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  • #1,861
  • Nov 27, 2013 4:18am Nov 27, 2013 4:18am
Quoting The Fool
{quote} 1) missed a great chance Tue morning when I watched TSLA dip to $116, will try again Wed. If he's gonna drop like a brick I'm better off just getting out of the way. 2, 3) re: SSO and TZA: dead wrong on these so far, new index highs almost daily. Tried to be a hero, pick a top and got burned. TZA is $0.36 in the hole, SSO is $1.00 in the hole, might just write off TZA as a total fckup, but could maybe be safe selling Dec 21 $88 SSO puts for $0.35 or better 4-7) nothing new, ZNGA up 10% on the week....
TF, hard luck on SSO and TZA. TBH, I was short also on ES last week, having taken delivery of the underlying after having been short the calls but I reversed late last week; I had a change of mind and sold a boatload of 1800 puts. I'm now inclined to think this can stay up here for maybe a year (seriously). That doesn't mean I can't and won't change my mind in a heartbeat (hence my sig) but I am aware that this can become even more stretched to the upside, and stay there with shallow pullbacks for god knows how long.
That said, it's just a guess and for all we know 100pts could come off in a week.
I have no clue what I'm talking about.
  • #1,862
  • Nov 27, 2013 7:08am Nov 27, 2013 7:08am
Quoting The Fool
{quote} Bought the puts for $25 and calls for $27 per contract, contract covers 100 shares so if I say puts for $0.25 it means $25/contract. HPQ beat and was up $1.50 AH. Disappointed, I was looking for $2.50-$3.00, but since the strangle is for Dec 21 expiry maybe I'll get some follow through in next trading days...
Fool that HP looks like its flying....Im assuming that is good for you.....what do your options look like???
  • #1,863
  • Nov 27, 2013 7:29am Nov 27, 2013 7:29am
Quoting Cecil Gee
{quote} closed this trade out at 15c, so a loss of 6c or $6 per contract plus fees, may re enter at a higher strike near the end of trading, we shall see SLB Nov 2013 88.000 put (SLB131129P00088000) -OPR 0.15 {image} 0.02(11.76%) 17:36
closed this for an unnecessary loss yesterday, Oil has dropped as thought
  • #1,864
  • Nov 27, 2013 8:41am Nov 27, 2013 8:41am
a $1+ move down in oil has increased my 87.50 puts from around $140 to $260.....calls are practically negligible now all in single digits.
puts have my attention
this was why last week I shorted that future.....and the bastard went up and I had to get out of it.....I wish my crystal ball worked and I was still in that short
I capped the soybeans with 1290 puts for about the same $$
1380 calls
1290 puts
even # of each.
China made a big buy last night, that is why they are up hard on the overnight and today.....I expect that to settle.....we will see
  • #1,865
  • Nov 27, 2013 8:48am Nov 27, 2013 8:48am
I am considering repositioning my strangle possibly buying back the 99s and 100s and writing 95.50s or 96s
I do not want the market to continue to go down while I am not offsetting put loss with call premium since they are worth so little. Will have to figure it all out over the next few hours and see where market goes. I like it though.....good opportunity to reposition at gains and try and profit more.
  • #1,866
  • Nov 27, 2013 9:25am Nov 27, 2013 9:25am
Quoting Cecil Gee
{quote} well I've missed the aapl trade as I was waiting for a cheaper price. Appl is now trading at 535.61. the call side is just under $10. Had I bought the two for $4 as printed above at the time, we would have doubled our money fore sure, obviously the put side would be near zero. call side still climbing AAPL Nov 2013 525.000 call (AAPL131129C00525000) -OPR 9.90 {image} 7.70(350.00%) 19:38 Apple Inc. (AAPL) -NasdaqGS 535.63 {image} 11.89(2.27%) 19:54 - Nasdaq Real Time Price
Appl up to $542 and the call side is $17.50, I'm highlighting this for future reference for all whenever you see IV drop low on this stock because of its potential movement longing both sides OTM options can pay handsomely. If you remember I highlighted a combination total of $4.00 outlay and now increased over 4x.
That is $400 in to $1750 for every combination

