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  • #1,401
  • Nov 1, 2013 2:28am Nov 1, 2013 2:28am
Quoting Boy Wonder
Hello mate. Been busy juggling my positions; so many that they make my head spin. Short calls, short puts all over the place. Near-term target on SPX is the 20DMA. After that some more chop for maybe a couple of weeks before a more substantial leg down.
Hey BW, good luck juggling. I am pretty slack, just doing about a trade or two a week. Got big piles of dry powder and mostly just looking for a good market turn, still think that will be December-January, based on another round of major DC dysfunction and renewed QE taper talk, so that's why I'm setting up the bear put spreads as alluded to above - nearterm sideways action (sell puts), 2+months out, market slide - (buy puts.)

Have been looking at st earnings plays but not jumped on anything, probably won't. Selling puts cash secured in my IRA's ties up capital pretty bad anyway...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,402
  • Nov 1, 2013 7:17am Nov 1, 2013 7:17am
Quoting The Fool
{quote} Hey BW, good luck juggling. I am pretty slack, just doing about a trade or two a week. Got big piles of dry powder and mostly just looking for a good market turn, still think that will be December-January, based on another round of major DC dysfunction and renewed QE taper talk, so that's why I'm setting up the bear put spreads as alluded to above - nearterm sideways action (sell puts), 2+months out, market slide - (buy puts.) Have been looking at st earnings plays but not jumped on anything, probably won't. Selling puts cash secured in...
Unfortunately TF I am possessed by some preternatural levels of greed, which causes me to max out my firepower all the time.
I wish I could do two trades a week. But I want a nice London pad and they're kind of expensive and I'm kind of impatient.
Btw I'm looking at: INTC; but flipped from bearish to bullish after the bullish action since my last chart; there's a decent possibility of an inverse HnS on the chart. So I'm selling puts for the moment. Also selling bull put spreads on IBM as long as it can stay above the 200 week MA. And EEM looks bearish so selling calls on that. Just a few of the pies I've got my fingers in.
Calling the market turn is a tough one eh. I reckon it's coming; that we're on the cusp of it right now. But I been fooled before, many times. Probably be fooled again, and again....Still, I'd be surprised, very surprised, if we don't reach down to at least 1/2 of October's bar.
I have no clue what I'm talking about.
  • #1,403
  • Edited 11:46am Nov 1, 2013 11:07am | Edited 11:46am
Quoting Boy Wonder
{quote} Unfortunately TF I am possessed by some preternatural levels of greed, which causes me to max out my firepower all the time. I wish I could do two trades a week. But I want a nice London pad and they're kind of expensive and I'm kind of impatient. Btw I'm looking at: INTC; but flipped from bearish to bullish after the bullish action since my last chart; there's a decent possibility of an inverse HnS on the chart. So I'm selling puts for the moment. Also selling bull put spreads on IBM as long as it can stay above the 200 week MA. And EEM...
Greed is good. I might throw small change at FSLR puts, I think that will pull back near term.

...did, bought $52.50 Nov 16 puts for $0.68.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,404
  • Nov 1, 2013 2:03pm Nov 1, 2013 2:03pm
Quoting The Fool
{quote} decay gonna start to take its toll on the near end, need to pull the trigger by early next week. SSO 11/16 $87 put lt @ $0.33, 11/22 $86 lt @ $0.54.
sold SSO 11/22 $86, bought Jan '14 $82, net debit $0.90
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,405
  • Edited 5:37pm Nov 1, 2013 4:54pm | Edited 5:37pm
Quoting The Fool
{quote} Greed is good. I might throw small change at FSLR puts, I think that will pull back near term. ...did, bought $52.50 Nov 16 puts for $0.68.
I just took a look at FSLR TF and this is what I see:

A short 55 call put might be another trade on that, but I appreciate naked options is not everyone's thing.
Attached Image
I have no clue what I'm talking about.
  • #1,406
  • Nov 1, 2013 4:58pm Nov 1, 2013 4:58pm
Quoting The Fool
{quote} sold SSO 11/22 $86, bought Jan '14 $82, net debit $0.90
Is that a bull put spread?
I'm short ES calls but as soon as I saw IWM retake its 200HMA I sold a bunch of 1745 Nov 08 puts. I'm thinking they could hold the indices up here for a couple of weeks.
I have no clue what I'm talking about.
  • #1,407
  • Nov 1, 2013 5:37pm Nov 1, 2013 5:37pm
Quoting Boy Wonder
{quote} Is that a bull put spread? I'm short ES calls but as soon as I saw IWM retake its 200HMA I sold a bunch of 1745 Nov 08 puts. I'm thinking they could hold the indices up here for a couple of weeks.
bear spread on SSO (straight S&P correlated ETF for 2x return) - but I'm playing sideways action m/l till my strike date of 11/22 and a slide for the index developing thereafter through December and beyond. I think u&i are on the same page there.

The pig has got to slide sometime.

re: FSLR, I just thought the earnings pump will be sold off next week, I look to sell my puts if/when I see that happen.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,408
  • Nov 4, 2013 11:17am Nov 4, 2013 11:17am
Quoting The Fool
also looking at a credit put spread on TSLA, sell Nov 16 $140, buy Dec 21 $120....I think there could be some heavy profit taking in TSLA at the end of the year..... ....did, bought Dec 21 $120 @ $2.95, sold Nov 16 $140 @ $4.47, net credit ~$1.50 ......
Nov 16 puts @ $1.70 now, looking for another dime or so to try to break even on the spread, like to see that before earnings hit Tuesday, would keep the Dec long puts as a free trade....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,409
  • Nov 4, 2013 12:08pm Nov 4, 2013 12:08pm
Opening salvo selling puts in ABX; sold Nov 15 18P @ 0.45. I think there's a good chance it at least goes nowhere for now; let's see.
Sold a few more ES puts as well against my heavily ITM short calls, which I've mentally all but written off. Looks like we could get another pop up to 1770 ES something like that, who knows, certainly not I.
I have no clue what I'm talking about.
  • #1,410
  • Nov 4, 2013 12:49pm Nov 4, 2013 12:49pm
Quoting Boy Wonder
Looks like we could get another pop up to 1770 ES something like that, who knows, certainly not I.
I think we see sideways action and some new highs in US indices until at least the end of the month, then a selloff getting going in December. Not betting on a very deep selloff though unless we see another DC impasse developing.

