#contangoetfs GUSH Down to .33….

#contangoetfs GUSH

Down to .33. Can it go to zero?

#contangoetfs GUSH If we liked…

#contangoetfs GUSH

If we liked GUSH yesterday, it’s down to .82 today.

GUSH shot

#ContangoETFs Bought to Open $GUSH Jan 2021 20 calls for .25. This may never make it back to 20 (a reverse split is probably imminent), but a cheap long shot that I will likely add to at lower strikes and more if there is a split.

DRIP again

#ContangoETFs This was just too much to resist. I need to get back the losses I took by exiting last week.

Sold $DRIP March 20th 335 calls for 27.00.

#contangoetfs #shortcallspreads UVXY Sold April…

#contangoetfs #shortcallspreads UVXY

Sold April 17, 25/35 for 1.68

DRIPped out

Unfortunately I’m going to have to dump out of $DRIP short calls. They are my only positions going against me badly, since I have long options hedging my $UVXY and $VXX shorts.

We are poised now to see the worst week in the market since the financial crisis. Even in best case scenarios with corona virus, it’s likely to scare the markets for a few more weeks. What this will do to $XOP is uncertain. But since yesterday’s close we are going to open 4.4% lower. This means DRIP must open (x3) 13.2% higher. So a .70 drop in XOP means at least a $21.00 rise in DRIP.

Frankly, most of my accounts can’t handle it, and I need the margin to sustain and place other positions. I will try to profit from DRIP’s eventual decline, but I’ll have to wait until it’s actually underway. Fortunately, I didn’t go nuts and only have 3 calls on two accounts, and 2 calls in a third account. I kept my smallest accounts out of it completely.

Other than a couple misadventures over the years, one in $KOLD and a couple in $NUGT, the #ContangoETFs strategy provides a pretty smooth income. But these outlier moves are too damaging, so I’m going to cease the naked calls and use diagonals or spreads, like many of have switched to in #VXXGame and many of you are already doing in DRIP.

Closing NUGT, SPXpire

#ContangoETFs . I am closing $NUGT at breakeven because I think chances are it will still go higher and I don’t want to get into another $DRIP situation right now.

BTC NUGT June 47 calls for 3.75. Sold for 3.80 on Dec 24.
BTC NUGT Sep 52 calls for 4.75. Sold for 4.80 on Feb 21.

#SPX1dte Expiring: $SPX Feb 26th 2970/2990-3220/3240 condors, sold yesterday for 1.30.

DRIP adjustment/adds

I did these a little while ago when DRIP was still under 150. What a crazy move in oil.

Rolled in the money 3/20 125 call up and out to 6/19 155 call (which was out of the money at the time but not anymore) for 1.95 credit.

Sold the new highest strike 3/20 220 call @ 5.00. Obviously you can do quite a bit better now. I have an offer in for another contract above where it’s trading now.


DRIPping upward

#ContangoETFs Sold $DRIP March 20th 186 calls for 6.35

NUGT rising

#ContangoETFs Sold to Open $NUGT Sept 52 calls for 4.80.