Disliked{quote}..it's been a shit sandwich with all the ^vix derived options....a crowded trade with many traders pushing their luck on very plausible prospects for a June swoon (guilty).....then the Fedheads start singing hawk songs in the last week or so and the markets suck it up and ride the oil rally to a bull breakout? Well, it ain't over til the fat lady sings, June is still looming. All of the dynamite booby traps are still there, waiting......if we get a ^vix pop back towards 20, anytime between now and Jul opex, I am going to score the best set...Ignored
Here's an indication of how big that sandwich is (these are a couple short legs of my VXX poor man's covered calls): rolled June 17th 18 VXX short call to July 8th 15.5 for a $68/contract credit. The 18 was at the 75% prob OTM strike for that expiry when I rolled it; it burned up more than 65% of its value on this escalator ride down. The 15.5 is the 75%'er for the July 8th. Also rolled the June 22nd 18 (same story) to the July 15th 16 for a $56/contract credit. When I set these up with Sept as the back month, I figured that was "plenty of time." I've got 2, maybe 3 rolls tops here before then, so it's not looking all that "plenty" now ... .
Nevertheless, beaucoup shit can happen in the next 3 1/2 months ... .
Fireworks are fun ... as long as you don't blow your fingers off.