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  • #3,761
  • May 27, 2014 9:26am May 27, 2014 9:26am
Quoting Boy Wonder
{quote} I suppose what you do is sell well OTM but in volume, is that right?
Yup
  • #3,762
  • May 27, 2014 9:33am May 27, 2014 9:33am
Quoting njr
{quote} Yup
Many a mickle makes a muckle
I have no clue what I'm talking about.
  • #3,763
  • May 27, 2014 10:03am May 27, 2014 10:03am
Quoting The Fool
{quote} I don't trade gold derivatives much. I don't understand the gold trade. Crossing the whole pm patch off my list is good for me because my list is too crowded as it is. But if I thought we were in for more sideways action in the gold price, I might look for some IC action on GLD....what might go wrong with the trade below? {image} {image}
so I cashed out of the GLD short calls (Jun 21 $128c, sold em originally $0.69, bought back for $0.25) and that broke me even on the spread with 6/27 $130.50c which I bought for $0.42) and then I longed 7/3 $119p @ $1.15. One or both of the long legs will get credit legs depending on what happens in the next days..... if gold will fall off a cliff I won't complain.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #3,764
  • May 27, 2014 10:19am May 27, 2014 10:19am
Quoting The Fool
{quote} so I cashed out of the GLD short calls (Jun 21 $128c, sold em originally $0.69, bought back for $0.25) and that broke me even on the spread with 6/27 $130.50c which I bought for $0.42) and then I longed 7/3 $119p @ $1.15. One or both of the long legs will get credit legs depending on what happens in the next days..... if gold will fall off a cliff I won't complain.
I think this dip on gold is worth buying myself but of course it's impossible to have much confidence either way. I know lots are bearish on gold because they see the $ going up and gold consequently going down. That makes sense.
I have no clue what I'm talking about.
  • #3,765
  • May 27, 2014 10:20am May 27, 2014 10:20am
Sold some 114/115 call spreads on IWM for 34c. Let's see what the bastards do to me...
I have no clue what I'm talking about.
  • #3,766
  • May 27, 2014 11:34am May 27, 2014 11:34am
Quoting The Fool
{quote} S&P looking to make some fat gains, I legged into calls on SSO near the open (long Jul 19 $115 @ $1.08) & will look for quick gains before I sell the credit leg.
Sold the SSO Jun 21 $114c @ $0.46....I'm ~$0.65 in the hole.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #3,767
  • May 27, 2014 11:43am May 27, 2014 11:43am
Quoting Boy Wonder
{quote} I think this dip on gold is worth buying myself but of course it's impossible to have much confidence either way. I know lots are bearish on gold because they see the $ going up and gold consequently going down. That makes sense.
I'm not sold on a big rush of USD strength but these big weekend CB head get-togethers have a way of spawning big currency moves. Gold on a steady slide, let's see if it can put together more than 2 down days. Treasurys supported. US stock indices falling off. Maybe 1,900 hit now sell in May go away can get underway?
"If The Fool persists in his Folly he will become wise." - William Blake
  • #3,768
  • May 27, 2014 11:59am May 27, 2014 11:59am
lol....sound familiar?

http://finance.yahoo.com/news/bad-cr...092609436.html

"There's insatiable demand for high-yielding, lower-quality instruments, and companies are taking advantage of that to get money,"
"If The Fool persists in his Folly he will become wise." - William Blake
  • #3,769
  • May 27, 2014 12:09pm May 27, 2014 12:09pm
Quoting The Fool
{quote} Sold the SSO Jun 21 $114c @ $0.46....I'm ~$0.65 in the hole.
Sold an SSO call? Isn't that like selling a SPY put because SSO is equivalent to short SPY?
I have no clue what I'm talking about.
  • #3,770
  • May 27, 2014 12:14pm May 27, 2014 12:14pm
Quoting The Fool
lol....sound familiar? http://finance.yahoo.com/news/bad-cr...092609436.html "There's insatiable demand for high-yielding, lower-quality instruments, and companies are taking advantage of that to get money,"
It's funny the way the market works. It seems to me this is moral hazard hard at work; the Greenspan put begat the Bernanke put begat the Yellen put.
I have no clue what I'm talking about.
  • #3,771
  • May 27, 2014 12:30pm May 27, 2014 12:30pm
Quoting The Fool
{quote} I'm not sold on a big rush of USD strength but these big weekend CB head get-togethers have a way of spawning big currency moves. Gold on a steady slide, let's see if it can put together more than 2 down days. Treasurys supported. US stock indices falling off. Maybe 1,900 hit now sell in May go away can get underway?
Almost, need indexes to go a little higher and that $vix to get below or near $10 and you have a perfect storm, imo the initial break down in Gold could be false because if all things are equal then once the wheels come off this rise in indexes these stocks become distressed and a flight to safety will resume in Gold/ $usd
  • #3,772
  • May 27, 2014 12:34pm May 27, 2014 12:34pm
you have $usd right on 200 dma on daily chart, will it break through or reject, i don't know but i took a little trade on eur/usd buy at $1.3616 and s/l at 1.3611
  • #3,773
  • May 27, 2014 12:37pm May 27, 2014 12:37pm
Quoting Boy Wonder
{quote} Sold an SSO call? Isn't that like selling a SPY put because SSO is equivalent to short SPY?
SSO is a 2x leveraged bullish S&P etf. SDS is its inverse cousin. So I am debit spread on SSO short Jun $114/long Jul $115.

