagonal and Covered Calls
Assignments:
Letting all my LABU stock get called away at 5.50 plus a $1.32 Covered Call Premium.
Got in this on an old put assignment with an adjusted cost of about $4.40
Expirations
F MARA SOXL SPCE LABU
#optionsexpiration
F 13.5 PUT
MARA 11 PUT
SOXL 21,21.5,22,AND 22.50 PUT
SPCE 4 PUT/PROBALLY ASSIGNED
#rolling
ROLLED SPCE 4 AND 4.5 TO NEXT WEEK
ROLLED SOXL 22.5 PUT TO NEXT FRIDAY
ROLLED LABU 6,6.5 AND 7 PUT TO NEXT WEEK AND NEXT WEEK AFTER THAT.
Expirations
#optionsexpiration
$U 44 call
$TSLA 265 call
$SOXL 24.5 put Thank you @walter6871
$AI 32 put
Halfway through 2023
#SPX1dte The halfway mark, and I’m at 17.0% ROI for this strategy. That projects to be 34% annually. I have averaged 1.21 per week, or $3,151 for each 15K invested.
Before my smash up at end of April I was on track for 100% annually (3.00 per week). That goal is not reasonable, as Q1 was a relative breeze to manage. My expectation was and still is 2.00 per week. I am low now because April/May
losses were higher than they would be had I handled it properly. Nonetheless, it was a good lesson. It will be tough to get back to 2.00 average by end of the year, but I’ll try.
No trade for Monday, which is a half day for the market. Premium is just too low to bother with. I will consider a trade or two before the open Monday morning.
Happy Fourth everyone! Refresh your browser for patriotic awesomeness!
TQQQ,
I am back in the 2025 40 calls and still short the 40 puts to help pay for them so my net cost is 7.10 and 19 months for the trade to work out. My worst case is that I have to buy TQQQ at $40.00
SPX risk reversal
#SPX1dte Sold last HALF of #RiskReversal long for 4.78 (legged out): $SPX Jun 30th 4455/4475 call spreads. Entered for -.20 debit last Friday. Sold first half for measly .60 yesterday, not thinking we’d be here today. Short put spread expiring worthless.
It does rescue my week from being a loss, now a small profit.
LABU
Rolled forward a week 1 LABU Jun 30 2023 5.5 Call at $0.08 Credit
Bought to close LABU Jun 30 2023 6.0 Puts at $$0.09, $0.08 and $0.06
Bought to close LABU Jun 30 2023 6.0 Calls at $0.03
Gains on both sides of the straddle
AI Scalp
Buy/Write – AI Jun-30 37.50 Covered Calls @ 37.00
SPY, freeing up cash
BTC July 7, 380 puts at .03, sold at 2.35
BTC July7, 385 puts at .03,sold at 2.80
BTC July 7, 390 puts at .03,sold at 3.35
SPY
#ShortPuts – Bought to Close SPY Jul 07 2023 425.0 Put @ .13 (sold for 2.25)
AI Call Roll
#coveredcalls
$AI BTC 6/30 35 call and sell 7/7 36.5 call at even. Gain $1.50 if called away. Stock at $37.6.
Looks like I picked the wrong time to…
…switch back to shorts. I’m always off on timing. Today we get the rip higher I was expecting this week, but only after I threw in the towel.
Bought to close $SPX Jun 30th 4445/4465 call spreads for 3.70. Condors sold yesterday for 1.05.
My only hope now is the second half of my 4455/4475 LONG call spread. This is 10 points higher than the one I just closed, so I’m rooting for a super rip of a day so I can recoup the loss.
TLT
#CoveredCalls – Early assigned on some short puts at a basis of 101.40. Selling calls prior to the next Fed meeting and rolling other puts setting up covered straddles.
Sold TLT Jul 21 2023 103.0 Calls @ .82
Rolled TLT Jul 07 2023 103.5 Puts to Jul 21 2023 103.0 Puts @ even (1.10 total now)
SPX 1-dte
#SPX1dte Sold to Open $SPX Jun 30th 4320/4340-4445/4465 condors for 1.05, SPX at 4389, deltas -.07 +.05, IV 15%
Expiring: Jun 29th 4305/4325-4415/4435 condors, sold yesterday for .95
DKNG Covered Straddle
#coveredcalls #shortputs
$DKNG STO 7/7 26.5 straddle at 1.34. Call is covered
SNOW TLT
#ShortPuts #SyntheticStock – A few.
SNOW: Back in it. Selling at the expected move the week before earnings and below all the major moving averages. Starter position.
Sold SNOW Aug 18 2023 150.0 Put @ 3.30
TLT: Added to synthetic. Cost basis on the rest of the synthetic shares is down to zero.
Bought TLT JAN 17 2025 105.0/105.0/75.0 Synthetic Stock /Disaster Puts @ 1.65
SPX R/R
#SPX1dte Sold to close HALF of #RiskReversal I entered last Friday: $SPX Jun 30th 4455/4475 call spreads for .60. R/R entered for -0.20 debit.