AAPL Nov 2013 525.000 call (AAPL131129C00525000)
-OPR
17.50 http://l.yimg.com/a/i/us/fi/03rd/up_g.gif 8.50(94.44%) 15:00
  • #1,867
  • Nov 27, 2013 9:29am Nov 27, 2013 9:29am
Quoting pipple
I am considering repositioning my strangle possibly buying back the 99s and 100s and writing 95.50s or 96s I do not want the market to continue to go down while I am not offsetting put loss with call premium since they are worth so little. Will have to figure it all out over the next few hours and see where market goes. I like it though.....good opportunity to reposition at gains and try and profit more.
This is why I find writing non-directional spreads is difficult. I have found that you can end up adjusting your delta towards neutral at precisely the wrong time. As a trader at this point (after a heavy drop) you face the choice of selling what is possibly expensive (puts) with selling what is possibly cheap (calls). You would do the latter to get delta closer to neutral. But it's possible if you were a directional trader with no existing position you might elect to do the former at this point.
Just ruminating; no doubt you know very well how to handle these situations.
I have no clue what I'm talking about.
  • #1,868
  • Nov 27, 2013 9:35am Nov 27, 2013 9:35am
Quoting pipple
{quote} Fool that HP looks like its flying....Im assuming that is good for you.....what do your options look like???
need HPQ to go above $ $27.50 to push the $28 calls over $0.50 and break even on the strangle. With shares at $27.22 now, calls are worth $0.41

I usually consider these scalps a failure if I don't get all of what I need in the price action immediately after the release. I was looking for a $3 pop to make out - hasn't got there yet. HPQ options strikes at $1.00 intervals is a problem here too. But I'm giving it some time...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,869
  • Nov 27, 2013 9:42am Nov 27, 2013 9:42am
Quoting Cecil Gee
{quote} Appl up to $542 and the call side is $17.50, I'm highlighting this for future reference for all whenever you see IV drop low on this stock because of its potential movement longing both sides OTM options can pay handsomely. If you remember I highlighted a combination total of $4.00 outlay and now increased over 4x. That is $400 in to $1750 for every combination AAPL Nov 2013 525.000 call (AAPL131129C00525000) -OPR 17.50 {image} 8.50(94.44%) 15:00
I like the layout of that Cecil.....how often do you see the IV drop to levels you feel comfy at for doing this?
when you buy both sides roughly how far away do you figure for a strategy like that?
do you ever buy one back or just let it go to exp and cash in on the other?
  • #1,870
  • Nov 27, 2013 9:47am Nov 27, 2013 9:47am
Quoting pipple
{quote} I like the layout of that Cecil.....how often do you see the IV drop to levels you feel comfy at for doing this? when you buy both sides roughly how far away do you figure for a strategy like that? do you ever buy one back or just let it go to exp and cash in on the other?
2 or 3 times a year normally after earnings season comes to an end, only happens on certain stocks. i.e big caps
  • #1,871
  • Nov 27, 2013 9:54am Nov 27, 2013 9:54am
Quoting Cecil Gee
Been keeping my eye on this all day and ready to make a play on this,,it may not work with the public holiday and lighter volume but the set up is there for me. long LVS $72 call for 12c. LVS is trading was at at $71.02 when I made the trade LVS Nov 2013 72.000 call (LVS131129C00072000) -OPR 0.12 {image} 0.01(7.69%) 19:25
LVS is up tpo $71.71 in price, my option is around 22c currently, will leave for no to see if I can get a bit more

Las Vegas Sands Corp. (LVS)
-NYSE
71.71 http://l.yimg.com/a/i/us/fi/03rd/up_g.gif 0.94(1.33%) 15:51 - Nasdaq Real Time Price
  • #1,872
  • Nov 27, 2013 9:59am Nov 27, 2013 9:59am
Quoting Boy Wonder
{quote} TF, hard luck on SSO and TZA.
yup, SSO is not too bad, hae Jan $82 puts, already made back $0.45 on one short put leg in Nov. & will try to do it again today.

