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  • #221
  • May 22, 2013 2:11pm May 22, 2013 2:11pm
Quoting trader65
{quote} Thanks TF, what about index and or forex options... same case ?? thanks
as best I know trader. What I have always followed anyway, as most of my accounts are below the limit. So no more than 3 roundturns in any 5 running market days to avoid pattern daytrading. Seek confirmation from your broker.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #222
  • May 22, 2013 2:26pm May 22, 2013 2:26pm
Quoting Wulfgar
{quote} just watch the vega on those long calls brother not saying it wont keep going up but it has moves pretty far in a short period of time and a volatility drop will hurt that position if thing s settle down
Thanks Wulfgar, I appreciate the knowledge, I am still boning up on using the greeks, climbing the mountain...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #223
  • May 22, 2013 3:40pm May 22, 2013 3:40pm
Quoting The Fool
{quote} Thanks Wulfgar, I appreciate the knowledge, I am still boning up on using the greeks, climbing the mountain...

no worries man.... greeks arnt everything in options trading... if you can get the underlying direction(or lack of) correct than really the greeks are just there to help decide the best strategy...

just my opinion but it seems to work

strange closes today across the board:
Huge moves down in the broad market indices
Bond yields skyrocketed(10yr in line with SPY dividend)
$dxy engulfing the entire last 5 day range and closing over 84
HYG and JNK bond funds closing sharply lower showing some repositioning in the credit markets
PMs still heavy but failed to make new lows

Could be heralding the start of a long time comin correction, but more than likely just forging out a big sideways market for us to sit in all summer

looking to bid for some short strangles across various markets if we get a little follow through tmmrw
  • #224
  • May 22, 2013 5:34pm May 22, 2013 5:34pm
Quoting Wulfgar
{quote} 84HYG and JNK bond funds closing sharply lower showing some repositioning in the credit marketsPMs still heavy but failed to make new lows Could be heralding the start of a long time comin correction, but more than likely just forging out a big sideways market for us to sit in all summer looking to bid for some short strangles across various markets if we get a little follow through tmmrw
See Gartman at 2:15

http://video.cnbc.com/gallery/?video...deo|&par=yahoo

If the top in long bond prices is in then maybe some TLT puts would pay well? Maybe put the strike out past Jackson Hole (Labor Day) so as to catch the QE downshift that will prolly happen then? Sep '13 $110 puts are $1.90, biggest chunk of open interest in the Sep '13 chain...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #225
  • May 22, 2013 5:42pm May 22, 2013 5:42pm
Quoting The Fool
{quote} See Gartman at 2:15 http://video.cnbc.com/gallery/?video...deo|&par=yahoo If the top in long bond prices is in then maybe some TLT puts would pay well? Maybe put the strike out past Jackson Hole (Labor Day) so as to catch the QE downshift that will prolly happen then? Sep '13 $110 puts are $1.90, biggest chunk of open interest in the Sep '13 chain...
TLT trading below $116 after hours
  • #226
  • May 22, 2013 5:48pm May 22, 2013 5:48pm
Quoting Cecil Gee
{quote} TLT trading below $116 after hours
yup. my little tlt long looks doomed. TBT a good one for the longbond shorts. July-Sep '11 was a drop from $140 to $70 m/l. What goes down might come up. Sep '13 $80 calls are $1.05.
Attached Image (click to enlarge)
Click to Enlarge Name: 2013-05-22_tbt.png Size: 67 KB
"If The Fool persists in his Folly he will become wise." - William Blake
  • #227
  • May 22, 2013 5:49pm May 22, 2013 5:49pm
T.F. / Wulfgar

if you want to know what weeklys are available to trade you can look up at the cboe website under weeklys.
they chop and change every week but as a general rule only liquid stocks are shown

you can also trade mini options on appl, spy, amzn, goog and a few others, there only 10 shares per contract
  • #228
  • May 22, 2013 5:52pm May 22, 2013 5:52pm
Quoting The Fool
{quote} yup. my little tlt long looks doomed. TBT a good one for the longbond shorts. {image}

glad you use yahoo finance, they have a great tool on there thats you will start using to find the right stocks to trade.

explain tomorrow
  • #229
  • May 22, 2013 5:57pm May 22, 2013 5:57pm
Quoting Cecil Gee
{quote} glad you use yahoo finance, they have a great tool on there thats you will start using to find the right stocks to trade. explain tomorrow
k cool - have a good night bro.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #230
  • May 22, 2013 5:57pm May 22, 2013 5:57pm
Quoting The Fool
{quote} yup. my little tlt long looks doomed. TBT a good one for the longbond shorts. AJuly-Sep '11 was a drop from $140 to $70 m/l. What goes down might come up. Sep '13 $80 calls are $1.05. {image}
if you want to trade these short term volatilty trades like i do, limit yourself to 1 or 2 trades per week, we spend more time analysing than actual trading because ideally you only want to trade wednesday onwards that when your rewards increase after the time value accelerates in decaying the option, cut as much risk as possible
  • #231
  • May 22, 2013 6:03pm May 22, 2013 6:03pm
Quoting The Fool
{quote} k cool - have a good night bro.
here you are guys

http://www.cboe.com/micro/weeklys/availableweeklys.aspx
  • #232
  • May 22, 2013 6:17pm May 22, 2013 6:17pm
CG I use the weeklies fairly often when I put on calender spreads. I only do 1 really short term trade and that is exclusively on monthly expiration days...but it seems profitable and Id like to get more adept at that style of trading