SPY,
STO August 11, 400 puts at .95
VXX PNC
Sold VXX Jun 30 2023 26 Calls at $0.15, $0.16, $0.21, $0.22 and $0.25.
Sold VXX Jun 30 2023 26.5 Calls at $0.15, $0.17 and $0.18.
Sold VXX Jun 30 2023 27 Calls at $0.13
Sold PNC Jun 30 2023 120.0 Put at $0.50
Sold PNC Jun 30 2023 118.0 Put at $0.20
Already short 121 and 124 Calls so turning them into strangles.
SNOW Put Closed
The hedge worked! It didm’t snow in June.
$SNOW BTC 7/6 150 put at .18. STO at 2.36. Thank you @fuzzballl
Switching back
#SPX1dte Sold to Open $SPX Jun 29th 4305/4325-4415/4435 condors for .95, deltas -.06 +.06, SPX at 4369, IV 13.1%
It was an informative test run going long, but I think it’s better suited for occasional shots while sticking to short strategy on the regular.
SPY
#ShortPuts – First one in this expiration.
Sold SPY Aug 18 2023 425.0 Put @ 3.75
SPY,
STO August 18, 400 puts at 1.34
SPX scraps
#SPX1dte Sold to close $SPX Jun 28th 4330/4310 put spreads for .45. Condors bought yesterday for .70.
I do not think a big drop is in the cards today so taking what I can.
SPY
STO July 21, 420 put at 1.16
STO July 28, 420 put at 1.76
SPY,
BTC June 30, 390 puts at .02, STO at 3.43
SPX 1-dte long
#SPX1dte Bought to open $SPX Jun 28th 4310/4330-4430/4450 condors for .70, deltas -.05 +.05
SPX partial
#SPX1dte Sold to close HALF of position: $SPX Jun 27th 4380/4400 call spreads for 2.00. Condors bought yesterday for .85. Holding second half to see if I can grab a juicier price.
SNOW
#ShortPuts – Taking these a couple weeks early. Looking to re-load in Aug on the next dip.
Bought to Close SNOW Jul 07 2023 150.0 Puts @ .28 (sold for 2.25)
SPY,
BTC June 30, 385 puts at .02, sold at 2.81
SPX1-dte
#SPX1dte Bought to open $SPX Jun 27th 4260/4280-4380/4400 condors for .80, just AFTER closing bell, deltas -.05 +.05
Expired at a loss: Jun 26th 4285/4305-4395/4415 condors, bought Friday for 1.00
Going long really flips the script. You have to bear through consecutive small losses to get that less frequent but potentially larger win. My usual short approach is enjoying multiple small wins but then getting smacked down by less frequent but bigger losses.
XBI
#ShortPuts – Adding.
Sold XBI Jul 21 2023 83.0 Puts @ 2.20
SPY TLT
#ShortPuts #CoveredCalls #SyntheticCoveredCalls – Catching up on Friday.
SPY: Adding.
Sold SPY JUL 21 2023 425.0 Put @ 2.25
Sold SPY JUL 28 2023 425.0 Put @ 3.10
TLT: Landed right in the sweet spot this week.
Bought to Close TLT JUN 23 2023 103.5 Calls @ .02 (sold for .30 and .38)
Sold TLT JUL 07 2023 104.5 Calls @ .54
Bought to Close TLT JUN 23 2023 103.0 Puts @ .04 (sold for 2.45)
Sold TLT JUL 07 2023 103.5 Puts @ 1.10
Rolled TLT JUN 23 2023 104.0 Puts to JUN 30 2023 104.0 Puts @ .37 credit (2.60 total now)
SPX 1-dte LONG
#SPX1dte Bought to Open $SPX Jun 26th 4285/4305-4395/4415 condors for 1.00, deltas -.06 +.06, SPX at 4353, IV 7.55%.
Need a move in either direction for profit.
SPY,
STO August 4, 400 puts at 1.01
SOXL PUT ROLL
#shortputs
$SOXL BTC 6/23 24.50 put and STO 6/30 24.50 put at .15 added credit and fingers crossed.
Risk Reversal
#SPX1dte Since these are so cheap I’m adding another #RiskReversal, since with Upside Warning and declining $VIX, I’m less concerned with a correction coming in the next week (although it is still entirely possible, in which case I will stop out of put side).
Sold to Open $SPX Jun 30th 4250/4230 put spreads
Bought to Open Jun 30th 4455/4475 call spreads
Net DEBIT -0.25
TQQQ,
I have this long term trade in 2025 and STC the calls at an average price of 11.40 today with my cost basis at 10.49 and I am still short the 40 puts at 11.71 for January 2025. I remember the 1970,s and the FED had a really hard time getting inflation under control until Volker came along.
