Cleaning out some duds and resetting on the bounce.
DIA, FAS, IWM, SSO, TQQQ, XLY income trades
Reset ETF unbalanced diagonals to Aug or Sept 63 delta long calls, Jul6 45 delta short calls, 3×2 ratio, will roll short call @ .20 or when at risk of assignment, reset when core has less than 30dte
MRVL, PANW, PYPL, RHT, TWTR income trades
Reset stock unbalanced diagonals to July 27 or Aug 63 delta long calls, Jul6 45 delta short calls, 2×1 ratio, will roll short call @ .20 or when at risk of assignment, reset when core has less than 30dte
AMZN, GOOGL, ISRG, MSFT, and NFLX earnings trades
Bought BuCS or long calls one expiration past earnings. Typical long call is 40 delta or BuCS with 40 delta long call and short call 10 to 20 points away. I use the BuCS trade when calls are expensive and risky (AMZN for example)
ADBE, BA, BIDU, FB, LABU, MSFT, NVDA, and TNA Fundies (fast unbalanced diagonals)
Closed all my fundies after exhausting all reasonable possibilities of recovering losses with short calls. I didn’t open new trades on these tickers. I want a much smaller book of trades to manage going forward. Although fundies do well on a backtest, the drawdown during a choppy period adds too much risk for my taste. This trade will be left in its Petri dish by the side of the road.:-)
If anyone is interested in the trade specifics, please let me know and I’ll share.
#unbalanceddiagonal #earningstrade
Options Bistro 