TF pretty strong area still to get through from 115.65/114.40 on tlt

Im still riding an Iron condor on this thing... figure It will stay between the 114.40 and 120.03... not looking great right now because IV is rising and that causes some pain

probably should of left my calender spread on... lol at least then id be making money on the IV rise
  • #233
  • May 22, 2013 6:17pm May 22, 2013 6:17pm
Quoting Cecil Gee
{quote} here you are guys http://www.cboe.com/micro/weeklys/availableweeklys.aspx
thanks brother
  • #234
  • May 22, 2013 6:20pm May 22, 2013 6:20pm
Quoting Wulfgar
CG I use the weeklies fairly often when I put on calender spreads. I only do 1 really short term trade and that is exclusively on monthly expiration days...but it seems profitable and Id like to get more adept at that style of trading TF pretty strong area still to get through from 115.65/114.40 on tlt Im still riding an Iron condor on this thing... figure It will stay between the 114.40 and 120.03... not looking great right now because IV is rising and that causes some pain probably should of left my calender spread on... lol at least then id be...
I'm assuming you buy longer time options and sell the short weekly options against to collect the premium thus reducing your cost of the longer time option you purchased
  • #235
  • May 22, 2013 6:28pm May 22, 2013 6:28pm
Quoting Wulfgar
CG I use the weeklies fairly often when I put on calender spreads. I only do 1 really short term trade and that is exclusively on monthly expiration days...but it seems profitable and Id like to get more adept at that style of trading TF pretty strong area still to get through from 115.65/114.40 on tlt Im still riding an Iron condor on this thing... figure It will stay between the 114.40 and 120.03... not looking great right now because IV is rising and that causes some pain probably should of left my calender spread on... lol at least then id be...
zoom out to a monthly chart on TLT, clearer picture,
  • #236
  • May 22, 2013 6:31pm May 22, 2013 6:31pm
Quoting Wulfgar
TF pretty strong area still to get through from 115.65/114.40 on tlt Im still riding an Iron condor on this thing... figure It will stay between the 114.40 and 120.03... not looking great right now because IV is rising and that causes some pain probably should of left my calender spread on... lol at least then id be making money on the IV rise
well yeah bonds are tough to call, huge money in/out inc. Fed, mega bond funds, etc - and they can do what they want. But I think the Fed has to keep the longer bond yields down so as to keep the mortgage yields low. If they want to see the recovering housing market get up and walk, that is - and it will take that to really move the unemployment rate down towards their line. So I would be surprised to see longbond yields blow up, but it wouldn't be the first time either. That I were surprised.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #237
  • May 22, 2013 6:31pm May 22, 2013 6:31pm
T.F./ WULFGAR

tomorrow sees the creation of the new weekly options, they start on thursdays and expire the following friday as a rule, only time they might be created early is when the US have a public holiday
  • #238
  • Edited 7:28pm May 22, 2013 6:57pm | Edited 7:28pm
In the short list of miners I watch I see ABX and AUY both up today, a down gold day. Also been watching FCX (dn 1% today) with more of a copper stake. Gold slid but couldn't break recent low resistance. Looking at the FCX weekly, might try a $32 or $32.50 call if gold rebounds tomorrow, would like to see a lower entry, now $0.24 at $32, $0.12 at $32.50. FCX commonly sees $1.00 swing days, was $33+ at Tue open.

May 24 SLV $22 calls are $0.17, $22.50 calls $0.08.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #239
  • May 23, 2013 2:08am May 23, 2013 2:08am
Nikkei I see sold off 7.3%. Can we get some follow thru in NY? This might be the correction that all have been craving, I agree with Wulfgar that it prolly won't be much, but a buying opportunity nontheless. We'll see tomorrow. Somewhere I have EWJ Sept $12 puts that will hopefully be itm tomorrow, I put a sell on those. But will be in the sticks all day Thur, literally up a creek...may have a few minutes to get on the laptop somewhere and do some trades. Maybe get my TLT calls itm? Nothing will surprise me now in the long bonds. GL all options traders & enjoy some volatility if it come.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #240
  • May 23, 2013 10:31am May 23, 2013 10:31am
taken a trade, I have never traded this stock or its options and i'm trying something i've seen before.

pfizer pfe, i'm buying the $ 28.50 put for 2c, yes thats right 2c = $2 per contract so i've bought $30 worth with one days expiration, i'll probably lose it but there was some unusual activity in the longer term options yesterday.

its worth the risk for me

PFE May 2013 28.500 put (PFE130524P00028500)
-OPR
0.01 0.00(0.00%) 10:52AM EDT

the underly is trading $29.11 a few minutes ago
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