SPY,
BTC June 30, 380 puts at .02, sold at 2.29
APLY NVDY
#tinybuys
BOT APLY @22.18
BOT NVDY @23.51
SPX stop hit
#SPX1dte Another day, another stop. Been doing a lot of thinking this week and realized that whatever has caused the change in SPX option chain does not matter. It has changed. At least for now. The distance between .06 deltas for the next day is consistently under 100 and sometimes under 90. This stands in contrast to the 1st quarter this year, during a prolonged upside warning, where the distance stayed above 120 even on calm days.
The $VIX spent that quarter mostly between 17 and 23. This week we have been drifting to 3-year lows even as we head for a down week. This is likely the reason for the tight range, and it hopefully can widen again after we go through a small (or big) correction.
Until then, the last two weeks demonstrate that going LONG on these condors is the more profitable approach. On the traditional #SPX1dte short daily condors, stops were hit on 7 out of the 9 trading days. I could have easily made 2.00 on each one of those days, by buying a condor for about -1.00 and selling one side for at least +3.00. It’s a much tougher strategy to manage however, as selling for 3.00 may remove the chance to sell for more, or even ending day fully ITM for 19.00 profit, which could have been the case last Thursday. But of course, waiting for those types of windfalls risks losing all profit.
This is a tough switch to make. I tried it last summer, but as soon as I switched the market calmed to the point that I had to switch back to short. I stayed with the short strategy ever since. So if I make this switch, it may be short lived; I can wait for widths to return to 105 points or more consistently. Or I may switch between them on a daily basis, based on conditions.
SPY,
BTC June 30, 405 put at .05, sold at 3.21
SPX 1-dte
#SPX1dte Sold to Open $SPX Jun 23rd 4315/4335-4420/4440 condors for 1.00, SPX at 4376, deltas -.07 +.06, IV 12.4%
AMZN Call
#syntheticcoveredcalls
$AMZN STO 6/23 132 call at .28
SPX 1-dte
#SPX1dte Sold to Open $SPX Jun 22nd 4390/4410 call spreads for .50. Paired with 4330/4310 put spreads sold yesterday for .50. Pretty tight range, so we’ll see how it goes.
AAPL Call Roll
#syntheticcoveredcalls
$AAPL BTC 6/23 180 call and STO 6/30 182.50 call at cost of $1.10. If called away gain 2.50 which offsets more than half the $1.10. Covered by 7/21 170 long call.
SPX 1-dte
#SPX1dte Sold to Open $SPX Jun 22nd 4330/4310 put spreads for .50, delta -.07.
In my usual horrendous method of legging in, I sold this before the afternoon low, expecting a rally into close. Looking to sell call side if that rally materializes.
XBI
#ShortPuts – A couple more adds on the morning dip.
Sold XBI Jul 21 2023 85.0 Puts @ 2.05
SPX risk off
#SPX1dte Bought to close $SPX Jun 21st 4345/4325 put spreads for .30. Condors sold yesterday for 1.15
Am I sick of stops being hit nearly every day? Yes. But into this upside warning it feels like 1st Quarter of this year, where we’d swing in the morning but relax after first hour. With $VIX hitting new lows this morning, I held out. I would like to see the 120-170 point width we saw in 1Q return, but deltas remain frustratingly narrow.
LABU SOXL
#rolling
LABU JUNE 23 TO JUNE 30/ 7 PUT @.13 CREDIT
SOXL JUNE 23 TO JUNE 30/25 PUT @.33 CREDIT
—
#shortputs
STO LABU 23 JUN 2023 6.5 PUT @.15
New VIX THREE YEAR low
#VIXindicator The $VIX just hit a new low, exceeding the low from Friday and touching its lowest level since February of 2020.
VXX
Sold 1 VXX Jun 23 2023 28.0 Call at $0.70
SPX 1-dte
#SPX1dte Sold to Open $SPX June 21st 4325/4345-4435/4455 condors for 1.15, SPX at 4389, deltas -.07 +.06
SPY XBI
#ShortPuts – A couple adds this morning.
Sold SPY Jul 21 2023 425.0 Puts @ 2.15
Sold XBI Jul 21 2023 85.0 Puts @ 2.00
EVF SOXL SPCE
#tinybuy
BOT EVF @5.33
—
#shortputs
SOLD SOXL 23 JUN 2023 25 PUT @.86
SOLD SPCE 23 JUN 2023 4.5 PUT @.17
SPX stopped
#SPX1dte Bought to close $SPX June 20th 4360/4340 put spreads for 1.65. Small loss to start week. I avoided a trade that spanned the long weekend, but definitely plan to switch to overnight trades as the spreads on the morning trades have become too narrow.
SPY
BTC June 23,
380 puts at .02, STO @2.51
385 puts at .02, STO @3.02
390 puts at.02, STO @3.71
SPX same day
#SPX1dte Sold to Open $SPX June 20th 4340/4360-4440/4460 condors for .90, deltas -.07 +.05, IV 18.9%
TSLA SOXL LABU
—
#assignment
SOXL 17.50 CALL
LABU 4.50 CALL
—
#optionsexpiration
TSLA 253.33 put sto @2.60
SOXL STRIKES/23,20,24.5 PUTS
LABU 6.50 PUT