The investment seeks daily investment results that correspond to two times (2x) the daily performance of the S&P 500. The fund invests in securities and derivatives that ProShare Advisors believes, in combination, should have similar daily return characteristics as two times (2x) the daily return of the index. The index is a measure of large-cap U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index of 500 U.S. operating companies and real estate investment trusts selected through a mechanical process. The fund is non-diversified
"If The Fool persists in his Folly he will become wise." - William Blake
  • #3,774
  • May 27, 2014 12:42pm May 27, 2014 12:42pm
Quoting Cecil Gee
{quote} Almost, need indexes to go a little higher and that $vix to get below or near $10 and you have a perfect storm, imo the initial break down in Gold could be false because if all things are equal then once the wheels come off this rise in indexes these stocks become distressed and a flight to safety will resume in Gold/ $usd
I'm looking for gold to slide down <$1,250 and I will either sell my GLD puts for quick gain or spread for credit. Probably the former. Some of these accounts I am trading are so small I can only margin one good sized spread at a time....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #3,775
  • May 27, 2014 12:44pm May 27, 2014 12:44pm
Quoting The Fool
{quote} I'm looking for gold to slide down <$1,250 and I will either sell my GLD puts for quick gain or spread for credit. Probably the former. Some of these accounts I am trading are so small I can only margin one good sized spread at a time....
once we see a strong rejection from a short Gold then Selling GLD puts may be very rewarding but wait until that rejection
  • #3,776
  • May 27, 2014 12:50pm May 27, 2014 12:50pm
Quoting The Fool
{quote} SSO is a 2x leveraged bullish S&P etf. SDS is its inverse cousin. So I am debit spread on SSO short Jun $114/long Jul $115. The investment seeks daily investment results that correspond to two times (2x) the daily performance of the S&P 500. The fund invests in securities and derivatives that ProShare Advisors believes, in combination, should have similar daily return characteristics as two times (2x) the daily return of the index. The index is a measure of large-cap U.S. stock market performance. It is a float-adjusted, market capitalization-weighted...
Sorry my mistake. I was thinking "that doesn't make sense" but of course now it does.
I have no clue what I'm talking about.
  • #3,777
  • May 27, 2014 12:51pm May 27, 2014 12:51pm
Quoting Cecil Gee
{quote} Almost, need indexes to go a little higher and that $vix to get below or near $10 and you have a perfect storm, imo the initial break down in Gold could be false because if all things are equal then once the wheels come off this rise in indexes these stocks become distressed and a flight to safety will resume in Gold/ $usd
That's exactly my thinking also.
I have no clue what I'm talking about.
  • #3,778
  • May 27, 2014 12:52pm May 27, 2014 12:52pm
Btw has anybody else noticed EEM is down 1% today....ding dong, something is afoot.
I have no clue what I'm talking about.
  • #3,779
  • May 27, 2014 1:50pm May 27, 2014 1:50pm
Quoting Boy Wonder
Btw has anybody else noticed EEM is down 1% today....ding dong, something is afoot.
http://finance.yahoo.com/q/hl?s=EEM+Holdings

profit taking? been due for it above $43. EEM seems weighted in the Chinese and other Asian names, and FXI is down, too. Devil in the details usually on questions like this and maybe one of the dominant holdings names or whole sectors is off...but idk.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #3,780
  • Edited 2:36pm May 27, 2014 2:14pm | Edited 2:36pm
overnight reverse repo's....disintermediaton...I never knew Hilsenrath had such great hair! So much liquidity...

http://finance.yahoo.com/video/brian...100705134.html

..."we're gonna learn alot in the next five years..."

http://www.minyanville.com/business-...s%29&refresh=1
"If The Fool persists in his Folly he will become wise." - William Blake
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