I did buy out of the TSLA spread short put end at very near be & now just hanging in to see if earnings disappoint and there's a pullback, where I can sell the long puts...

FSLR put bet looking like a wrong step, was just small

SSO put spread doing what I want so far...

need to look at the earnings calendar for the week....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,411
  • Nov 4, 2013 1:46pm Nov 4, 2013 1:46pm
Quoting The Fool
{quote} I think we see sideways action and some new highs in US indices until at least the end of the month, then a selloff getting going in December. Not betting on a very deep selloff though unless we see another DC impasse developing. I did buy out of the TSLA spread short put end at very near be & now just hanging in to see if earnings disappoint and there's a pullback, where I can sell the long puts... FSLR put bet looking like a wrong step, was just small SSO put spread doing what I want so far... need to look at the earnings calendar for...
INTC looking like a misstep on my side. I've probably got long at the top of a parallel channel but likewise, it's just a small position; watching with interest and curiosity more than anything. Also these positions use up some margin - proportionately more than futures options - and so act as something of a margin gobbler; good for greedy folks like me who tend to live a bit too dangerously.

TSLA is looking like it's in a potential bull flag. Earnings due tomorrow after market close I see. I wonder if we'll see a re-run of NFLX: gap it AH and sell it off the next day to allow the put writers to get out of jail free.
I have no clue what I'm talking about.
  • #1,412
  • Nov 4, 2013 2:02pm Nov 4, 2013 2:02pm
Just spotted a *possible* inverse HnS on the SPX. Looks like I could be selling more puts...
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 138 KB
I have no clue what I'm talking about.
  • #1,413
  • Nov 4, 2013 6:43pm Nov 4, 2013 6:43pm
Quoting Boy Wonder
{quote} TSLA is looking like it's in a potential bull flag. Earnings due tomorrow after market close I see. I wonder if we'll see a re-run of NFLX: gap it AH and sell it off the next day to allow the put writers to get out of jail free.

...So we hope. TSLA earnings been a fun trade all year....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,414
  • Nov 4, 2013 7:04pm Nov 4, 2013 7:04pm
to the OP, thanks for starting this thread and pointing users towards the great resources on the CBOE site

enrolled and soaking up as much info as possible...
  • #1,415
  • Nov 4, 2013 11:24pm Nov 4, 2013 11:24pm
Quoting neuron
to the OP, thanks for starting this thread and pointing users towards the great resources on the CBOE site enrolled and soaking up as much info as possible...
hey, you're welcome. if you learn anything that'll help us make some money feel free to share.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,416
  • Nov 5, 2013 8:25am Nov 5, 2013 8:25am
hello everyone, back again
  • #1,417
  • Nov 5, 2013 8:31am Nov 5, 2013 8:31am
Quoting Cecil Gee
hello everyone, back again

been working on earnings plays before the increase in implied volatility when options become very expensive and difficult to trade, also waiting on VIX to fall below 10 before attempting any long term puts for correction plays in s&p
  • #1,418
  • Nov 5, 2013 9:08am Nov 5, 2013 9:08am
Quoting Boy Wonder
{quote} Cecil, do you have, or have you read, this book? What you're doing sounds like it's the kind of stuff that's covered in the book. http://www.amazon.com/Trading-Option...dp/0135058724/
BW i haven't read that book but it is the same thing as I do, this kind of trading has grown exponentially since the launch of weekly options a few years back. There is more to buying just cheap options, its a great way to understand the power of money management
  • #1,419
  • Nov 5, 2013 9:35am Nov 5, 2013 9:35am
put in a order for SLB weekly puts. I want to buy the $91 put for 14c or lower, currently there trading for 16-18c. IV is low

SLB was trading at 92.01$ a few moments ago, may wait until near the close of trading day. Any close under 91.90 will help

Schlumberger Limited (SLB)
-NYSE
92.01 http://l.yimg.com/a/i/us/fi/03rd/down_r.gif 1.50(1.60%) 15:26 - Nasdaq Real Time Price


SLB Nov 2013 91.000 put (SLB131108P00091000)
-OPR
0.18 http://l.yimg.com/a/i/us/fi/03rd/down_r.gif 0.17(48.57%) 4 Nov 20:46


a further push down in oil should may help
  • #1,420
  • Nov 5, 2013 9:48am Nov 5, 2013 9:48am
Quoting Cecil Gee
put in a order for SLB weekly puts. I want to buy the $91 put for 14c or lower, currently there trading for 16-18c. IV is low SLB was trading at 92.01$ a few moments ago, may wait until near the close of trading day. Any close under 91.90 will help Schlumberger Limited (SLB) -NYSE 92.01 {image} 1.50(1.60%) 15:26 - Nasdaq Real Time Price SLB Nov 2013 91.000 put (SLB131108P00091000) -OPR 0.18 {image} 0.17(48.57%) 4 Nov 20:46 a further push down in oil should may help
definitely will wait until near closing as SLB bounced a little to 92.40, also lowered my buy order to 10c or less now
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