EOG and SHOP

#PreEarnings Following on a couple of Mama’s trades; these two symbols have been good for me lately.

Bought $EOG Nov 2nd 125 calls for .94. Earnings on Nov 1st pm
Bought $SHOP Oct 26th 150 calls for 1.90. Earnings on Oct 25th am

#pietrades

Hopefully the VIX stays up…

Hopefully the VIX stays up while the market stabilizes. Good premiums, I see some good #pietrades (back to weeklies) if I can unwind a few positions or generate some cash on rolls.

Updates rolls and adjustments, just…

Updates rolls and adjustments, just trying to pull some cash out of the market until it stabilizes. Paper losses are high but everything hedged so as we approach expiration the paper losses will improve.

#shortstrangles
/CL added 34 DTE 60/84.5 strangles for 0.22 credit. On oil I have finally figured out the best way to trade it is take profits early, re-enter later if you want back in. Adjust early if it is going against you. The theta decay is wicked fast. 5 contract strangles is roughly $100 a day in decay so as long as it stays in your range you can take some profits early. Closed previous strangles last night for $900 profits in 9 days even with oil moving. Just reset the strangle this morning.

#fuzzy
WDC 60/58 LEAP cost basis 15.41. Sitting on this until closer to expiration.
MU 55/50 LEAP cost basis 8.67 so not expensive but MU has SUCKED. I will adjust it once the short options are under 0.2, soon I suspect.
EOG 115/120 put leap at 14.88. May adjust back 115 depending on where it is at expiration.
EXPE 125/125/126 LEAP cost basis 14.88. Just waiting for theta decay to kick in.
LNG 50/66.5 LEAP cost basis 17.24
XBI 95/97 LEAP adjusted to 95/95 for 0.25 credit. CB 3.37 and 99 days left to manage but this is red on paper.
87/95 LEAP cost basis 4.33 and same as above
95/95 LEAP cost basis 0.85

#pietrades
TQQQ lot 1 65 cc rolled down to 63 CC and out to 22 DTE for 1.4 credit. CB 60.65
TQQQ lot 2 65 CC rolled down to 63 same as above. CB 61
LNG lot 1 66 CC rolled out 8 DTE for 0.53 credit. CB 63.07
LNG lot 2 66 CC rolled out 8 DTE for 0.63 credit. CB 63.63.

Biggest paper losses are the 401k as it is half bonds and half stocks but I can’t trade my way around the dip in those. My 6 trading accounts are not doing too badly 🙂

Just a few observations, my accounts that are much more concentrated are doing better. Not saying put all your eggs in 1 basket, but 1 basket is certainly easier to watch and adjust.

Aggressively collecting income and rolling options helps keep cost basis down and brings in cash even when the market dumps. Also helps offset bad timing.

Picking the right horse makes a difference. I am going to pay a lot more attention to sector rotation. My oil and gas trades are saving my bacon at the moment.

Hope everyone is doing ok with this and has some cash for when a floor is put in 🙂

Liquidate!

Had a come to Jesus moment at about 2 in the morning. I realized I needed to consider dumping a lot of positions. My account size has not budged much in the last couple months… money I’ve made in options has been sucked away by too many crappy stock positions. Other than AAPL and SQ, stock has not been good to me, all #PieTrades I have tried, rather Earnings repair or from scratch, have been huge dogs.

So I just dumped almost all stock positions.

Winners: $AAPL, $SQ
Losers: $FB, $BABA, $OLED, $MU, $OLED, $YY, $AMAT

Fortunately, other than $FB, the losers were all only 100 shares. AAPL and SQ were both 200. My FB losses were minimal since I have sold covered calls for a year on 100 shares, getting that lot down to 105.00 cost average. I then had more shares added in August earnings dump.

Now I can focus on strategies that I have more control over, rather than the whims of stock prices.

I’m still in options positions in $BOIL, $GUSH, $DUST. Also long calls in $PYPL (Jan 100’s, not doing well). Sticking with pre-earnings trades in $CAT, $JPM, and $MSFT. Long stock in $PVTL, since its so cheap. And a few #VXXGame short calls, and my long running long puts, the $VXX Jan 20 puts, which have lost so much potential in this volatile year.

Dumped underwater short puts in $RH. That symbol has simply killed me, I must quit it!

Also, closed $SPX Oct 12th 2825/2850/2960/2985 condor for breakeven at 4.15.

I’m looking to exit the #SuperChargers since short strikes have been breached, in $AMZN and $REGN.

#pietrade

Chips are breaking out

#PieTrades #LongCalls
Sold $MU Oct 12th 47 #CoveredCall for .90.
Still long Oct 5th 45 calls, bought for 2.02 on Sep 20th, which hasn’t worked out yet and probably should have taken a 50% loss last week. But maybe I’ll get the breakout just in time.

#optionsexpiration #pietrades EXPE adding second…

#optionsexpiration

#pietrades
EXPE adding second rung to PIE ladder.
STO the 43 DTE 125 put at 2.90 and still short the 126 from last week at 2.95. Goal with these is to have 3 weeks rolling and as they approach 22 DTE roll them back to 43 DTE. Instead of a weekly #pietrades more like a conveyor belt running from 43 down to 22 DTE. Better premoiums by going out farther, less chance of going ITM, less adjusting, and less gamma risk. Experimenting with a few names based on the Tasty trade research of 45-22 DTE as the best decay rates for OTM options. Currently selling the delta 30 option if trending up on 4 hour chart and more like a delta 20 if pulling back.

TQQQ lot 1 65 CC rolled out 22 DTE for 1.15 credit. Cost basis now 62.05.
LNG lot 1 66 CC rolled out 15 DTE for 0.44 credit. Cb now 64.23
TQQQ lot 2 65.5 cc rolled out 22 DTE for 0.75 credit. Cb now 62.40

#fuzzy
LNG 50/66.5 LEAP rolled out 15 DTE for 0.68 credit. Cb now 18.57

LNG lot 2 cc may try to roll tomorrow or just let call out depending on what market does.

Have a good week, have 2 days off, going outside to bike 60 miles.

Whiz must need more subscribers to pay for a new boat, just received FXI BCS 44/43.5 Oct 12 for 0.27. Not taking it but know some of you follow him.

ERX

9/21….Still chipping away…Rolled ERX 9/21 34 Call out to 10/26 35 Call for 0.17 credit…..CB now $35.92 after being assigned at $42.50 0n 5/29 #pietrade

#pietrades