TZA, have Dec $24 long calls. Will try to sell $24 or $23 Dec calls today but will only get back maybe $0.10 of my $0.36 debit...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,873
  • Nov 27, 2013 9:59am Nov 27, 2013 9:59am
can someone tell me is the day after thanksgiving a big deal in consumer purchasing/shopping in the US?
  • #1,874
  • Nov 27, 2013 10:01am Nov 27, 2013 10:01am
Quoting pipple
{quote} I like the layout of that Cecil.....how often do you see the IV drop to levels you feel comfy at for doing this? when you buy both sides roughly how far away do you figure for a strategy like that? do you ever buy one back or just let it go to exp and cash in on the other?
you can go 2 strikes out and up to 6 weeks out on expiration as APPL has weekly expirations
  • #1,875
  • Nov 27, 2013 10:15am Nov 27, 2013 10:15am
Quoting Cecil Gee
can someone tell me is the day after thanksgiving a big deal in consumer purchasing/shopping in the US?
http://en.wikipedia.org/wiki/Black_Friday_(shopping)

typically the busiest shopping day of the year...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,876
  • Nov 27, 2013 10:18am Nov 27, 2013 10:18am
Quoting The Fool
{quote} http://en.wikipedia.org/wiki/Black_Friday_(shopping) typically the busiest shopping day of the year...
thx
  • #1,877
  • Edited 10:35am Nov 27, 2013 10:18am | Edited 10:35am
trying to sell another put leg in my TSLA bear spread, looking for Dec 6 $103 @ $0.50 - will push the spread into about $0.30 net credit

...lol the minute I do that DB says buy TSLA, shares go up $3.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,878
  • Nov 27, 2013 10:47am Nov 27, 2013 10:47am
just sold some 96.50 calls for $190 each.
not a lot, just a few here and there to offset....haven't gotten out of 87.50s yet....I would like to get through to Monday and see where everything is at.....if I have to, I might buy back 1/2 of them....if I am forced to.....for now just sitting with the extra calls
  • #1,879
  • Nov 27, 2013 12:14pm Nov 27, 2013 12:14pm
Quoting Cecil Gee
Took a trade based on the anticipation of a further fall in oil over the US holiday, SLB charts looks to be the best stock to take any advantage if it does. So I'm long $88 puts for 21c or $21 per contract. Fridays expiration weekly SLB Nov 2013 88.000 put (SLB131129P00088000) -OPR 0.21 {image} 0.04(23.53%) 15:02 underly price Schlumberger Limited (SLB) -NYSE 89.18 {image} 0.63(0.70%) 15:33 - Nasdaq Real Time Price
damn damn, they took SLB below $87, that option above has exceeded 7 fold, damn damn and I closed with a 6c loss yesterday

Schlumberger Limited (SLB)
-NYSE
87.03 http://l.yimg.com/a/i/us/fi/03rd/down_r.gif 2.43(2.72%) 18:12 - Nasdaq Real Time Price
  • #1,880
  • Nov 27, 2013 1:26pm Nov 27, 2013 1:26pm
Quoting Cecil Gee
{quote} damn damn, they took SLB below $87, that option above has exceeded 7 fold, damn damn and I closed with a 6c loss yesterday Schlumberger Limited (SLB) -NYSE 87.03 {image} 2.43(2.72%) 18:12 - Nasdaq Real Time Price
it's tough game killa, ya gotta like to get beat down.

Next winner's always just around the bend...
"If The Fool persists in his Folly he will become wise." - William Blake
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